Graduate Student Services
2016-2017 Budget and Financial Aid Planning Worksheet

Step 1. Create your graduate school budget
First, 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, or by 12 if you will be enrolled in the academic year plus a summer term.

Living Expenses
Category / Monthly Cost / Academic Year Cost
Fixed Expenses
Rent/Mortgage
Car/Transportation
*Insurance (BU Medical Insurance - $2,014/academic year)
Other Bills (utilities, cell phone, etc.)
Total fixed / A.
Variable Expenses
Groceries
Personal Items (clothing, electronics, etc.)
Entertainment
Dining Out
Travel/Special Occasions
Household/Laundry
Gym Membership/Health Costs
Total variable / B.
Total living expenses*(add A and B) / C.

*Please note: BU estimates that graduate students will require a reasonable maximum of $2,330 for living expenses/month ($20,917 for the 9 month academic year). If you do not enroll in BU Medical Insurance, it is $2,108/month ($18,972 for the 9 month academic year). Requests for financial aid beyond this figure require special appeal and documentation of additional approved expenses.

(Please see reverse)

Step 2. Factor in Tuition, Fees, and Financial Assistance
Now, factor in the inputs and costs related to your graduate degree at Boston University.

Tuition and Fees
Full-time (12-18 credits/term): $49,176; $730 fees/year
Part-time (11 credits or fewer/term): $1,537/SED* daytime credit; $768/SED* evening credit (4pm or later); $640/SED* summer credit; $60 fees/term
Tuition and fees Combined / D.
Living expenses (from previous page) / C.
Total costs (add C and D) / E.
Inputs
Contribution from savings/family
Scholarships/Grants
Expected Wages (from work-study, employment, assistantship, etc.)
Total Inputs / F.

Step 3. Determine the amount of additional financial aid you require

Amount of Financial Aid Required (Subtract F from E) / G.

Step 4. Review your budget and your options
Now 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. When considering federal loan options, please use the repayment calculators located at studentaid.ed.gov 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: www.bu.edu/finaid/types-of-aid/loans/credit-based-loans.

You may also want to consider a payment plan for your tuition and fees: www.bu.edu/studentaccountingservices.

Please feel free to contact Graduate Student Services at 617-353-4237 or with any questions.

*Tuition rates at other schools within Boston University vary.