2010-2011 New Undergraduate Estimated Expenses

** The miscellaneous category represents the average amount students spend during an academic year on incidentals such as transportation, clothing, personal items, and recreation. It is included only to remind students to budget for those items, and is not an expense payable to Illinois State.

All expenses are estimates, based on a courseload of 30 hours. Actual tuition and fees may vary.

Paying Back Your Loans Successfully

Student loans make a college education possible for most students today. When you are deciding if you should borrow and how much, think about how much you actually need and how much you can reasonably pay back after graduation.

Typically, you must start making payments on your student loans six months after you leave the University. 98 percent of Illinois State graduates repay their federal student loans on schedule. The Direct Loan Program offers borrowers several repayment plans to help you pay on time.

• Standard repayment: You make a fixed payment each month until your loans are paid in full. You'll have up to 10 years to repay your loans. Your monthly payments will be at least $50.
• Extended repayment: You have 25 years to repay your loans if you have borrowed at least $30,000. Payments are low, but you end up paying considerably more in interest.
• Graduated repayment: Payments start low and increase every two years. This may be a good option if you expect your income to increase over time.
• Income contingent repayment: Your payments are based on the amount you owe and your adjusted gross income as reported on your taxes each year.
• Income-based repayment: This new repayment plan allows payments to be based on your income duirng periods of financial hardship. Your debts may be canceled if you meet certain requirements.

If you don't make payments on your loans, they will become delinquent and will eventually go into default. Your loan is in default when it is 270 days delinquent. A default on your credit report can:

• damage your credit rating,
• eliminate your eligibility for future federal student aid,
• cause withholding of your wages and tax refunds, and
• risk lawsuits or wage garnishment. 

Many creditors, including the federal Direct Loan program, are willing to work with you during times when you cannot make your regular minimum payment. You should always notify your creditors right away if you cannot make a payment on time or change your address.

Direct Loans may also be deferred under certain circumstances such as:

• returning to college or graduate school,
• unemployment or other economic hardship, and
• serving on active military duty or in the National Guard.