Financial Aid - Doctor of Chiropractic Program

2006-2007 Doctor of Chiropractic Program
Effective Summer 2006

A student attending a college or university has a cost of attendance (COA) determined for them by the Financial Aid office. The cost of attendance is a budget comprised of tuition, fees, books and supplies and living expenses related to the student's education.

Students frequently refer to the cost of attendance as their "financial aid budget." The COA (or financial aid budget) is not a personal budget for the student comprised of their personal expenses; it is comprised of expenses that the government considers to be related to the pursuit of the student's degree or certificate. The financial aid budget can have a limited amount of rent or mortgage expense, and limited amount of transportation cost. A student's financial aid budget may not be used for credit card debt(s) or car payments. Those are examples of personal debt for which each student is personally responsible, and that debt would exist whether or not they were attending school. The federal government will not subsidize students to pay their personal debt, only to assist with costs related to their current pursuit of a degree or a certificate. Students who can document any child care expense with a certificate from the baby sitter of the monthly expense, can submit the certification for an increase in their budget to cover some of the child care expense. Student cost of attendance will also be reviewed on an individual basis for 'special circumstances.'

Listed below are the expenses for a standard budget. If the student has children, is married, and his/her spouse has earned at least $4,000 in the prior calendar year, the budget will be increased for child care costs by $433 per quarter for each child. If the spouse is also a Life University student, child care cost will be divided evenly. If a student is single and has children, the budget will increase by $866 per quarter for each child. We encourage students to cut costs (i.e. additional roommates, share books, and carpool) in order to limit borrowing. Students should always borrow the least amount necessary.

Because student living arrangements and personal spending habits vary widely, there is no single figure that perfectly represents the cost of attendance at Life University. The standard budget established for financial aid purposes is based on surveys of actual student expenses.

Life University Student Maintaining Own Household
Total Budget for Three Quarters = $38,220
(Based on 25 hours per quarter, adjustments to tuition per actual enrollment)

Life University Student Living with Parents
Total Budget for Three Quarters = $27,570
(Based on 12 hours per quarter, adjustments to tuition per actual enrollment)

Financial Planning for Your Doctor of Chiropractic Degree

So you want to be a chiropractor? If you've made it this far, we hope that you have investigated the cost of the education and figured out how you will be able to afford to live and attend Life University for the three-to-four years it will take to get your degree. If you haven't, then you definitely need to read this!

How much will it cost?

• Effective summer quarter 2005 DC tuition is $225 per credit hour
• Books cost approximately $300-500 per quarter
• Mandatory fees are $105 per quarter
• Lab courses have fees of $30 per course
• Students in clinic must have malpractice insurance of $20 per quarter

How many hours will I take?
The program requires 350 credit hours. Effective fall quarter 2003, all DC students will be enrolled full time. Full time is defined as 12 credit hours or more. If you plan to finish the program in 17 quarters you should average 21 hours per quarter. You must average a minimum of 18 hours per quarter to maintain satisfactory academic progress.

What is the average full-time cost per quarter?
Not counting books or lab fees, 25 hours per quarter students will pay approximately $5,405 per quarter.

How will I pay for my living expenses?
You may borrow enough money for your tuition, fees, books and supplies, and living expenses. For the 2005-06 year, DC students taking 25 hours may receive a total of $11,968 per quarter (minus loan fees) After tuition and fees are paid, this will leave you with approximately $5,900 for living expenses for the quarter. Each quarter is 11 weeks long, so this is $536 per week. If you are married and your spouse will be working, you may use this living expense money to supplement that income, or you might not need to borrow the full amount. If you are single and have no financial support from anyone, you might need to plan on working while in school or saving prior to enrolling at Life to supplement your living expense money.

Will I be able to borrow enough to make it all the way through the program?
If you complete 21 hours each quarter, you should finish after 17 quarters. If you borrow the maximum each of those quarters, your total borrowing will be $175,406. The absolute maximum in federal Stafford loans any full-time chiropractic student may borrow is $189,125 (this includes any outstanding loans borrowed prior to attending Life.)

What if I can't take 21 hours per quarter?
For various reasons, some students are unable to take 21 or more hours per quarter. If that is the case for you, your long-term plans may be different from those who can. You will be able to receive the same amount of living expense monies as students taking 21 or more hours. However, because you are taking fewer hours per quarter it will take you longer to graduate.
If you plan to enroll in only 18 hours per quarter, it will take you 20 quarters to finish the program. If you borrow the maximum each quarter, you will reach the upper limit of federal borrowing before you finish your program. You will reach that limit with one quarter remaining in your program. Therefore, if you plan to be an 18-hour per quarter student, you should tighten your budget so that you do not have to borrow the maximum available amount every quarter, in order to have enough loan eligibility to cover your last quarter in the program.

How can I keep track of my loans?

• You will receive an "Eligibility Notice" from Life's Financial Aid Office listing the loans for which you are eligible for each academic year.
• You will receive a "Guarantee and Disclosure Notice" from the guarantee agency for each loan that is processed for you.
• You will receive notice from Life's Student Accounting Office informing you that Life has received electronic transfer of your loan funds for each quarter.
• You can check your loan servicer's Web site. Most of Life's students use Sallie Mae. To check your loans you must sign up on the web site (no charge) and give yourself a password. The site will give you only the loans that are being serviced by Sallie Mae. If you had previous loans serviced by another agency, you will not see them here.
• You can check your total lifetime borrowing information on the National Student Loan Data System (NSLDS) web site. This will show all loans on record for you, whether you have paid them off, consolidated them, or are in some other status. You will need your federal student aid PIN to log on. This is the PIN you use when completing your financial aid application on line.
• When you withdraw or graduate from Life you will be required to come to the Financial Aid Office for an "exit interview" during which your total indebtedness will be discussed. However, we urge you not to wait until you're in your last quarter to learn about this. You should get in the habit of checking one of the two above-mentioned web sites at least once a year so that you are not caught unaware when it is time to repay.
• If you have any questions at all concerning your loans, we urge you to contact the Financial Aid Office. We are here to help you stay in school and receive the funding you need.