Developing Your Financial Plan for the 2021-22 Academic Year

Step 1 – Complete the 21-22 FAFSA

Step 2 – Determine Your Net Cost for the Year/Semester

  • Please refer to your most recent 2020-21 financial aid package available in susqu.edu/myaid when planning for next year and utilize the notes provided within the table below.
  • 2021-22 financial aid award letters will be sent in early June 2021 to students with completed financial aid applications (21-22 FAFSA is completed with no outstanding eligibility requirements).
  • The first student account statement for the 2021-22 academic year will be emailed in July 2021.



 

Costs / Aid

Total

Fall 21

Spring 22

Tuition, fees, room (double) & (standard) meal plan (if an approved commuter)

*Please note this represents standard direct costs. It does not reflect any indirect costs incurred nor does it reflect variable pricing for single rooms, commuter meal plans, etc.

$67,410

$33,705

$33,705

     Subtract SU aid (scholarship/grant)

$

$0

$0

     Subtract Federal & State Grants (as applicable)

$

$0

$0

     Subtract Outside Scholarships or other Aid

$

$0

$0

     Subtract gross amount Federal Student Loans for dependent students.

      Year 1: $5,500 (No more than $3,500 subsidized.)

      Year 2: $6,500 (No more than $4,500 subsidized.)

      Year 3/4: $7,500 per year (No more than $5,500 subsidized.)

$

$0

$0

Add back student loan origination fee (Click here for info)

$0

$0

$0

Remaining Costs to Attend; move to Step 3 if balance is greater than $0

$67,410

$33,705

$33,705

Step 3: Payment Plan Amount; if balance is greater than $0, move to Step 4

$

$0

$0

Step 4a: Direct PLUS Loan Amount; if balance is greater than $0, move to Step 5

$

$0

$0

Student loan origination fee (Click here for info)

$0

$0

$0

Step 4b: Actual PLUS Loan Amount to Request; if balance remains, move to Step 5

$0

$0

$0

Step 5: Private Student Loans; if balance remains after private student loans, please determine out-of-pocket payment or revisit Step 3 for payment plan option.

$

$0

$0

Remaining Payment Due or Final Balance:

$67,410

$33,705

$33,705

*Please note this tool should be used to estimate your costs for the upcoming year as it refelcts standard costs for room and meals. Please visit www.susqu.campusdish.com for additional dining choices/costs and the Tuition and Fees website under the "Special Fees" tab for single, multiple room, etc pricing. 


Step 3
– Review Payment Plan Options for Remaining Balance or a Portion of the Balance

  • Utilizing a monthly payment plan is optional but recommended as it’s a good way to minimize debt – especially when you can spread those payments over several months (6, 5, 4, 3, or 2 months).
    • Pro Tip: Determine an amount you can pay monthly and utilize a payment plan. This will decrease the amount you may consider borrowing through a parent or private loan.
  • 6-month plans are available as of Thursday, April 15 with the first payment due on May 15.
  • Please visit https://mycollegepaymentplan.com/susquehanna/ for more information. The plan’s only cost is an enrollment fee of $50 each semester.
  • Students & their authorized users can set up a payment plan by following these steps:
    • Go to MySU & Select Self-Service Menu;
    • Click Current Student & Select Financial Information; and
    • Click Student Account Portal > Proceed to Processor (Set Up a Payment Plan)

Step 4: Consider a Federal Direct PLUS Loan for Parents

The federal government offers a loan program for parents of dependent students to borrow for educational expenses. Through this program, a biological or adoptive parent or stepparent may borrow up to the cost for the year less other financial aid the student has received. The PLUS Loan offers a fixed interest rate and tax-deductibility of interest at most income levels.

The Direct Parent PLUS Loan interest rate for 2021-2022 academic year rate is 5.3%.  The U.S. Department of Education charges a 4.228% origination fee. For example, if you wish to borrow $10,000, keep in mind that 4.228% will be withheld from the loan by the U.S. Department of Education. To determine the actual amount of the loan to borrow including the fee, divide the amount you need to cover your costs for the year by 0.95772. Keep in mind “max” loan requests are not accepted, please specify an amount for your loan.

  • How can I secure a 2021- 2022 Direct Parent PLUS Loan?
    First-time SU borrowers can secure your loan by visiting studentaid.gov. This site will allow you to enter your information, request a loan amount, and initiate a credit check. You will also be required to complete a Master Promissory Note (MPN). NOTE: Your process will not be complete until both the application and MPN are submitted. Step-by-step directions are available here https://www.susqu.edu/admission-and-aid/tuition-and-financial-aid/financial-aid-options/loans-and-financing/federal-loans. A parent will be instructed to complete PLUS Credit Counseling if credit is denied and subsequently the decision is appealed, or an endorser is added.

Step 5: Private Student Loan Options for Higher Education

Private loans are an option for families who need to borrow for education expenses. Susquehanna recommends that you exhaust federal borrowing options first. However, for families who wish to consider alternative, private loans, please visit our SU website www.susqu.edu/privateloans for current information. Susquehanna strongly recommends that you compare private loans with federal loan options before coming to a financing decision.

Final Reminders from SFS Regarding Your Investment in Higher Education:    

  • Monitor Your Student Account: Billing at Susquehanna is done electronically through our Student Account Portal. Fall bills will be available in mySU’s Student Account Portal by the week of July 12, 2021. We kindly ask that payment arrangements for the 2021-22 academic year be in place by the start of the fall 2021 semester in late August.      
  • Protect Your Investment with Tuition Insurance: Given the ongoing global pandemic, please consider tuition protection insurance through Allianz’s Grad Guard Tuition Insurance. Susquehanna’s refund policy and tuition insurance details can be found at susqu.edu/refundpolicy. Depending on the coverage purchased, the optional insurance provides coverage up to 100% of any funds paid by you for tuition, room, meal plan, health fee, and student activity fee for the semester that the student is unable to complete due to medical reasons. Students and families will also have an opportunity to review the refund policy and purchase insurance when entering the student account portal.
  • Monitor Your Federal Loan Borrowing via studentaid.gov: We encourage students and families to track their student loans by using the US Department of Education’s “Manage Loans” website. Students will need to utilize their FSA ID and password (same as their FAFSA) to login into the site to review their Aid Summary.

Contact Us

Student Financial Services

514 University Ave.
Selinsgrove, Pa. 17870

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Location

Student Financial Services Office

Campus Map

Phone & Email

570-372-4450
sfs@susqu.edu