Budget Before You Borrow

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Before accepting educational loans, students are encouraged to create a personal budget to determine how much they need in loans.  When creating a personal budget, it is important to understand how the OSU budget is built and how your spending choices influence the amount of financial aid you need.  The OSU budget is comprised of two different types of expenses: direct expenses and indirect expenses.
  • Direct Expenses – Those which are paid to the college, such as tuition and fees.  The student does not control or influence these.
  • Indirect Expenses – Those which the student can influence.  Academic expenses and living expenses are in this category.

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One might ask how they can influence their academic expenses.  An example would be the scrubs portion of the budget.  The College of Dentistry has allotted $250 for first-year students and $50 for continuing students in the academic expenses for purchasing scrubs.  A student could spend less than this depending on their choices.  Do you want to purchase five sets to have one for each day, or fewer sets and plan on doing laundry throughout the week?  Do you want to purchase sets for $20 each, or sets for $40 each?  Your decisions directly impact your budget.
Living expenses are highly influenced by the lifestyle with which you feel comfortable funding.  Do you want to have a roommate or live alone?  Would you rather commute or live close to campus?  Will you need to purchase the university’s health insurance, or will you be covered on an outside plan?  You must compare your needs and wishes with how much you are willing to spend.
To gauge how much financial aid you will need for the year, complete a personal budget sheet:
Class of 2018 – Incoming D1 Students
Classes of 2015 through 2017 – Current D2, D3, and D4 Students
If you have questions about completing the budget sheet or determine that your expenses are greater than the OSU-determined budget, please contact Jami Jackson at jackson.1059@osu.edu.
She can provide you with any available options for addressing your specific needs.