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Case Studies - entry 2010 - U.S. DIRECT (Stafford) Loans
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Exchange Rates
Current exchange rates: www.xe.com/
$1 = £0.65 or inverse £1 = $1.55 on 26th July 2010
Tuition Fees
Postgraduate - See the fee document for your year of entry and what fee band your is within.
or
Undergraduate - See the fee document for your year of entry and what fee band your is within.
Living Costs
www.lancs.ac.uk/sbs/funding/costsandbudgeting.htm
Case Studies - Calculating Educational Financial Need
Case Study 1
- Tom, a first year undergraduate student, applies for a DIRECT (Stafford) Loan.
- He completed the FAFSA, and the school has reviewed his SAR (Student Aid Report) and confirmed he is eligible as an dependent UG student with an Expected Family Contribution (EFC) of $5,000.
His cost of attendance (COA) will be the sum of the following:-
- UG Tuition Fees (Band 1*) £10,500
- Living Costs £6,520 (UG single student)
- Other Costs £1,800
- Flight allowance £1,500
Cost of attendance (COA) £20,320 converted to $ |
$31,474 |
Minus Expected Family Contribution (EFC) from Student Aid Report (SAR) |
$5,000 |
Minus Expected Financial Aid (EFA) |
$0 |
= Educational Financial Need (EFN) |
$26,474 |
The above EFN breaks down below |
|
Subsidised DIRECT Loan (EFN exceeds max subsidised amount) |
$3,500 |
Unsubsidised DIRECT Loan (EFN exceeds max unsubsidised amount) |
$2,000 |
PARENT PLUS loan (COA less DIRECT loans) |
$25,974 |
Case Study 2
- Diane, a first year postgraduate student, applies for a DIRECT (Stafford) Loan
- She completed the FAFSA and we have reviewed the Student Aid Report and confirmed she is eligible as an graduate student with an Expected Family Contribution (EFC) of $2,000.
- She has a scholarship for $10,000
Her cost of attendance (COA) will be the sum of the following:-
- PG Tuition Fees £13,060
- Living Costs £8,476 (PG single student)
- Other Costs £2,340
- Flight allowance £1,500
Cost of attendance (COA) £25,376 converted to $ |
$39,621 |
Minus expected family contribution (EFC) |
$2,000 |
Minus Expected Financial Aid (EFA) |
$10,000 |
= Educational Financial Need (EFN) |
$27,621 |
The above EFN breaks down below |
|
Subsidised DIRECT Loan (EFN exceeds max subsidised amount) |
$8,500 |
Unsubsidised DIRECT Loan (EFN exceeds max unsubsidised amount) |
$12,000 |
GRADUATE PLUS loan (COA less DIRECT loans) |
$19,121 |
