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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 typical budget for the cost of education is made up of several categories, including tuition and fees, books and supplies, room and board, transportation and personal expenses.

The tuition and fees component of the budget, for non-flat-rate students (for Brooklyn Campus students, those NOT in the PROF career [PROF] or in the Ph.D. program in Clinical Psychology), is estimated on a registration of 14 credits per semester. Budgets will vary according to student category – undergraduate vs. graduate, commuter vs. residence hall, full-time vs. part-time, etc. Dependent students (living with family and generally under 24 years of age), have a different room and board allowance than independent students living off campus and on their own. The federal government determines the dependent or independent status of a student based on his/her FAFSA information.

Direct costs (tuition and fees, books and supplies), are generally the expenses that require payment up-front for students and are usually covered by financial aid, family resources, scholarships, etc. The Bursar’s Office bills students once each term of the academic year and collects all payments including financial aid, checks, money orders, credit cards charges, tuition plans, etc. Students who live in the residence hall also are billed for this expense by the Bursar’s Office. All students may view their billing status on their My LIU account all year long and do not need to wait for a paper bill in order to visit the Bursar to discuss the methods of payment available to them.

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 2010-2011 academic year:

Category Commuters Residence Hall
Tuition & Fees $26,618 $26,618
Books & Supplies 2,000 2,000
Room & Board 3,000 12,200
Personal 800 800
Transportation 720 720
Total $33,138 $42,338

All financial aid awards, with the exception of salaried work (unless specified by the student), are applied directly to the cost of tuition and fees first, with residence hall charges paid next, and then all remaining balances. If the total of all financial aid received exceeds the charges billed by the Bursar’s Office, the student is eligible for a refund. The Bursar’s Office will automatically send a refund check to any eligible student to assist with the other non-direct costs of education such as transportation and personal expenses.

Preparing to Finance a College Education

The best advice any financial planner can give a parent is to begin to save for their children’s college education the day they are born. While this is not always practical, it becomes an impossible task if parents wait until their children are “ready” for college. Parents need years to prepare for all the expenses directly and not so directly linked to a child’s education. Financial planners are professionals who are in the best position to assist the new parent in planning ahead.

In addition, there are some 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 including:

  • Filing family income taxes early.
  • Completing the FAFSA or Renewal FAFSA based on actual tax returns and avoiding “estimated” figures wherever possible.
  • Completing the entire FAFSA or Renewal FAFSA, leaving no questions blank or unanswered
  • Knowing the deadline dates for financial aid
  • Keeping a copy of the electronic application submitted every year.
  • Listing the Federal School Code 002751 on the FAFSA or Renewal FAFSA.
  • Maintaining 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.
  • Keeping records of the student’s and the parents Federal Student Aid PIN.

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 the Brooklyn Campus is to provide students with an estimate of their TAP and Federal Pell Grant eligibility first, to offer any grants or scholarships next, followed by work opportunities (if requested on the FAFSA), and finally, to determine eligibility for loans. This “package” is provided to students and appears on their financial aid award notices and in their My LIU account. The Office of Student Financial Services is the office responsible for awarding and administering all of the financial aid programs at the Brooklyn Campus.

To accept a work opportunity (in the form of the Federal Work Study or the America Reads and Counts Program), a student must report to the Office of Student Development and Retention within two weeks of the start of classes, with a cleared bill showing a full-time registration. Work opportunities are provided on campus, and provide up to 15 hours of work per week, beginning at the rate of $12.00 per hour. Students are given an option to choose to have up to 75% of their earnings placed directly into their billing account with the University.

Eligibility for loans (Federal Direct Student Loans, Federal Perkins Loans, Health Professions Student Loans), is provided on the financial aid award notice. First-time borrowers must electronically complete a loan Entrance Counseling session and e-sign a promissory note, which is available online, on the federal government’s Web site at www.dl.ed.gov.

Students may print out information sheets on how to complete both of the above by visiting the Brochures & Forms section of this Web site (see “A Guide for Federal Student Loan Borrowers”). 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. Only students wishing to decline or reduce awards have to notify the Office of Student Financial Services of this by using the “Loan Adjustment Form” available under the “Forms” option of our Brochures & Forms link. Otherwise, no other formal acceptance is required for the loans awarded to the student borrower.

Perhaps the best advice of all that we can offer is to urge families and students to visit with their financial aid counselors whenever they have questions. At the Brooklyn Campus’ Office of Student Financial Services, we are always glad to see families and help them prepare for college. Good Luck!