Budgeting Plan
An education is an investment in your future, but it can
be expensive in the short term. The sooner you start working
out a budget, the easier it will be along the way.
The cost of your education is the total amount it will cost
you to go to school. However, this amount isn't the same for
everyone--even at the same school.
To get an idea about what your expenses will be, use Citibank's
Budget
Calculator to create a budget.
The cost of your education, for purposes of federal lending
programs, is determined by the Financial Aid Office at your
school. Following federal guidelines, they take into account
tuition and fees, on-campus room and board (or a housing and
food allowance for off-campus students), books and supplies,
transportation and miscellaneous expenses such as laundry,
entertainment and childcare. Your actual expenses may be higher
or lower depending upon actual costs.
Any aid you receive is subtracted from the estimated cost
of your education, leaving you responsible for the difference.
Certain costs are not flexible (i.e., tuition and fees),
while others are (i.e., supplies and laundry), and only you
know how much money you'll need for each item.
As a result, it's a good idea to create a budget before
the school year to see how much money you'll need to
cover your personal expenses, and how that number differs
from the estimate provided by your Financial Aid Advisor.
When you're determining your budget, you should keep the
following college costs in mind. In addition, we have provided
some cost saving tips to help you.
Tuition and Fees
This is usually a fixed cost determined by the number of
credit hours you will take. Talk with the Financial Aid Office
at your school to see if you are eligible for other types
of financial aid.
Books and Supplies
Look for used books rather than new ones and paperbacks
instead of hardcovers. Also, check with the library to see
if the books you need can be borrowed.
Room or Rent, Food and Utilities
Compare. One meal plan might be more economical than another.
It may be less expensive to live in a dorm than with roommates
in an apartment. At some schools, first-year students are
required to live in on-campus housing. Check with your school
to determine what room and board options are available to
you. Your Financial Aid Office will determine the types and
amount of aid you will receive from various sources.
Transportation
Most on-campus students can save money by walking to class.
During breaks and holidays, take the bus instead of flying,
or check "ride-boards" at your school and carpool with people
who live near your hometown. Some schools have ride-board
listings at their Web sites.
Medical/Dental/Child Care
Review any existing coverage that you or your parents may
have before paying for the insurance provided by your school.
If you have child-care concerns, check with your school to
see if discounted day-care services are available.
Miscellaneous
Set aside a reasonable amount of money for miscellaneous
expenses. Remember, a postage stamp costs less than a long-distance
phone call and internet correspondence is probably offered
free through your school. Use credit cards sensibly. On-campus
entertainment is usually less expensive than off-campus entertainment.
Be sure to get an idea of your expenses with Citibank's
Budget
Calculator. To save your work, you must first register
in My
Files. While you're online with us, you'll only have to
enter your information once, and your budget figures will
be available to other calculators.
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