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2019-2020 Budget and Financial Aid Planning WorksheetStep 1. Create your graduate school budgetFirst, create your estimated monthly budget for living expenses and other bills. This budget should include all of your expenses EXCEPT tuition and fees. Write any missing categories in the blank boxes. It might help to think of variable expenses on a weekly basis, i.e. “How many times per week would I eat dinner away from home?” and then multiply that by 4.When you are finished with the monthly columns, multiply your monthly estimates by 9 to determine your academic year budget, if you will be enrolled in both summer terms multiply by 11 or if you will only be enrolled in one summer term, multiply by 10.Living Expenses CategoryMonthly CostAcademic Year CostFixed ExpensesRent/MortgageCar/Transportation*Insurance (BU Medical Insurance - $2,205/academic year)Other Bills (utilities, cell phone, etc.)Total fixedA.Variable ExpensesGroceriesPersonal Items (clothing, electronics, etc.)EntertainmentDining OutTravel/Special OccasionsHousehold/LaundryGym Membership/Health CostsTotal variableB.Total living expenses*(add A and B)C.Step 2. Factor in Tuition, Fees, and Financial AssistanceNow, factor in the inputs and costs related to your graduate degree at Boston University (see other side).Tuition and FeesFull-time (12-18 credits/term): $54,720; $802 fees/yearPart-time (11 credits or fewer/term): $1,710/SED* daytime credit; $855/Wheelock* evening credit (3:30pm or later); $70 fees/semesterSummer Term: $700/BU Wheelock* summer credit; $60 fees/termTuition and fees CombinedD.Living expenses (from previous page)C.Total costs (add C and D) E.InputsContribution from savings/family?Scholarships/Grants?Expected Wages (from work-study, employment, assistantship, etc.)?Total InputsF.Step 3. Determine the amount of additional financial aid you requireAmount of Financial Aid Required (Subtract F from E)G.Step 4. Review your budget and your optionsNow that you are able to see the overall picture, you may wish to reevaluate the variable expenses section of your monthly budget or, if you are relocating to Boston, even the fixed expenses. Did you factor in anything that you could live without while you are in graduate school? You may want to eliminate some luxuries but be realistic about your needs!Step 5. Decide how to fund your cost of attendance. There are federal and private loans that will help you cover you cost of attendance. Begin looking at various loan options. If you are interested in receiving federal financial aid, please submit the loan appropriate loan request forms to sedaid@bu.edu. You may also want to consider a payment plan for your tuition and fees. There are options available for both part-time and full-time students: bu.edu/studentaccountingservices.When considering federal loan options, please use the repayment calculators located at studentaid. in order to ensure that you are borrowing responsibly. When considering private loan options, Boston University’s Central Financial Aid Office has created a website to help you compare your options: bu.edu/finaid/types-of-aid/loans/credit-based-loans.Please feel free to contact BU Wheelock Student Services at 617-353-3177 or sedaid@bu.edu with any questions. ................
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