Use a Personal Financial Software Application
While you may simply construct a monthly worksheet showing income and expenses and adjust when expenses exceed income, you may want to look at some websites offering budgeting and planning information and calculators and use an online personal finance tool. A spending plan will help you identify your income and expenditures – and where you might be able to economize. Tools to Create a Spending Plan and BudgetĬreating a monthly spending plan or budget is a vital first step in managing your finances and debt. You can manage your debt by establishing and following a budget, borrowing only as much as you need, pursuing external scholarships, minimizing other debt, and making financial choices in law school that will not have long-term ramifications by increasing your debt. Housing costs are far below what they are in other markets, and can be even easier to manage when sharing housing. The cost of attending three years of law school can be a significant financial commitment, and taking out student loans is common. Many students live well beneath the maximum amount the budget allows in part because South Bend’s cost of living is quite low. For an independent student living a modest lifestyle, this budget should cover the cost of tuition, fees, books, supplies, and living expenses. The student budget benchmarks the maximum amount of money a student should need during the academic year. The University’s Office of Student Financial Aid, following federal guidelines, each year develops a student budget (below) that details the annual total cost of attendance. Requests will be considered on a case-by-case basis in accordance with federal guidelines. Those with higher-than-normal expenses may request a review of the living expenses portion of the student budget from the Office of Student Financial Aid. Important Note: The student budget represents the maximum amount of financial assistance a student may be awarded for the academic year (total of all grants, scholarships, and loans). Annual increases in the cost of a Notre Dame education are anticipated. *Actual costs will vary based on housing choices, travel costs, and personal expenses. Cost of Attendance Notre Dame Law School Student Budget, 2022-23 Expense
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