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How Much Should I Borrow? Creating a Financial Aid Budget.

Budgeting for Your Education

How much will you pay to attend Spokane 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
$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
$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.