Student Financial Aid Office

Meeting College Costs

Your college education will be one of the greatest investments made that will last you a lifetime. Today, educational costs are rising, and it is very important to plan for future expenses. Managing money wisely can be difficult for anyone. It takes time and effort to avoid financial problems due to the inexperience of handling money or the lack of funds for emergency situations, especially for students entering the university for the first time, and students on a limited budget.

Proper budget planning, in advance, will reduce the worries and inconveniences brought on by money problems. By using a budget, this will allow you to know what your financial situation is by listing all of your expected expenses and income for a given period of time. This will enable you to have the information necessary to make essential decisions before problems arise. As a guide in determining your educational expenditures, use the UCSD Budget Worksheet that can be downloaded by clicking "Download Budget Worksheet."

Budget Preparation

The time invested in preparing your budget will be time well spent.

Step 1: List all the income that you expect to receive. Include all sources of income, such as financial aid, scholarships, money from parents and/or relatives, earnings, savings, VA benefits, gifts, etc. Total these amounts.

Step 2: List your estimated expenses as completely and realistically as possible. Keep in mind that certain expenses such as registration fees, tuition, rent, utilities, etc. are fixed, while expenses such as recreation, clothing, food, laundry, transportation, medical, etc. are flexible.

Step 3: Add both fixed and flexible expenses together and deduct the sum from the total amount of your income. If your income exceed your expenses, you have a good plan to follow. If not, you will need to devise a plan to adjust your budget.

Balancing Your Budget

One approach to the problem of an “unbalanced budget” is to evaluate the purchases you make. Examining your spending habits is an excellent way to assist you in determining where and how you spend your income. Another approach to balancing your budget can take place prior to a purchase. Consider the following questions prior to your next purchase, no matter how large or small:

Do I really need it? Or, Do I really want it?
Can I really afford it now? Or, Would later be better?
How useful is it? Or, Is it another worthless item?
Will I use it now when I buy it? Or, Save it to use later?
How expensive will the upkeep/or repairs be?
Will a less expensive item serve the same purpose?
How long will it last after I buy it?
Will I use cash, check, or credit card to buy it?

Placing expenses in a priority order is another way to make adjustments to your budget. Those expenses with the lowest priority could possibly be eliminated or may be paid out over a longer period within your budget. Fixed expenses such as housing, food, registration fees and tuition, books and supplies, and health care are basic expenses that all students must meet in order to continue their education. Use your income to cover these expenses prior to the purchase of less important items.

Another way to balance your budget is part-time/temporary employment to increase your income. The Job Opportunities Program (JOP) at UCSD, located in the Career Services Center, lists numerous on- and off-campus employment opportunities for students. Job listings are available to non-financial aid recipients as well as students receiving some kind of financial aid. You must have a valid picture I.D. card and have paid the full portion of your fees to use the Career Services Center. Employment is available for UCSD students, during fall, winter, spring, and summer quarters. One of the main purposes of the Job Opportunities Program is to help students locate employment positions to meet educational costs. The pay rates depend on the job duties.

UCSD Undergraduate Estimated Basic Budgets for 2006–07

BUDGET CATEGORY	LIVING WITH PARENTS	UNIVERSITY HOUSING	OFF-CAMPUS
Resident Fees*†	$6684.60	$6684.60	$6684.60
Books and Supplies	$1504.00	$1504.00	$1504.00
Room and Board	$2631.00	$9657.00	$8501.00
Personal	$1594.40	$1598.40	$1665.40
Health Insurance/Allowance	$738.00	$738.00	$738.00
Transportation	$1965.00	$1097.00	$1925.00
Basic Budget Totals	$15117.00	$21279.00	$21018.00

* Undergraduate non-resident students will have $516.00 additional resident fees and $18,168.00 for out-of-state tuition added to their budget.

† Entering students will have approximately $130.00 added for freshmen and $45.00 for transfer students to cover the cost of college orientation fees.