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Teaching Students Personal Money Management

Personal Finance

Budget Worksheet

Determining your income and expenses is essential to figuring out how much you need to borrow and how much you can afford to borrow. An excellent way to look at your current and future financial situation is to use a budget.
To determine how much you need to borrow, add together all the income you will have during the school year, including any school-based and private (i.e. grants, scholarships, etc.) financial aid you have been awarded. Then, subtract all the expenses you will have during the school year. A Federal Stafford loan may help cover the difference. Keep in mind that your actual expenses may be very different from your school’s standard student budget, which is used to award aid.
To determine how much you can afford to borrow, complete a budget using income and expenses you can realistically expect after you leave school. It is your responsibility to decide how much you need to borrow and how much you can afford to borrow.