QUICK BUDGET WORKSHEET

If you depend on financial aid to cover your living expenses while you are in school, basic budgeting will be essential to your financial survival. Use the steps below to get a rough estimate of the amount you can allow yourself for living expenses. You can fine-tune your figures later.

(A) TOTAL YOUR RESOURCES

Total Financial Aid Award (Grants & Loans) for the year:  
Savings you plan to use toward school expenses  
Any after-tax wages you expect during the year  
Amount of all other expected financial resources
(parents, grandparents etc.) 		 
Total Resources
  

Some required items will be payable annually, semi-annually quarterly etc. rather than monthly. For example: one-half of the annual tuition is payable at the start of each semester, the school-sponsored health insurance policy can be paid in one lump sum or in semester installments, books are purchased in blocks corresponding to coursework, and diagnostic instruments must be purchased at the end of December in the first year. Subtracting these costs from your total resources "up front" will give you a more accurate picture of what you may safely spend per month on living expenses and other discretionary costs.

(B) TOTAL YOUR LUMP-SUM FIXED COSTS

Tuition & Fee Costs for the year  
Estimated Book & Instrument Cost for the year  
Health Insurance Cost (if you pay it yourself)  
Board Exam fees (second and fourth year)  
Other  
Total Lump-Sum Fixed Costs
  

(C) SUBTRACT TOTAL OF (B) FROM TOTAL OF (A) $____________
This is an estimate of what you can spend on living expenses for the year.

Per federal regulation, financial aid must be based on actual periods of enrollment. Unfortunately, students' funds sometimes have to stretch over longer periods. For example, apartment rent is likely to be due a month or two before school starts; and most leases are for 12 months. Actual enrolled periods are 9 months for first and second year, 12 months for third year, and 11 months for fourth year. Except for the third year, we suggest that you divide the total you will have available for living expenses by at least an extra month, as in (D) below.

 
(D) DIVIDE RESULTS OF (C) BY # OF MONTHS BELOW:
Med 1: 10 months
Med 2: 12 months
Med 3: 12 months
Med 4: 9 months
$
*/*
  
=
 $
Total Available for Living Expenses   # Months to be covered   Estimated Amount Available per Month