Quick Budget Worksheet
If your resources are relatively fixed and you need help determining how much you have available for your monthly budget, please complete the quick worksheet below.
(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.)
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
This is an estimate of what you can spend on living expenses for the year.(C) SUBTRACT TOTAL OF (B) FROM TOTAL OF (A) $____________
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 10 months for first year, 12 months for second and third year, and 12 months for fourth year.
(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 Living Expenses Resources ÷ # Months to be covered = Estimated Amount Available per Month