1. Living on a Financial Aid Budget
Make Your Financial Aid Last
Sara Honeck, Director of Student Financial Aid
Living on a Financial Aid Budget

2. Overview Cost of Attendance Budgets Creating a Spending Plan
Goals
Income
Expenses
Tracking Spending
Tips for Making Financial Aid Last
Helpful Websites and Worksheets

3. Creating a Spending Plan
Motivation/Goals
Fewer Loans to Pay Back
Develop Good Habits
Save for Events/Travel/Periods of Non Enrollment
Less Stress in Life…. Less Debt = More Freedom

4. Medical Student – First Year

5. Graduate Student – Full Time

6. Undergraduate Student – Full Time

7. Creating a Spending Plan
Expenses
Fixed
Rent
Car Payments
Budget Billing
Variable
Food
Clothing
Entertainment
Intermittent
Gifts
Car Maintenance

8. Creating a Spending Plan
Income
Financial Aid
Loans
Scholarships
Tuition Assistance
Family
Employment/Other

9. Financial Aid Living Expenses
$2,240/month
Only for months enrolled
Financial aid is not awarded up to this amount – you must request more if you need it

10. Creating a Spending Plan
Tracking Spending
Debit Card
Online resources (use caution)
Mobile Devices
Notebook

11. Financial Aid Example (First Year Medical)
Income
Annual Awards
Fall Disbursement
Unsubsidized Direct Loan
$ 20,500
$ 10,141
Unsubsidized MED DL
$ 22,222
$ 10,993
Scholarship
$ 1,000
TOTAL
$ 43,722
$ 22,134
School Expenses
Annual Estimates
Fall Estimates
Tuition/Fees
$ 35,538
$ 17,769
Books/Supplies
$ 1,200 $
Total
$ 36,738
$ 18,369
In this example, the student will have $3,765 each
semester to use for living expenses.

12. Financial Aid Literacy Tools Budget Spreadsheets

13. The Cost of a Grad PLUS Loan
Amount Borrowed
Interest Rate
Annual Cost
Years in School
Total Cost
$ 10,000
6.31%
$ 631 4
$ 2,524 3
$ 1,893 2
$ 1,262 1 $
$ 40,000
$ 6,310
Total Grad PLUS Loan debt at graduation - $46,310

14. Tips for Stretching Financial Aid
Reduce Spending
“Small” Stuff:
Eat at home
Walk, Bike, or Carpool
Buy Clothing on Sale, clothing exchanges
Free events – Student Life
“Big” Stuff:
Cancel Cable (Pay to watch online)
Find Cheaper Auto Insurance
Get a Roommate!!
Reduce Temptation

15. Tips for Stretching Financial Aid
Simplify Money Management
Deposit Funds into Savings, “pay yourself monthly”
Setup Automatic Transfers
Setup Online Bill-Pay
Cash Only
Envelope System
Freezer System
Coupons or generic
Check about transfer/hidden fees

16. Helpful Websites & Worksheets
financial-aid.html
Financial Literacy - KUMC Money ents