What do I do?

[jpro]

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I made my budget for next year regarding living expenses and school. It comes up to:

$33,222 (I have Hazelwood Act benefits exempting tuition)

my financial aid award is:

$19,463

How do I make up the $13,759 difference? I can't. All the alternative loans set the maximum equal to cost-aid. I have two cars which I plan on getting rid of as fast as possible. That accounts for ~$6,240 of my budget, and I assume my insurance will go down as well, lets say another ~$1,000.

That still leaves me a difference of:

$6519

I still need car, but I leave it out on the budget. 🙁

After those changes, this is what my budget looks like.

10200 Mortgage / Rent
3809 Fee Bill / Health Insurance
1700 Insurance
2400 Groceries
2400 Toiletries
2100 Electricity
1333 Books
1200 Gas
600 Internet
240 Phone

Is my budget faulty (I'm married).

 

[off2skl]

You're budget may be fine, but financial aid does not take into account your marital status when ti comes to living expenses. Although your sspouse's income will be figured into the equation, you cannot be awarded tfinancial aid to cover his/her living expenses. I hope this makes sense.

 

[mpp]

When you say your 'financial aid award is' what do you mean by that? You should be able to get more in unsubusidized Stafford loans. Check with your financial aid office.

 

[GeneGoddess]

You might want to get a copy of a computer budget program (I like Quicken). It makes budgeting VERY easy. I assume that your spouse works? First off, get rid of the internet (you'll have lots of computer access in the LRC). Change your utilities provider (Houston deregulated! www.powertochoose.org). Raise your insurance deductibles. Get a Sam's card. Pack a lunch every day (BOTH of you). Books should be THAT expensive. Get yourself down to HalfPrice Books (the Rice location has a GREAT selection, also try the Montrose/Westheimer one) or buy used books from current students (or Ebay). Your mortgage is a bit high (unless that is rent). Can you consider moving? Most of the apts. in Condoland (near UT Housing) are pretty cheap. MegaLife insurance SUCKS, but it should be more than maybe $600/yr. RIDE THE SHUTTLE BUS - it's free! Or get a bicycle or a motorcycle/scooter. The latter gets 70mpg and all park for free.

BTW, I'm at UTH too. If you need more advice, PM me. I have a few books that I could sell you.

 

[jpro]

When you say your 'financial aid award is' what do you mean by that? You should be able to get more in unsubusidized Stafford loans. Check with your financial aid office.

See that $3,809, that is all that I owe the school. Since I was in the military from TX I get Hazelwood Act benefits which means that I don't have to pay tuition and fees. The $3,809 comes from fees not covered by the Hazelwood Act plus health insurance for me and my wife. So basically I'm only getting loans to cover living expenses and fees.

The award letter included:

3000 Perkins
8500 Stafford Unsub
3263 Stafford Sub
2200 Grant
2500 Scholarship (not from UTH)

which totals up to $19,463

BTW, I'm so glad I joined the Army 😀 😉

 

[jpro]

You might want to get a copy of a computer budget program (I like Quicken). It makes budgeting VERY easy. I assume that your spouse works? First off, get rid of the internet (you'll have lots of computer access in the LRC). Change your utilities provider (Houston deregulated! www.powertochoose.org). Raise your insurance deductibles. Get a Sam's card. Pack a lunch every day (BOTH of you). Books should be THAT expensive. Get yourself down to HalfPrice Books (the Rice location has a GREAT selection, also try the Montrose/Westheimer one) or buy used books from current students (or Ebay). Your mortgage is a bit high (unless that is rent). Can you consider moving? Most of the apts. in Condoland (near UT Housing) are pretty cheap. MegaLife insurance SUCKS, but it should be more than maybe $600/yr. RIDE THE SHUTTLE BUS - it's free! Or get a bicycle or a motorcycle/scooter. The latter gets 70mpg and all park for free.

BTW, I'm at UTH too. If you need more advice, PM me. I have a few books that I could sell you.

That mortgage is really mortgage plus tax plus HOA plus ect.... That is like an $850/mo appartment. I thought that was pretty reasonable in this area, no? Well, I can't move now if I wanted to. I sort of own the place now. Hopefully this purchase will turn out to ba a good investment or at least break even in 4yrs.

I guess I just need to cut back a whole lot in areas I thought were essential.