Cost of attendance budgets are intended to cover only the expenses of the student and only the period of time the student is enrolled in an academic program. Students in academic programs or years of study that are less than 12 months in duration should have means to pay for their living expenses while they are not enrolled.
Students must budget monies for the period of time before their financial aid funds are received and a refund can be produced from their account. Generally speaking, students should plan to have three months worth of living expenses available in order to secure an apartment and purchase books/supplies. Refunds from excess financial aid will not be issued until the student has begun their studies for a particular year, all paperwork has been completed, and all financial aid funds have actually been received. First-time financial aid applicants and first year students must complete an entrance interview before loan proceeds can be disbursed to their account. The entrance interview is mandatory for all students and should be completed online during the summer before the student matriculates.
Financial aid is disbursed in two equal payments during the fall and spring semesters. If students are attending both the fall and spring semester, they will receive half of their total award each semester. Please remember when determining your budget for living expenses that loans must be repaid with interest. It is to your advantage to keep expenses as well as borrowed amounts as low as possible. These are your future earnings that you are pledging. Keep careful records of your loan portfolio and take ownership of the process from the very beginning.