Scenario Two
Tommy Turner, 27 year-old transfer is attending Central Michigan University after attending a community college for 2 years. For his first year at CMU, he is expecting to take 18 credits (9 each semester) at a tuition rate of $464/credit hour. Tommy is an online, adult student planning to live in transfer student housing on campus living which costs $10,920 for the year.
There is a student service fee of $225 for each enrolled semester. Supplies and books will cost approximately $2,000 for the year. Estimated travel and miscellaneous expenses (based on university information) is $1,326. Tommy has an Expected Family Contribution of $6,000 since he works full-time. Tommy earned a CMU Transfer Scholarship awarding $1,500.00.
1. What is the total tuition cost for Tommys first year?
2. What is Tommys total Cost of Attendance for the first year?
3. What is Tommys Financial Need (Cost of Attendance EFC = Financial Need)?
4. What would be Tommys estimated Pell-Grant Eligibility?
5. What is the price after scholarships, pell, and institutional grants (Net Price):
6. Is Tommy considered a dependent or an independent student?
7. What is Tommys student loan eligibility?
8. If Tommy takes out the max loan, what is the remaining cost after loans are applied: