Financing Your Education

Identify your (non-loan) financial resources. Be sure not to include any loans you've been offered since these are not your funds, they are borrowed. Your financial resources may include any of the following:

• Income (yours or spouse's)
• Savings contributions and/or gifts (from parents or relatives)
• Non-loan financial aid (scholarships, grants, work-study, tuition waivers, etc.)

Be conservative in evaluating your financial needs while attending school, especially if you are relying on loans as a primary source of financial aid. Be as thrifty as possible.

Direct education expenses

• Tuition
• Fees
• Books, supplies, and other related expenses

Living expenses
(Customize this list to more accurately reflect your personal expenses)

• Mortgage, rent, or room & board
• Utilities
• Food
• Transportation
• Insurance
• Clothing
• Household goods
• Dependent care
• Recreation/entertainment
• Interview expenses
• Other expenses (e.g., subscription, gifts, haircuts, personal expenses, etc.)

Before borrowing, project what loan repayment will cost. Compare your projected income to your projected expenses. Calculate whether you will be able to afford to repay the debt once you graduate.

Your out-of-school budget will include most of the same components as your in-school budget, without the education expenses. You will have the added expense of your student loan payments and any expenses related to your job.