Student Financial Aid: What amount of Aid are you forced to live with?

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Nexx

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Hi folks,

The past two semesters abroad have hit a few of us international students fairly hard with regards to living on financial aid allowances and conversion rates (sinking US dollar and rising AU dollar :( )

So I'm trying to get a bit of research together to see where we sit compared to other schools in hopes that we may be able to get a bit more aid (aka debt) so we aren't having to work through school.

Here's our cost breakdown for our year (listed in AUD)

Tuition/Fees: $34,500
Books/Supplies: $1000
Living Costs: $12000
Travel & Transport: $5000
Medical & Ins: $349

Realistically after conversion from USD we get $6,000 or $1000/mo to live off of. By the time Aid gets paid out it ends up more like $750/mo as we get our aid every 8-ish months.

If you wouldn't mind I'd also be curious to know some basic comparisons of realistic expenses for cost of living comparisons.

Rent: $430/mo (share-house this is my portion)
Food/Groceries: $400/mo
Internet: $45/mo (my share)
Water: $10/mo
Electric: $40/mo
Phone: $50-$100/mo (Mobile $30-$80/mo + VoIP $20/mo)
Car Ins: $41/mo
Car Reg: $25/mo
Gas for Car: $80/mo
Books: $83/mo ($500/sem)
School Supplies: $33/mo

Total monthly expenses: $1237-$1287/mo

Anyone else enjoy their credit cards as much as I have been? ;x

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Cost of Attendance in NZ$

tuition $40,000
books $1,000
misc (prac work, supplies) $3,545
compulsory non-tuition fees $341
living & travel costs $14,500
compulsory insurance $416

This would be enough if the exchange rate our loans were calculated at matched the actual exchange rate when the money was disbursed. Unfortunately, the rate was calculated at NZ$0.75/US$1. The rate is now trending over $0.80, so several of us are kinda stuck. The same thing happened last year.

The financial aid administrators here have told a couple of students that they can't imagine why Americans are willing to go into such debt, and also that they don't see how we are spending all that loan money. We've been told repeatedly to improve our budgeting skills. This is of course a source of angst. It's a cultural thing, I think, since salaries here are so low and people don't easily let go of their money - America is much more easy come/easy go.
 
My monthly living expenses at this point in NZ$ (NZ$0.81/US$1):

rent (live with 2 flatmates): $320
electricity: $70
phone (home)/internet: $40
mobile phone (pay as you go): $10
groceries (incl toiletries & dog food): $250
books: $15
school supplies: $15
photocopying/printing: $10
clothes: $20
medicine: $20
car insurance: $25
car maintenance: $60
car registration: $20
diesel: $20
entertainment: $40

Total: $935 monthly

This doesn't include the initial outlay - flat setup expenses, a computer, buying the car, and paying back the credit cards for all those things! I don't travel back to the States, and I do temp work when I can. Diesel expenses are low because I don't actually drive my car anymore, except to go to the grocery store. I'm actually selling my car as soon as it's officially roadworthy again.
 
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Laura, thanks very much for the info. How much after all your tuition/fees are paid are you left to live off of?

Getting set-up to live a somewhat normal life again has been more expensive than I though, all those little things really add up. I'm reasonable comfortable now though, especially since I bought a new bed recently!
 
Yes, the flat set-up is a killer. I was the first one in my house so buying a fridge, washer, tv, kitchenware and furniture was steep, even second-hand. :eek:

After tuition/fees, we have NZ$19,000 (US$15,000) per year left to live on. Travel home, books and supplies come out of this money, as well as everyday living expenses.
 
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