2. Financing Your Education
School of Pharmacy
Presented by: University Student Financial Assistance

3. Cost of Attendance
Resident
Non Resident
$ 65,732
$ 85,384

4. Indirect Cost Resident Non Resident Room and Board $ 23,850
Transportation
$ 2,000
$ 2,000
Health Insurance
$ 3,600
$ 3,600
Books
$ 2,473
$ 2,473
Commuting Expense $
$ 1,200
Total
$ 31,923
$ 33,123
Based on living off campus, room and board for Pascault Row and
with parents are lower. See SURFS for your individual cost

5. Room and Board Item Cost Rent $ 1,500 Utilities $ 250 Parking $ 150$
Parking $
Food $
Misc.
Total
$ 2,650

6. Federal Direct Unsubsidized Stafford Loan
Types of Aid Available
Federal Direct Unsubsidized Stafford Loan
Annual Maximum Amount $ 20,500
Current Rate – variable and set each July 1st
Aggregate Maximum Amount $ 138,500

7. Federal Direct Grad PLUS
Types of Aid Available
Federal Direct Grad PLUS
Annual Maximum -
the Institutions calculated Cost of Attendance minus any other financial aid received
Credit Based
Interest Rate variable and set each July 1st

8. Federal Work Study Need Based Award
Awards are based on the Cost of Attendance minus the Federal Direct Unsubsidized Stafford loan eligibility
Must complete the FAFSA prior to March 1st
Funds may be limited and are not guaranteed annually
Students who are awarded can begin work after all required documents have been received but not before mid August

9. Average Loan Debt 2018 Graduating Class UMB Loans: $ 159,904
Average UMB debt – does not include any prior student loan debt

10. Sample Loan Repayment Fixed Monthly Payments
Loan Debt
Standard Repayment
Extended Repayment
$ 159,904
$ 1,840.18
$ 1,109.85
Total Payments under the Standard 10 year repayment - $ 220,821.69
Total Payments under the Extended 25 year repayment - $ 332,954.26

11. Average Salary for Graduates
Entry Level
$ 87,120
$122,230

12. Amount Available After Loan Payment
Gross Pay
$ 6,702
Federal Tax
$ 1,029.24
Social Security $
Medicare $
State Income Tax $
Net Pay
$ 4,668.58
Loan Payment
$ 1,840.18
Available Income After Loan Payment
$ 2,828.32

13. Amount Available After Loan Payment
Gross Pay
$ 9,402
Federal Tax
$ 1,672.28
Social Security $
Medicare $
State Income Tax $
Net Pay
$ 6,305.04
Loan Payment
$ 1,840.18
Available Income After Loan Payment
$ 4,464.86

14. Before Accepting a Loan
Do I need to borrow
How much do I need to borrow
Do I have other resources available
Have I created a budget
What are my expenses
How many times will go out

15. Budget Tool YOUR MONTHLY BUDGET Budget Actual Difference
Budget
Actual
Difference
INCOME SOURCES
Financial Aid Distribution 1
Work Study 2
Other Income: 3 4
TOTAL INCOME-TOTAL lines 1 thru 4 5
FIXED EXPENSES
Rent/Mortgage 6
Renter's or Home Owner's Insurance 7
Student Loan Payment 8
Savings Contributions 9
Car Payment 10
Car Insurance 11
Car Fuel 12
Parking 13
Cell Phone 14
Home Security 15
Cable, Internet, Home Phone 16
Electricity &/or Gas 17
Water 18
Groceries 19
Wal-Mart/Target(personal items) 20
Credit Card Payment(s) 21
Prescriptions 22
Child Care 23
Other: 24 25
TOTAL FIXED EXPENSES-Total Lines 6 thru 25 26
DISCRETIONARY EXPENSES
Car Maintenance 27
Tithing/Charitable Contributions 28
Magazine Subscriptions &/or newspapers 29
Organizational dues or fees 30
Personal Care:
Hair 31
Nails & Waxing 32
Gym Membership 33
Clothing 34
Dry Cleaning 35
Entertainment:
Travel (airfare, bus, train, car rental) 36
Dining Out 37
CDs / I-Tunes 38
Movie Rental 39
Sporting Events, Theatre, Concerts 40 41
Pet Care:
Insurance Premiums & Co-Pay 42
Food, Grooming and Toys 43
Medical (Vet) 44
Other Expenses: 45 46
TOTAL DISCRETIONARY EXPENSES-Total Lines 27 thru 46 47
TOTAL EXPENSES-ADD Lines 26 and 47 48
MONTHLY SURPLUS (+) OR DEFICIT (-) [Subtract Line 48 from Line 5]