For most families, the question of "how to meet
college costs" comes up early in the college selection process and
remains a concern throughout the college years. If costs are on your
mind, this guide may be of help to you.
The first step is to apply for financial assistance to reduce your
annual cost of education. At the University of Dayton, over 90% of
our students take advantage of merit-based scholarships, need-based
grants, educational loans and part-time school-year employment programs on
an annual basis. These programs are available to families at all
income levels and everyone is encouraged to apply!
The final step is to create your own personal payment plan strategy to
meet your annual bottom line costs. Follow the steps below to help you
create the payment plan that will work for you!
Step 1:
Determine Your Annual Costs
Tuition
University Fee
Housing
Meal Plan
Step 2:
Subtract Scholarships, Grants, Loans and Other
Resources
Each of these award will reduce the tuition balance
remaining
Allows you to determine your "bottom-line" cost
for the year
Step 3:
Review Your Family's Budget & Determine How Much
You Can Afford to Pay Each Month
Step 4:
Create Your Own Payment Plan Strategy
Use a payment plan (minimizing or eliminating your need to
borrow)
Use the Federal PLUS (Parent Loan for Undergraduate Student)
to spread the payments out over a longer period of time
Use any combination of the above to fit your monthly budget!
Here are some examples to help:
Example
#1: If
your bottom line cost is around $5,000
and your targeted monthly
payment amount is:
Pre-Payment Plan:
PLUS Loan:
Total Cost:*
$200/mo
$1,500
($150/mo for 10 months)
$3,500
($50/mo for 8.3 years)
$6,861
$400/mo
$3500
($350/mo for 10 months)
$1,500
($50/mo for 2.9 years)
$5,821
$600/mo
$5,000
($500/mo for 10 months)
$5,040
*total cost includes interest paid on any loan over the course of the repayment period,
assuming the maximum interest rate possible, and/or the $40 application fee to participate in the
Pre-Payment Plan
Example
#2: If
your bottom line cost is around $10,000
and your targeted monthly
payment amount is:
Pre-Payment Plan:
PLUS Loan:
Total Cost:*
$200/mo
$900
($90/mo for 10 months)
$9,100
($115/mo for 10 years)
$14,776
$400/mo
$3,100
($310/mo for 10 months)
$6,900
($87/mo for 10 years)
$13,631
$600/mo
$5,400
($540/mo for 10 months)
$4,600
($58/mo for 10 years)
$12,432
$800/mo
$7,500
($750/mo for 10 months)
$2,500
($50/mo for 5.3 years)
$11,341
$1,000/mo
$10,000
($1,000/mo for 10 months)
$10,040
*total cost includes interest
paid on any loan over the course of the repayment period,
assuming the maximum interest rate possible, and/or the $40 application fee to participate in the
Pre-Payment Plan
Example
#3: If
your bottom line cost is around $15,000
and your targeted monthly
payment amount is:
Pre-Payment Plan:
PLUS Loan:
Total Cost:*
$400/mo
$2,500
($250/mo for 10 months)
$12,500
($158/mo for 10 years)
$21,542
$600/mo
$4,650
($540/mo for 10 months)
$10,350
($132/mo for 10 years)
$20,423
$800/mo
$7,000
($700/mo for 10 months)
$8,000
($101/mo for 10 years)
$19,201
$1,000/mo
$9,250
($925/mo for 10 months)
$5,750
($73/mo for 10 years)
$18,031
$1,250/mo
$12,500
($1,250/mo for 10 months)
$2,500
($50/mo for 5.3 years)
$15,685
$1,500/mo
$15,000
($1,500/mo for 10 months)
$15,040
*total cost includes interest
paid on any loan over the course of the repayment period,
assuming the maximum interest rate possible,
and/or the $40 application fee to participate in the
Pre-Payment Plan
We've personalized the options below based on the degree program you've selected. Each of the links below will provide you with important information about the financial aid
options available to you. For questions not answered below, please contact our office to speak to a Financial Aid Counselor. To view the options for another degree
program, click here.
