MAT Info - Paying for the MAT

TUITION, FEES, STUDENT LOANS

First, click here to get official advice and numbers from the Office of Student Financial Aid, including scholarship and fellowship suggestions.

Don't panic about the "MAT budget sheet"--the Office of Student Financial Aid has put together a very, very high estimate on purpose, so that if anyone needs to borrow extra funds, they will be allowed to. The most that a typical student borrows for the MAT is the cost of tuition and fees plus maybe $1,500 per month for living expenses; most students can get by with less than that. The only time students go above that is if they are supporting children or if they unexpectedly have a big car repair during the program.

PAYING FOR THE MAT

What you will pay for and how to pay for it

During the MAT, you will have two major expenses: Tuition and fees, and living expenses. Some students pay tuition/fees and living expenses out of pocket, some pay using a combination of loans and out of pocket, and some pay entirely using loans.

When you are billed for tuition

MAT tuition is billed in four equal installments, every 10-12 weeks across the course of the program. The first bill comes before classes start in July, the next one in late September, 3rd in early January, and the last bill comes at the end of March.

Using student loans

First, advice from previous MAT students:

"Student loans should really only be used for the necessities! It can sometimes be easy to forget that, but students will be better off if they spend their money wisely."
"If students are working and have savings, take out just enough for rent and utilities so they can have the security but then also track how much of their personal savings they spend on food/outings etc for GR01."

If you will be using loans, you need to fill out and submit the FAFSA (ideally, apply by the end of Spring Break). Unlike undergraduates, who must submit their parents' financial information, graduate students are regarded as financially independent. Therefore, all but a few (married) MAT students qualify for guaranteed student loans up to the full cost of attendance (currently estimated at about $42,500).

Don't panic, it doesn't cost almost anyone that much to go through the MAT! The estimate is high in case students need extra money during the MAT year (for example, parents might need more loans; occasionally an MAT student has to buy a car and will pay for it with a student loan).

You will get offered your loan package right after you submit your deposit indicating that you plan to attend next year. You can decide how much of the total you want to accept. (For example, if you only plan to pay your tuition out of your loans, just accept that amount).

One quarter of your total loans will be released to you at each of the four billing cycles, after your tuition has been automatically deducted from it. Either a check will be mailed to your home address or the remainder will be direct deposited into your account; it is strongly suggested that you set up your own bank account and have it directly deposited. This way the money will get to you much more quickly.

Follow this process when seeking to request a refund (draw out leftover money for living expenses, etc.) from your loan/award package:

Submit a refund request through the SMCM Business Office in the portal.
Or, you can submit a refund request by completing the SMCM Refund Request Form and submitting it to the Business Office via email at studentaccounts@smcm.edu.

Budgeting for living expenses

You will need a good budget set up; the amount that comes to you at each billing cycle will need to last you for 10-12 weeks, so make sure you plan accordingly.

You will need a budget with three categories of expenses: Monthly expenses (rent, utilities, gas, insurance, car payment, cell phone payment, groceries, pocket money), Other expenses (books, funds to buy an adequate professional wardrobe if necessary, around $700 to cover required tests) and an emergency fund (in case they get sick and need to pay for doctor visits and prescriptions or have a car repair).

You can take out extra loan money to cover the other expenses and emergencies during the first session, then take out less during the subsequent terms. If you don't need your emergency fund, you can pay it back in total as soon as you begin paying your student loans, to reduce the principal.

You can find lots of good free budget tracking apps online to be sure you stay inside your budget, and lots of good advice about how to develop a budget and how to live on student loans.