MAFAA Academic Year Budget Calculator

This calculator has been provided by the Minnesota Association of Financial aid Administrators (MAFAA) to help students in the process of determining their need for a student loan. The results are for estimation purposes only. For specific eligibility information, please contact the financial aid office at the school you will be attending. Please note that not all Federal loan programs are available at every institution.

Instructions: Fill in as much information as you can. Be consistent entering amounts (for example, enter all expense and income amounts as monthly amounts, annual amounts or by school term, not a mixture). Only enter whole numbers, do not use cents. Feel free to adjust your entries to reflect different possibilities! Then hit the Calculate button to view the results.

EXPENSES: List ALL expenses
Tuition/Fees	$
Books/Supplies/Computer	$
Room (Dormitory) Include renters insurance	$
Rent (off campus) Include deposit and renters insurance	$
Utilities Phone(cell + beeper); cable; electric; heat; internet	$
Food/Board snacks; beverages; restaurants	$
Transportation car payment; insurance; gas; maintenance; parking; airfare; bus; train	$
Credit Payments credit cards; other loans or interest	$
Medical/Dental/Prescriptions	$
Other Expenses clothing; laundry; childcare; entertainment; personal items; etc.	$

INCOME/RESOURCES: List ALL income
Student Earnings/Wages/Workstudy (minus 28% for taxes)	$
Student Savings	$
Scholarships	$
Grants	$
Contributions From Family	$
Other Resources	$


Total Expenses	$
Total Income/Resources	$
*Total You May* Have to Borrow**	$
For detailed information on determining your need for a loan, please visit or call the Financial Aid professionals at the school you will be attending. We hope this form has been helpful. Please let us know if we can improve on this form. Back to the MAFAA home page.