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The amount you budget to pay off in installments through GUMPP is entirely up to you. The minimum amount is $4000 and there is no maximum. However, you will not be eligible for a refund for anything over and above your student balance. Therefore, we suggest that you follow these guidelines in determining the amount you need:
- Add your total academic year expenses. Your fall semester bill for the most part contains charges that will be replicated in the spring. Thus, your total academic year expenses is roughly equal to double what you see on your fall semester bill, with these exceptions:
- Student Health Insurance. If you participate in the Student Health Insurance Program, and include the cost in your budgeted contract amount, your payment plan account for the academic year will be overstated. The health insurance charge is assessed in the fall semester only, but it covers the academic year. To budget your contract amount for the academic year without overstating the amount that you need, you should not include health insurance in the spring semester costs. More information on Student Health Insurance.
- Changes to status. If you will be changing your status as a student between semesters(e.g. full-time to part-time or vice versa) or going abroad in one semester and not the other, you may want to factor the estimated changes in cost from one semester to another.
Note: Do not include books or other expenses not billed by Georgetown. Outstanding balances from previous semesters cannot be included.
- Subtract your total academic year credits.This includes any grants or scholarships, loans, and other payments or adjustments. Most financial aid is split between semesters, so like the charges on your bill, you should assume those credits for the spring semester as well. If you know that any of your loans, grants, or other payments will not be made in the spring, please include this in your calculation. If you do not see your grants or scholarships on your bill as either "estimated" or received you should contact the Financial Aid Office. Do not include work-study.
- Select your contract amount. The amount that you have now calculated is your total net cost for the year. Contract amounts must be in multiples of $1000. Based on your total net costs, you may need to select an amount that is higher or lower than your actual costs. If you decide to budget lower, be prepared to pay the difference each semester by the payment due dates to avoid late fees.
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