Problem Set #3 – Calculating Financial Aid Scenario One Jordan Johnson is an 18-year-old freshman attending Central Michigan University.

Problem Set #3 – Calculating Financial Aid

Scenario One
Jordan Johnson is an 18-year-old freshman attending Central Michigan University. She is working with her parents, who continue to claim her as a dependent, to figure out total cost of attendance as well as potential financial aid award for her first year in college. Jordan is attending a residential university, and planning to live on campus.

For her first year, Jordan is expecting to take 30 credits (15 in Fall semester and 15 in Spring semester) at a tuition rate of $415/credit hour. Room and board (including meals) will cost approximately $11,425. There is a $250 student service fee each semester Jordan takes classes. Supplies and books will cost approximately $1,500 for the year. Estimated travel and miscellaneous expenses (based on university information) is $1,450.

Jordan has an Expected Family Contribution of $0. Jordan earned a CMU Merit Scholarship awarding $7,790.00. CMU has also offered $4,750.00 in additional institutional grants.

1. What is the total tuition cost for Jordan’s first year?
2. What is Jordan Johnson’s total Cost of Attendance for the first year?
3. What is Jordan’s Financial Need (Cost of Attendance – EFC = Financial Need)?
4. What is Jordan’s Pell-Grant Eligibility?
5. What is the price after scholarships, pell, and institutional grants (Net Price):
6. Is Jordan considered a dependent or an independent student?
7. What is Jordan’s first-year loan eligibility?
8. If Jordan takes out the max loan, what is the remaining cost to Jordan and family after loans are applied:

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 Tommy’s first year?
2. What is Tommy’s total Cost of Attendance for the first year?
3. What is Tommy’s Financial Need (Cost of Attendance – EFC = Financial Need)?
4. What would be Tommy’s 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 Tommy’s student loan eligibility?
8. If Tommy takes out the max loan, what is the remaining cost after loans are applied:

Scenario Three
Bill is an 18-year-old freshman attending Central Michigan University. She is working with her parents, who continue to claim him as a dependent, to figure out total cost of attendance as well as potential financial aid award for his first year in college. Bill is attending a residential university, and planning to live on campus.

For his first year, Bill is expecting to take 30 credits (15 in Fall semester and 15 in Spring semester) at a tuition rate of $475/credit hour. Bill had a high incoming SAT and gpa, so he is receiving a 50% tuition discount.

Room and board (including meals) will cost approximately $9,370. There is a $150 student service fee each semester Bill takes classes. Supplies and books will cost approximately $1,700 for the year. Estimated travel and miscellaneous expenses (based on university information) is $1,450.

Bill has an Expected Family Contribution of $1,000. Bill earned a CMU Merit Scholarship awarding $3,500.00. CMU has also offered $1,000.00 in additional institutional grants.

1. What is the total tuition cost for Bill’s first year?
2. What is Bill’s total Cost of Attendance for the first year?
3. What is Bill’s Financial Need (Cost of Attendance – EFC = Financial Need)?
4. What would be Bill’s estimated Pell-Grant Eligibility?
5. What is the price after scholarships, pell, and institutional grants (Net Price):
6. Is Bill considered a dependent or an independent student?
7. What is Bill’s student loan eligibility?
8. If Bill’s takes out the max loan, what is the remaining cost after loans are applied: