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Financial Aid

Budget Wisely

Budgeting puts you in control and will help you make better decisions about financing your education. Budgeting in school will also help you manage your money after you leave school. Finding ways to increase your income and decrease your expenses will help prepare you for budgeting your money.

Calculate your expenses and your total resources (income). Then use these figures to help you determine your balance and how much you really need to finance your education. Knowing the balance helps you determine if you need all the money you are allowed to borrow.

Loan Limits Chart

Academic
Year
Dependent
Sub. and/or Unsub.
Independent
Sub. and Unsub. + Add'l Unsub.
First Year$3,500 + $2,000 = $5,500$3,500 + $6,000 = $9,500
Second Year$4,500 + $2,000 = $6,500$4,500 + $6,000 = $10,500
AGGREGATE Undergraduate LIMITS$23,000 + $8,000 = $31,000$23,000 + $34,500 = $57,500

What Is My Monthly Payment?

Examples of Debt Levels, Beginning Monthly Payments, and Total Amounts Repaid
for All Direct Loan Repayment Plans*

Non-Consolidation Borrowers

Debt When Loan Enters RepaymentStandardExtended FixedExtended GraduatedGraduated Income Contingent**
Income = $25,000
Per MonthTotalPer MonthTotalPer MonthTotalPer MonthTotalSingleMarried/HoH***
Per MonthTotalPer MonthTotal
$5,000$61$7,359N/AN/AN/AN/A$38$7,978$40$9,414$38$12,294
10,00012314,718N/AN/AN/AN/A7615,9578018,8287724,587
25,00030736,795N/AN/AN/AN/A19039,89220147,06918961,588
50,00061373,591394118,264344126,83438079,800247106,630189137,766
100,0001,227147,183788236,528688253,660760159,566247187,553189170,153
Notes: * Payments are calculated using the maximum interest rate for student borrowers, 8.25%.
** Assumes a 5 percent annual income growth (Census Bureau).
*** HoH is Head of Household. Assumes a family size of two.

Consolidation Borrowers

Debt When Loan Enters RepaymentStandardExtended FixedExtended GraduatedGraduated Income Contingent**
Income = $25,000
Per MonthTotalPer MonthTotalPer MonthTotalPer MonthTotalSingleMarried/HoH***
Per MonthTotalPer MonthTotal
$5,000$61$7,359N/AN/AN/AN/A$38$7,978$40$9,414$38$12,294
10,0009717,461N/AN/AN/AN/A6919,1658018,8287724,587
25,00021351,123N/AN/AN/AN/A17255,49120147,06918961,588
50,000394118,264394118,264344126,834344126,834247106,630189137,766
100,000751270,452788236,528688253,660688286,305247187,553189170,153
Notes: * Payments are calculated using the maximum interest rate for student borrowers, 8.25%.
** Assumes a 5 percent annual income growth (Census Bureau).
*** HoH is Head of Household. Assumes a family size of two.

Spokane Community College
1810 N. Greene St.
Spokane, WA 99217-5399
For general information call:
509-533-7000 or
1-800-248-5644
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Spokane Community College
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