A foundational principle of student financial aid is that the primary responsibility for financing higher education rests with the student and the student's family. To the extent practicable, all students are expected to contribute to their educational expenses. Students unable to cover all educational expenses with personal resources may apply for financial assistance; however, student should expect to bear some responsibility for expenses, including books, supplies, and living expenses.
All students are encouraged to consider their personal resources, and those of their family, including savings, investments, and earnings, as resources for their educational costs. In particular, consider drawing upon these resources before borrowing student loans. Remember, student loans must be repaid with interest. In the case of some unsubsidized loans, for which a borrower utilizes the maximum repayment time frame, a borrower may have to repay nearly three times the amount originally borrowed. When you borrow, borrow wisely and conservatively.
The amount of financial assistance a student receives from all sources (including student loans, grants, scholarships from all sources, and Federal Work-Study) cannot exceed the university's established student budget. The student budgets established by the university, in accordance with federal regulations, do not include expenses for a student's spouse or dependents (if applicable).
Students are encouraged to review their personal budgets, bearing in mind available financial aid resources. If a student's personal budget exceeds the university's established budget, and therefore the amount of financial aid available to the student, the student must either find ways to reduce his/her personal expenses, or in the event this is not possible, find other resources to cover these expenses.
Students receiving additional financial assistance from sources outside the university (such as tuition reimbursement from an employer or government source, or a scholarship from a private foundation or organization), are required to report such resources to the Office of Student Financial Assistance. Financial aid awards are subject to change in the event additional assistance is received, either from an outside source or from a source within the university.