Cost of Attendance Adjustment for Music Majors

We recognize that students enrolled in the College of Music may need to purchase musical instruments during the course of their enrollment. Students who are already receiving federal financial aid funds may request an increase in their standard "Cost of Attendance" budget according to the following guidelines.

The student must submit a written request for an adjustment. This request must include:

• The Student's Name, Social Security Number and Major;

• The type of instrument they would like to purchase,the make, model number and the estimated cost. The Band or Orchestra Director must attach a signed verification to the student's request to verify the projected cost of the required instrument is "reasonable" and the purchase is required for the student to effectively participate in the class. The student should then submit all information to the Office of Scholarships and Financial Aid.

• Most students' aid packages already include the maximum federal Stafford loan. If the increase in COA is approved, the student must find a private lender to agree to loan the additional money. Lenders are listed at www.loyno.edu/financialaid/comparealtloanprograms.Students should complete the online application and request pre-approval of their loan. Students will generally need a "Credit worthy" co-signer for these loans.

• The student must qualify for additional credit-based loan as determined by a lender. Students will not received additional federal or institutional funds for the purchase of a musical instruments.

• If the lender pre-approves the loan, they will send an electronic message to the Office of Scholarships and Financial Aid requesting us to certify your eligibility for additional funds.

• Any additional loan funds approved by a lender will be electronically disbursed to the student's account with the Student Finance Office. Therefore, that account must be paid in full so that the student can request a refund and use the funds to purchase their instrument. No further institutional or federal financial aid will be disbursed until the student submits a receipt documenting the instrument's purchase to the Office of Scholarships and Financial Aid.

Care should be exercised in requesting an increase in the cost of attendance budget. Students who are borrowing the maximum Federal Stafford loan each year will have a MINIMUM of $17,125 in loan debt. after four years of college. After you have calculated your estimated total student loan indebtedness, use the online calculators to establish your REQUIRED monthly payments. Then, use the calculators at TrueCareers.com to estimate the average starting salary and the cost of living in various cities.

Make sure you understand the total cost involved in borrowing student loans and the impact the choices you make now will have on your life after graduation. Ideally, you want your monthly student loan payments to be less that 8% of your monthly income after you graduate. Student loan payments between 8% and 10% of income are considered average these days. However, depending on your starting salary, this amount of debt could be a burden.

Review and understand your responsibilities as a borrower.