Go without extra amenities or reduce service costs on things like cable television or cell phones.Share living expenses with a roommate or find an apartment that rents for less than the $970 rent allowance. Instead of a credit card, get an ATM debit card so as to deduct the money automatically from your checking account.We are unable to increase your cost of attendance to accommodate this debt. Eliminate outstanding credit card debt before coming to school.You will save on parking, gas, repair, and insurance. Take public transportation instead of owning a car or, better yet, rent an apartment near campus so you can bike or walk to class.Making responsible borrowing choices requires having an overall knowledge of the total cost of your education and making reasonable estimations of the expenses you are likely to incur while you are in school.The following list contains some tips for reducing these costs. However if your indirect costs exceed the allowance in the cost of attendance, you will need to adjust other expenses downward to meet your indirect costs. Indirect costs are those expenses necessary to maintain a “modest but adequate” standard of living while attending school. The majority of indirect costs are covered under the living expenses portion of the total COA. Direct costs are those associated with your enrollment in a graduate division or professional school (e.g., tuition and lab fees). The total cost of your education is made up of direct costs and indirect costs for one academic year. Handling this long-term financial obligation can be made easier by using sound debt-management practices-both while you are in school and after you graduate. We encourage you to calculate how much you will need to earn in order to cover your student loan debt. Such a commitment requires careful considering the future implications of your current financial decisions. You may need to commit a significant portion of your future salary to achieve your current educational objectives. Making the decision to borrow money to finance your education represents a serious investment in your future. A Graduate Financial Aid officer will cover loan repayment information in much greater detail during your loan exit counseling session. We encourage you to use a loan repayment calculator to calculate what you will need to earn in order to cover your student loan debt. Please talk with a counselor in the Graduate Financial Aid Office in order to find out if you have additional expenses (e.g., medical or dental) that might be covered by an adjustment to your cost of attendance. Determine if it is possible to adjust your cost of attendance.Please refer back to our suggestions on options for reducing your costs. You must find ways to reduce your expenses.You must adjust your living expenses to be equal to or below the standard living expenses.ĭo your total living expenses for the enrollment period exceed the standard living expenses? If so, here are your two options: Afterwards, compare this budget to UChicago’s standard living expenses. Multiply your total monthly expenses in the calculator by the number of months you will attend school, and then add tuition costs. In order to help you determine your costs, we recommend that you use the loan calculator in the section below to estimate your monthly student loan payment. The majority of indirect costs are covered under the living expenses portion of the total cost of attendance. Indirect costs are those expenses necessary to maintain a “modest but adequate” standard of living while attending school. Making responsible borrowing choices requires knowing the total cost of your education and a reasonable estimate of the expenses you are likely to incur while you are in school.
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