Creating a Financial Aid Budget

Budgeting for Your Education

How much will you pay to attend Spokane Falls Community College? The cost differs for everyone based on the current tuition rates, your residency status, financial aid package, school fees, your program of study, cost of books and your cost of living. To start calculating your costs, use the table below for the current school year, then subtract your amount of financial assistance you will receive. For a faster way to estimate your costs, try our Net Price Calculator.

Budget Wisely

Budgeting puts you in control and will help you make better decisions about financing your education. Budgeting in school will also help you manage your money after you leave school. Finding ways to increase your income and decrease your expenses will help prepare you for budgeting your money.

Calculate your expenses and your total resources (income). Then use these figures to help you determine your balance and how much you really need to finance your education. Knowing the balance helps you determine if you need all the money you are allowed to borrow.

Loan Limits Chart

Academic Year	Dependent Sub. and/or Unsub.	Independent Sub. and Unsub. + Add'l Unsub.
First Year	$3,500 + $2,000 = $5,500	$3,500 + $6,000 = $9,500
Second Year	$4,500 + $2,000 = $6,500	$4,500 + $6,000 = $10,500
AGGREGATE Undergraduate LIMITS	$23,000 + $8,000 = $31,000	$23,000 + $34,500 = $57,500

What Is My Monthly Payment?

Examples of Debt Levels, Beginning Monthly Payments, and Total Amounts Repaid for All Direct Loan Repayment Plans*

Non-Consolidation Borrowers

Debt When Loan Enters Repayment	Standard		Extended Fixed		Extended Graduated		Graduated		Income Contingent** Income = $25,000
	Per Month	Total	Per Month	Total	Per Month	Total	Per Month	Total	Single		Married/HoH***
	Per Month	Total	Per Month	Total	Per Month	Total	Per Month	Total	Per Month	Total	Per Month	Total
$5,000	$61	$7,359	N/A	N/A	N/A	N/A	$38	$7,978	$40	$9,414	$38	$12,294
10,000	123	14,718	N/A	N/A	N/A	N/A	76	15,957	80	18,828	77	24,587
25,000	307	36,795	N/A	N/A	N/A	N/A	190	39,892	201	47,069	189	61,588
50,000	613	73,591	394	118,264	344	126,834	380	79,800	247	106,630	189	137,766
100,000	1,227	147,183	788	236,528	688	253,660	760	159,566	247	187,553	189	170,153
Notes: * Payments are calculated using the maximum interest rate for student borrowers, 8.25%. Assumes a 5 percent annual income growth (Census Bureau). * HoH is Head of Household. Assumes a family size of two.

Consolidation Borrowers

Debt When Loan Enters Repayment	Standard		Extended Fixed		Extended Graduated		Graduated		Income Contingent** Income = $25,000
	Per Month	Total	Per Month	Total	Per Month	Total	Per Month	Total	Single		Married/HoH***
	Per Month	Total	Per Month	Total	Per Month	Total	Per Month	Total	Per Month	Total	Per Month	Total
$5,000	$61	$7,359	N/A	N/A	N/A	N/A	$38	$7,978	$40	$9,414	$38	$12,294
10,000	97	17,461	N/A	N/A	N/A	N/A	69	19,165	80	18,828	77	24,587
25,000	213	51,123	N/A	N/A	N/A	N/A	172	55,491	201	47,069	189	61,588
50,000	394	118,264	394	118,264	344	126,834	344	126,834	247	106,630	189	137,766
100,000	751	270,452	788	236,528	688	253,660	688	286,305	247	187,553	189	170,153
Notes: * Payments are calculated using the maximum interest rate for student borrowers, 8.25%. Assumes a 5 percent annual income growth (Census Bureau). * HoH is Head of Household. Assumes a family size of two.