Budgeting & Planning Ahead
Cost of Education
Each year, the University determines the average cost-of-education budget that is used in the financial aid packaging process. This budget is meant to be a guide for students and families as they consider the “estimated” costs associated with attending college. The budget does not reflect real or actual costs, but provides parents and students with an estimate of the costs involved.
The cost of attendance budget consists of tuition and fees, books and supplies, room and board, transportation and personal expenses.
Budgets will vary according to student category – undergraduate vs. graduate, commuter vs. residence hall, full-time vs. part-time, etc. The federal government determines the dependent or independent status of a student based on his/her FAFSA information.
Direct costs (tuition and fees, or residence hall), are the expenses the University bills the student for each term. All students may view their billing status on their My LIU account. Students do not need to wait for paper bills in the mail to visit the Office of Integrated Student Financial Services to discuss the method of payment plans available.
The following is a sample of two different budgets for the typical undergraduate student taking 14 credits per term – one reflects costs for the student who commutes each day to campus, the second reflects costs for the student who lives in the residence hall. These estimated costs are for the 2012-2013 academic year:
|Tuition & Fees
|Books & Supplies
|Room & Board
All financial aid awards, with the exception of Federal College Work Study (unless specified by the student), are first applied directly to the cost of tuition and fees, followed by the residence hall charges. If the total of all financial aid and/or payment received exceeds the charges, the student may be eligible for a refund.
Preparing to Finance a College Education
Practical things that parents and students can do during the senior year of high school to better prepare for the financing of a college education includes:
- Filing family income taxes early.
- Students and Parents apply for a Federal Personal Identification Number (PIN) at www.PIN.ed.gov.
- Complete the FAFSA or Renewal FAFSA using the IRS database retrieval link at www.fafsa.ed.gov.
- Complete the entire FAFSA or Renewal FAFSA, leaving no questions blank or unanswered.
- List the Federal School Code 002751 on the FAFSA or Renewal FAFSA.
- Know the Federal/State and Financial Aid Offices’ deadline dates to apply and receive financial aid.
- Keep a copy of the electronic application submitted every year.
- Maintain a file of all financial aid paperwork – applications, award notices, bills, etc.
- Making sure that all male students who reach the age of 18 are registered with the Selective Service in order to be eligible for financial aid – this should be done prior to applying for financial aid.
- Never pay an agency to complete your FAFSA or help find scholarships for college.
Financial Aid Packaging and Awarding
The combination of all financial aid awards given to a student is called a “financial aid package.” The packaging philosophy at LIU Brooklyn provides students with an estimate of their TAP, Federal Pell Grant, grants, scholarships, work opportunities (if requested on the FAFSA), and eligibility for federal student loans. This “package” is provided to students and appears on their financial aid award notices and in their My LIU account. Integrated Student Financial Services is the office responsible for awarding and administering all of the financial aid programs at LIU Brooklyn.
Accepting Federal Work Study
- To Accept Federal Work Study log into your My LIU account and accept the award, and follow the instructions of the Center for Student Information (CSI).
- Student must be full-time each term of employment during the Fall and Spring terms.
- Student must have a cleared bill each term to pick up work assignment.
- Award must be accepted no later than 3 weeks of the Fall term for the academic year award.
- Students who fail to accept or are not placed in a job may have their award cancelled and redistributed to other eligible students.
Accepting /Reducing and Declining Federal Direct Student Loans
- Students may accept or decline their Federal Loans at www.my.liu.edu.
- Eligibility for loans is provided on the financial aid award notice.
- Students who don’t wish to take advantage of all or part of the loans offered are given a window of opportunity to decline or adjust these loans prior to the prescribed deadline dates. Visit Dates & Deadlines for further details.
- Once a student borrower completes the Loan Counseling session and e-signs the master promissory note, accepting loans becomes, in the future, an automatic function.
- Students can manually decline or reduce awards by using the “Loan Adjustment Form” available under the “Forms” option of our Brochures & Forms link, and submitting it to the Office of Integrated Student Financial Services.
Click here to get step by step information on this process.
Accepting /Declining Federal Perkins Loan or Health Profession Student Loan (HPL)
- Log into your My LIU account and accept or decline the award.
- Perkins Loan borrowers log onto https://webapps.liu.edu/esignature/, to electronically sign the Perkins promissory note.
- HPL borrowers must visit the Office of Integrated Student Financial Services to sign the promissory note and all its accompanying attachments.