All undergraduates can expect to be called upon to cover part of their cost of attendance through a combination of wages earned and funds borrowed. However, the Model establishes a range that will serve as a guide for campuses. By reducing expenses, students can lower their total cost of attendance and thereby the amount they will need to earn and borrow. Conversely, students who spend more than the average or who incur expenses that are not directly related to attendance will have to work or borrow more. In addition, students can plan ahead by saving for their college expenses before they enroll.
Students can also decide what balance they want to strike between work and borrowing.
This balance will depend on their individual preference, the other resources available to them, their ability to find term-time employment, and the possibilities they may have to save most of their summer earnings by working while living with their parents. Students who are eligible will be expected to apply for all federal and state financial aid programs available to them. Students will be expected to meet application deadlines in applying for financial aid. At the systemwide level, the University's activities in determining levels of funding, allocating those funds, and awarding those funds to students will now be carried out in accordance with the principles and framework of the Model. Since the allocation of systemwide funds under the Model will differ from current allocation methods, the University will mitigate the impact on students of fund shifts across campuses by phasing in the new allocation formula.