Jasmine's Financial Path

Case Example, Jasmine Jasmine is a Massachusetts resident and resides with her mother and father. Her parents' income is $63,100 and Jasmine works part-time where she earns $3,900. She is planning to be a psychology major. She will be a commuter student, residing with her family, while attending Curry. Boston

Financial Need: $38,558
Award:
Academic Achievement Scholarship:
Curry Grant:
*Federal Direct Subsidized Loan:
*Federal Direct Unsubsidized Loan:
**Federal work study:

$18,000
$3,200
$3,464
$1,980
$2,000
Total Award: $28,644

*Estimated net loan proceeds.  The gross amount of the Federal Direct Subsidized or Unsubsidized Loan is reduced by a 1.066% Origination Fee prior to crediting the student's account.
**Federal Work-Study provides the student with the opportunity to work on-campus and earn up to $2,000.  This amount is not subtracted from the student's bill but paid as wages for hours worked.


Direct Costs (billed)

2017 - 2018 academic year

Indirect Costs (not billed)

2017 - 2018 academic year
Tuition:
Fees:
Total:
$36,780
$2,156
$38,936
Room & board allowance:
Personal Expenses:
Transportation:
Books:
Loan Fees:
Total:
$2,200
$1,195
$1,422
$1,100
$59
$5,976
Total Billed & Unbilled Costs: $44,912
Net billed costs (after financial aid applied): $12,292
Direct Costs (billed):
Financial Aid:
 $38,936
-$26,644


Financing Strategy:

Jasmine was awarded merit aid by the Admission Office at the time of her acceptance. She applied for financial aid and was eligible for a Curry Grant. In addition, she was also eligible for a Federal Direct Subsidized Loan and a Federal Direct Unsubsidized Student Loan. Jasmine and her family have decided to pay for her net direct costs of $12,292 by financing the remaining portion of her billed expenses through the TMS monthly tuition payment plan. They will make 10 interest free monthly payments of $1,229.20.

Alternate Financing Strategies:

-An alternative strategy for Jasmine and her family to pay the net costs of $12,292 is to utilize a Federal Parent PLUS Loan for $6,421 which will net them $6,246 (half of their balance) after the 4.276% PLUS Loan origination fee is deducted and to finance the other half through the TMS monthly tuition payment plan.

-Another strategy that Jasmine's family could use would be to borrow their net direct cost of $12,292 against the equity in their home. Many home equity loans are available at rates less than private education and Federal PLUS Loans and may also have tax benefits (you should consult with your tax advisor).


Steve and Maria and Ethan SpiewakowskiSteve and Maria, parents of Ethan Spiewakowski Class of 2017:
"When we first visited Curry on Accepted Students Day we knew that the Nursing Program at Curry was an experience we wanted Ethan to be a part of. My wife and I were practically beside ourselves as we were confronted  with the cost and initially we thought that we would not be able to help Ethan obtain what he worked so hard for. As we sat with a Student Financial Services Team member that day, we were calmly and professionally told "we will make it work". We walked out of there full of gratitude, knowing we made the right choice. Now we are a week following our son's graduation... from the bottom of our hearts we thank you!"

 
 
 
 

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