What is the definition of a Spending Plan? What costs are included in the financial aid budget? What's the difference between the financial aid budget and my spending plan? What are the steps to making a spending plan? What's not included in the budget? How do I keep track of my expenses and money? What tips do you have to help me save money? Are there online forms I can use as a guide to develop my spending plan? Are there online calculators that can assist me in computing my loan payments? What can I do to reduce my spending and control my debt? Which of your resources do you use to repay your student loans? How do I find out how much my costs will be for the academic year? Which of my financial records are important to keep? How can I confirm the student loans I borrowed? What should I be spending on household expenses? Why should I save money during school? What is the rule of 72? Why should I make spending plan? Where can I find scholarships? Are scholarships really worth applying for? What steps can I take to become financially successful?

What is the definition of a Spending Plan? A spending plan is a monthly breakdown of the cost of attendance expenses, your additonal expenses, and income. What costs are included in the financial aid budget? Tuition and fees Room and board Books, supplies and instruments Computer Transportation Miscellaneous/Personal Expenses What's the difference between the financial aid budget and my Spending Plan? The financial aid budget (also known as the Cost of Attendance) is an itemized list of the amount of money required to complete the academic year at a particular school. Your Spending Plan will show a monthly breakdown of the cost of attendance expenses along with other expenses that may not be included in the Cost of Attendance but are expenses you incur. Examples of these types of items would be eating out, CDs, etc. What are the steps to making a Spending Plan? List your sources of money for school. Enter expenses. Chart when your income and expenses occur on a calendar so that you can make your Spending Plan. Rent Utilities Food Transportation Health Insurance Personal Expenses Savings What's not included in the budget? Some students think that car payments, credit card payments, summer expenses, and vacations are included in the financial aid budget. These costs may be included in your Spending Plan but not in the financial aid budget. Plan to pay for these costs through a part-time job or some other source of funding. How do I keep track of my expenses and money? Complete an Expense Diary so that you can figure out where your money is going and where you can trim expenses. Some of the places where you can trim expenses are: Housing Telephone Transportation Shopping Entertainment Banking What tips do you have to help me save money? Reduce rent by sharing an apartment with roommates rather than living alone Most cell phone companies offer good weekend and evening rates on long distance plus you can e-mail friends whenever possible to reduce phone bills When you shop, don't buy sale items to save money unless you need them Buy in bluk and split the costs with roommates/friends as often as you can Participate in free or cheap activities. Get outside to hike, bicycle, go to the beach or the mountains. These activities are all fun and you don't have to spend money Are there online forms I can use as a guide to develop my spending plan? Student Budget Worksheet Are there online calculators that can assist me in computing my loan payments? Yes, visit http://www.finaid.org/calculators/loanpayments.phtml to calculate the most accurate loan payment amount(s), but first get out all of your loan papers and tally the total amount(s) you borrowed. What can I do to reduce my spending and control my debt? Review your budget each month. If you spend too much one month, cut expenses the next month Talk with your financial aid counselor about unexpected expenses to see if they can be added to the budget and funded Keep good records and develop a filing system that will keep you organized Balance your checkbook monthly, subtracting service fees Use savings to cover emergencies to avoid credit card charges Use only one credit card and pay the full balance each month Use a debit card whenever possible rather than charging purchases, but remember to subtract the transaction in your checkbook One strategy to control debt is to find scholarships and grants --both are free money. You don't need to pay them back. There are a number of online scholarship search services to help you. See "Sean's Review of Scholarship Search Services" Which of your resources will you use to repay your student loans? You will be using your future earnings to repay your student loans. How do I find out how much my costs will be for the academic year? The cost of attendance (COA) is established by the financial aid office to provide students with the expenses required to complete the curriculum and to live for an academic year. Visit the financial aid office's web site, the catalog, or call the financial aid office for this information. Which of my financial records are important to keep? Application forms Promissory notes Disclosure statements Repayment schedules Rental agreements Utility contracts Warranties Receipts How can I confirm the student loans I borrowed? If you don't know your current lender or you just want to check on the loans you have, you can find your loans online at The National Student Loan Data System What should I be spending on household expenses? Here is a list of recommended percentages of your household budget: 31% housing 16% food 6% clothing 5% health 20% transportation 15% miscellaneous including utilities 7% savings Why should I save money during school? To cover emergencies and have peace of mind. If you keep this money in a savings account, you can earn interest. That is free money! Saving small amounts may seem inconsequential, but it is getting into the habit of saving that is most important. What is the rule of 72? It is an easy way to get an idea of how fast your money can grow. First, you take the number 72 and divide it by the interest rate you are earning. This tells you how many years it will take for your money to double. If you are getting 6% interest that means that 72/6 is 12 years to double your money. Why should I make Spending Plan? To achieve your financial goals, to accumulate less debt, to have confidence that you can afford what you need and want, and to have peace of mind so that you can handle emergencies that may arise. Getting what you want --that is what a Sspending Plan is all about! Where can I find scholarships? online Scholarship Search Resources Are scholarships really worth applying for? If you doubt the value of scholarships and wonder if they are worth applying for, take a look at what it might mean if you received a $3,000 scholarship over 4 years. A scholarship at $3,000 a year for 4 years or $12,000 converted to a loan at the interest rate of 8.25% to be paid back over 10 years would have payments of $147 a month with interest of $5,662 for a total of $17,662. That is a lot of money! Just think if you could eliminate that much debt by getting a scholarhip. What steps can I take to become financially successful? Identify financial goals Track expenses and list your debts Create a Spending Plan Save in ways that fit your lifestyle Start a savings plan, and stick to it Borrow as little as possible