NUSL Financial Aid: Student Expense Budgets

Financial Aid: Prospective Students

COSTS & BUDGETING

Student Expense Budgets

In determining eligibility for all financial aid programs, including supplemental loans, we begin with a student expense budget. This budget includes mandatory tuition and fees and an allowance for books, supplies, and living expenses.

As most students utilize loans to assist them in meeting the cost of education it is important that all applicants try to manage their costs to the best of their ability to minimize the amount that may have to be borrowed.

2008/2009 Student Expense Budget (First-Year Students)

	Tuition	$38400
	Student Activity Fee	21
	Campus Recreation Fee	93
	Medical Insurance*	1,975
	Books & Supplies	1,500
	Living Allowance	15,300
	Loan Origination Fees	99
	Transportation	900
	Total	$58,288
	* Medical Insurance is assessed to all students per Massachusetts law. If a student can demonstrate coverage through a comparable plan, this cost may be waived.

Items Not Covered

Federal regulations mandate that the student expense budget only include education-related expenses. The Living Allowance and Transportation Allowance is $1800 per month. Budgets cannot be increased for students whose personal living and transportation expenses are more than $1800. Students living at home with their parents will have a monthly budget of 685 per month for personal living and transportation expenses. There are many items that student incorrectly assume are included in the student expense budget. Items not covered are:

Consumer Debt: The budget does not allow for consumer debt such as monthly credit card payments.

Automobile Expenses: Within the living allowance is an allowance for transportation costs. This moderate expense does not really allow for car payments, insurance costs and parking. Students should examine their need for an automobile while attending law school.

Moving Expenses: Students moving into the Boston area from outlying areas may incur moving expenses. These can not be built into the student expense budget.

Bar Expenses: While expenses related to taking the Bar Exam are not allowed to be added into the student expense budget, there are lenders who do provide loans to assist in meeting these costs. As students prepare to graduate, additional information on these programs is available in our office.