If you are considering living in College Row, College Hill, or the James Street Properties [College Approved Off-Campus Housing], and you receive need-based financial aid, please consider the following in your deliberations:
1. College Row, College Hill, and James Street Properties are not F&M owned housing. If you choose to live in one of these options, your financial aid package will still be based upon a housing budget equivalent to a standard double room on campus.
2. Generally, all three housing options have a 12-month commitment of expenses. Your financial aid package is budgeted for a 9-month period of expenses. You are financially responsible for rent, utilities, meals, etc., during the three (3) summer months. Additionally, you are responsible for the security deposit.
3. A student's Federal cost of attendance used to determine the budget for room and meal plan for living on campus is the same for living in College Approved Off-Campus Housing. Therefore, should you find the cost of living in College Approved Off-Campus Housing higher, you will need to make up the difference by having your parents borrow a Federal Direct Parent PLUS Loan or by your borrowing a private student loan.
4. If you choose to borrow a Parent PLUS Loan or private student loan to pay the additional expenses of living in College Approved Off-Campus Housing the amount in which you are able to borrow is defined within the Federal Cost of Attendance budget. That budget is established by the Office of Financial Aid following Federal guidelines. More clearly, Federal regulations restrict the amount you can borrow based upon the cost of attendance minus any financial aid you may be receiving.
5a. If you choose to live in College Row or College Hill without a campus meal plan, you will be billed by the College for tuition only. Once your financial aid is disbursed against your billed tuition, if there are remaining funds, you will receive a refund provided you do not have an outstanding balance on your student account. The refund is for you to use toward your College Approved Off-Campus Housing rent, utilities, etc., and providing meals for yourself.
5b. If you choose to live in College Row or College Hill and keep your campus meal plan, you will be billed by the College for tuition and the meal plan. Once your financial aid is disbursed against your billed tuition and meal plan, if there are remaining funds, you will receive a refund provided you do not have an outstanding balance on your student account. The refund is for you to use toward your College Approved Off-Campus Housing rent, utilities, etc.
5c. If you choose to live in James Street Properties, you will be billed by the College for housing, tuition, fees, and a meal plan, if you opt for a meal plan.
6. REFUNDS: Refunds for each semester will occur at least two (2) weeks after the semester begins. For example, if you are anticipating a refund because your disbursable financial aid exceeds the cost of tuition or the cost of tuition and meal plan (see 5a and 5b), and your rent is due on September 1, your refund will not occur until mid-late September. Therefore, it would be your responsibility to make arrangements with College Row or College Hill to meet the September 1 rent due date. This dynamic does not apply to James Street Properties rent which is billed per semester by the College at the same time as tuition and fees.
For additional, detailed information regarding expenses and options, please visit the Housing Options website or contact .