Federal regulations allow the Financial Aid Office to consider specific expenses in estimating each student’s cost of attendance or budget. The student’s budget, as determined by the Financial Aid Office, is the maximum amount of financial aid a student may receive from any source. Student budgets are comprised of the average cost of the following expenses — tuition, room and board, books and supplies, transportation expenses, personal expenses and loan fees. Because different categories of students have different expenses, each student is assigned a budget reflecting his or her particular costs. For instance, graduate students pay higher tuition rates than undergraduate residents.
Please note that Ferris State University will not bill students for transportation costs or personal expenses. These estimates are included in the cost of attendance for planning purposes and to allow students the opportunity to obtain enough financial aid to cover these expenses.
Some programs, such as Automotive Technology and Dental Hygiene require the purchase of tools and supplies. The cost of tools is added to the books and supply expense for students enrolled in programs that incur those expenses, so that they may acquire the aid necessary to cover those expenses. The Financial Aid Office relies on enrollment records and information from the Dean’s offices and instructors of those programs to tell us how much to include for additional tool and supply costs and at what point in the student’s curriculum we should add those additional expenses.
Tuition costs and room and board charges for on-campus students are typically not finalized until the Board of Trustees meet in July of each year. Because The Financial Aid Office uses historical data to estimate changes to tuition and room and board fees and estimate the student budgets accordingly. Historically, Financial Aid Office estimates have been very close to the actual rates charged.
To review the most recent approved tuition and room/board rates, please click here.
Transportation expenses: Transportation expenses are estimated based on average student costs for fuel, parking, public transportation, etc.
Personal expenses: Personal expenses are estimates based on average student costs for clothing, personal hygiene and grooming, entertainment and other miscellaneous expenses.
Graduate students: A Graduate student is a student that has been admitted into a Graduate level program such as the Doctorate of Pharmacy or Doctor of Optometry program. Students enrolled in “pre” programs, such as Pre- Pharmacy, are considered undergraduate students.
Undergraduate students: Undergraduate students are those that are enrolled in Associate or Bachelor’s degree programs.
An Estimated Cost Calculator tool is available to help you estimate costs based on your individual circumstances.
As mentioned above, the Financial Aid Office will provide an estimate of each student’s “budget” or estimated cost of attendance. When a student reviews their financial aid award notice, they will also see the estimated budget that covers their educational costs.
When comparing costs from one school to another, it’s important that you compare “apples to apples”. We’ve provided a breakdown of expenses for planning purposes. Please note that in the chart below, the Michigan Resident budget is calculated at 14 credit hours per semester; while the Non-Resident budget is calculated at 15 credit hours per semester.
|Annual Budget For 2014-2015||Michigan Resident Undergraduate||Non- Resident Undergraduate|
|Tuition & Fees||$10,677||$16,467|
|*Room & Board||$9,208||$9,208|
|*Residence Hall w/ meal plan
** You will not be billed for these expenses
The Financial Aid Office initially awards each student as if they are going to be enrolled full time (12 credit hours for undergraduate students, 9 credit hours for graduate level, 6 credit hours for DCCL students). In the interest of reducing student loan debt, after the fourth class day of each semester, the Financial Aid Office will re-evaluate each student's enrollment status and will reduce the tuition and book elements of the Cost of Attendance for students who are enrolled less than full-time.
TUITION: The Financial Aid Office will review the Cost of Attendance each semester. We will multiply the number of actual credit hours by the per credit hour tuition rate. This calculation should match exactly what your tuition charges are for each semester.
BOOKS: To determine the estimated amount of book charges, we will use a percentage formula as follows:
Three-quarter time (75%) = $335
Half-time (50%)= $222
Less Than Half-time (25%) = $112
Federal regulations state that you may not receive more financial aid than your Cost of Attendance. If you have a private alternative loan or Parent or Graduate PLUS Loan based on a full-time Cost of Attendance, and you are less than full time when the drop and add period is complete, your loans are subject to reduction to ensure that your aid does not exceed your Cost of Attendance. This adjustment may result in a change to either your account balance due or your financial aid refund.
The Business Operations office will set up a billing account for each student. Charges and credits for each semester will be added to the student account as they are received. For example, when the student pays an enrollment deposit, it is reflected on their student billing account. When the student registers for classes, the tuition charges are added to the billing account. If the student signs a housing contract to live on campus and purchase a meal plan, room and board charges will be added to the student billing account. Personal expenses and transportation estimates discussed in the Cost of Attendance section above are not billed to the student account.
Once a student has accepted his or her financial aid award offer and completed other requirements such as Direct Loan Entrance Counseling and a Master Promissory Note, financial aid will be reflected on the student billing account as “authorized or memoed aid”. Financial aid is not applied to the student account until the second week of each semester – after the “drop and add” class registration period has expired.
If the student does not have sufficient financial aid to cover the charges on their billing account, they will be billed for the difference. If the student has excess financial aid, then Business Operations will refund the excess aid to the student. This typically occurs approximately two weeks after the beginning of each semester, provided the student enrolls and completes all of their financial aid requirements timely.
For more information regarding billing and payments, please visit the Business Operations website.