Student Budget Calculator

MAFAA has developed a budget calculator to assist the student with estimating college expenses.

This calculator is provided by the Minnesota Association of Financial Aid Administrators (MAFAA) to help students review their financial situation. The results are for estimation purposes only.

Instructions: Fill in as much information as you can. Enter all income and expense amounts using the same time period monthly, annually or by school term. Enter only whole numbers do not use cents. Click on the “Calculate” button to view the results. You can change the information to create different budget scenarios.

Expenses:

 

  

Income/Resources:

Tuition/Fees

$

 

Contributions From Family

$

Books/Supplies/Computer

$

 

Student Savings

$

Dormitory Room and Board

$

 

Student Earnings/Wages/Workstudy
reduce for taxes (28%) and other deductions

$

Rent
off-campus

$

 

Scholarships

$

Renter's Insurance

$

 

Grants

$

Utilities
phone, electricity, heat, internet

$

 

Other Resources

$

Food

$

     

Transportation Expenses
insurance, gas, maintenance, parking, bus, car payments

$

 

 

 

Medical Expenses
insurance, co-payments, prescriptions, non-covered expenses

$

 

 

 

Other Miscellaneous Expenses
clothing, laundry, personal items, entertainment, childcare

$

 

 

 

Credit Card Expenses

$

 

 

 

Total Expenses:

$

 

Total Income/Resources:

$

Difference between Income and Expenses:

$

If the Difference between your Income and Expenses is a negative number you will need to find a way to cover the difference. You should first look at your expenses to determine if there are expenses you can reduce or eliminate. You would then look at your income to see if you have any opportunities to increase your income such as working more hours or obtaining additional help from family. If after analyzing your income and expenses you are still short of funds you may need to look at student loan options for the shortage.

For additional information on student loan options, visit or call your school’s Financial Aid Office.

Please let us know if this calculator was helpful in determining your Financial Aid needs. We would appreciate any suggestions you have to improve this calculator.

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Last Updated March 16, 2009