You can use this student budget calculator to determine the difference between a student's expenses and sources of income. Ultimately, the calculator can be used to figure out if a student needs to borrow additional money to meet their financial obligations.
The variables used in our online calculator are defined in detail below, including how to interpret the results.
This first section of the calculator is an inventory of all the annual sources of income for the student. Later on, this information will be combined with expenses to calculate a budget, or additional loans, the student may need to pay their bills on time.
This is all the annual income the student can expect to earn in a given year. Typical sources of income available to college students include summer jobs, internships, and work / study programs.
This is the amount of money a student would be willing to withdraw each year from personal savings accounts, or investments such as stocks, bonds, and mutual funds.
A wide variety of agencies will often help college students pay for their expenses. If they've been offered a grant or scholarship, then enter the annual value of that award.
If you, or someone you know, has established a college fund in the form of a Coverdale IRA or a 529 College Savings plan, enter the annual amount available to be removed from that account to pay for college expenses or tuition.
These are the student loans available such as Federal Stafford or Perkins loans. Enter the total annual value of these or any other student loan.
This is the money a parent or guardian might be willing to provide each year to help pay for a college education. This can also include loans from the Federal government such as PLUS loans.
These are the total of all annual fees paid by the student to the college or university they're attending.
If not included in the above value, include here the annual fees charged to live on campus as well as meals.
This includes the cost of textbooks, school supplies, laboratory fees, library fees, printer, computer, and similar expenses.
Include here travel and other transportation expenses such as buses, train, or subway tickets, gasoline, and airfare associated with travel to school.
In this next section of the student budget calculator, you'll be asked to supply your monthly expenses. Please enter here the number of months the student will incur these expenses. The default is nine months.
If the student is not paying boarding fees to their college or university, and have rent or mortgage fees instead, then enter here the total of those monthly payments.
Enter here any lease or loan payment a student is required to make each month on a car, if they own one.
If not included in rent, this is the payment made each month to the electric company for the energy consumed.
If not included in rent, this is the payment made to the natural gas company each month to pay for the energy consumed.
If fuel oil is purchased to heat a home or apartment, then enter that amount in this cell.
Enter here the monthly value of any landline telephone, or off-campus internet access, a student requires while in school.
This is the monthly payment made on the cell phone the student will be using while attending college.
This last category of monthly expenses is money associated with clothing and other accessories a student might need to purchase.
In the final expense section of this student budget calculator, you'll be asked to supply information about weekly expenses. Here enter the number of weeks that the expense will be incurred. The default is 40 weeks.
If the student is not on the school's meal plan, and they plan to eat each semester, then estimate the weekly food bill and enter that value.
This is the amount that will be spent each week on entertainment.
Unless the student plans to bring their dirty laundry home, this is the money needed each week to clean clothes.
As the name implies, this is all the other cash a student will need each week.
This is the total of all sources of income available to the student including jobs, investments, scholarships, 529 plans, student loans, and parents / guardians.
The annual, monthly, and weekly expenses entered earlier are subtotaled, and then a total annual expense value is calculated.
When a budget is balanced, the total of all sources of income will be exactly equal to expenses. When calculating the budget for a student, we attempted to consider a wide range of income sources as well as costs. If the value in this cell is positive, then the student's expenses are greater than income. Therefore, the student will either have to reduce some expenses or increase a source of income, such as a loan.
Student Budget Calculator - Copyright © 2010 - 2015 Money-Zine.com (Last Reviewed on January 22, 2015)
Disclaimer: These online calculators are made available and meant to be used as a screening tool for the investor. The accuracy of these calculations is not guaranteed nor is its applicability to your individual circumstances. You should always obtain personal advice from qualified professionals.