Section 4: Educational Expenses and Budget

Educational Expenses and Budget (3 paragraphs) Include answers to the following questions:

• What will be the total cost of your degree(s)? (Tuition, fees, books and supplies, etc. Include dormitory fees if you will be living in the dorm.) This will be an estimate based on current year costs but must include the entire process of obtaining your degree. For most of you, thats a minimum of 8 semesters.

• What is your plan for paying for your education? (Savings, working while in school, financial aid, someone else will be paying, etc.) Think this through. If you are on scholarship, what if you dont keep it? What if the person paying can pay no longer? Create a workable plan here.
• What major changes can occur in your semester budget as you move through your college years? How might you save money? Where might additional expenses occur? Think and be wise as you estimate what will happen over the next four to six years of your life. Documentation: Create and attach both a semester budget AND a budget that summarizes your entire remaining college expenses, broken down into major categories of tuition, housing, food, educational supplies, clothes, transportation, etc. If you are a freshman, in a dorm, estimate the first semester based on current expenses. Then estimate all remaining semesters to come up with a total with explanations for expenses that change. For instance, tuition will remain similar (though it goes up a bit each year), but housing may change if you move out of or into a dorm, and meal costs may change if you start cooking for yourself.