{"id":4970,"date":"2016-11-07T16:38:34","date_gmt":"2016-11-07T21:38:34","guid":{"rendered":"https:\/\/www.bu.edu\/finaid\/?page_id=4970"},"modified":"2025-10-01T13:47:45","modified_gmt":"2025-10-01T17:47:45","slug":"plan","status":"publish","type":"page","link":"https:\/\/www.bu.edu\/finaid\/families-counselors\/plan\/","title":{"rendered":"Your Plan for Managing BU Expenses"},"content":{"rendered":"<h5>Plan How You&#8217;re Going to Pay for the Entire Program.<\/h5>\n<p>Paying for your education requires careful planning. You can\u2019t plan one semester at a time or one year at a time. You need to plan for the entire program, even if you need to make adjustments along the way.<\/p>\n<h5>Keep Your Expenses in Sync with Your Resources<\/h5>\n<p><span style=\"font-weight: 400;\">How are you going to get enough money to pay all your BU expenses? What are the best ways to ensure you make smart spending decisions along the way; decisions you won\u2019t regret later? Making smart money decisions isn\u2019t just about trying to spend less. It\u2019s really about understanding and thinking carefully about the trade-offs. Spending more for certain things might be possible if you offset them by spending less on other things.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A successful plan looks to maximize your resources and minimize your expenses. Here are some tools and tips to get you started.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><div class=\"bu_collapsible_container \" aria-live=\"polite\" data-customize-animation=\"false\"><h4 class=\"bu_collapsible\" aria-expanded=\"false\"tabindex=\"0\" role=\"button\">Minimize Your Expenses<\/h4><div class=\"bu_collapsible_section\" style=\"display: none;\"><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Use BU Smart Money to help you develop good spending habits and a realistic budget. A budget is just a plan for how best to spend your money to achieve your goals\u2014like graduating with as little debt as possible. If you don\u2019t have a plan to reach your goals, you probably won\u2019t.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Keep a running tab of how much you borrow each year and monitor if you\u2019re on track with your student loan debt goals. If you don\u2019t know how much you owe, use the resources on<\/span><a href=\"https:\/\/www.bu.edu\/smartmoney\/manage-your-money\/student-loan-repayment\/\"> <span style=\"font-weight: 400;\">our student loan repayment page<\/span><\/a><span style=\"font-weight: 400;\"> to find out. Use your budget to calculate how much you need to borrow to meet your expenses. Borrow no more than that amount. Loan amounts\u2014plus interest\u2014must be repaid later. If your projected debt upon graduation exceeds the goals you\u2019ve set, consider minimizing your expenses and maximizing your resources.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Make the best housing choice for your needs and your budget.<\/span><a href=\"http:\/\/www.bu.edu\/housing\/living\/rates\/\"> <span style=\"font-weight: 400;\">BU Housing offers room selection options that vary in cost<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Dining Services offers meal plans that vary in cost. Choose the<\/span><a href=\"http:\/\/www.bu.edu\/housing\/dining\/plans\/\"> <span style=\"font-weight: 400;\">meal plan<\/span><\/a><span style=\"font-weight: 400;\"> that works best for you. Don\u2019t leave money on the table by selecting a plan that costs more, particularly if you\u2019re unlikely to utilize most covered meals. Don&#8217;t pick a lower-cost plan that covers too few meals if you&#8217;re only going to end up spending more for food off-campus.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Look into being a resident assistant beginning in your junior year. Compensation for<\/span><a href=\"https:\/\/www.bu.edu\/reslife\/join-our-team\/ra-and-gra-position\/\"> <span style=\"font-weight: 400;\">resident assistants<\/span><\/a><span style=\"font-weight: 400;\"> includes free housing! It is a competitive selection process, but if you&#8217;re selected it can be a great opportunity.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Meet with your academic advisor to plot your courses with cost included as a consideration. Avoid tuition overload charges and consider lower-cost summer classes.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Take advantage of<\/span><a href=\"https:\/\/www.bu.edu\/smartmoney\/learn-about-money\/perks-4-terriers\/\"> <span style=\"font-weight: 400;\">student discounts<\/span><\/a><span style=\"font-weight: 400;\"> and<\/span><a href=\"https:\/\/www.bu.edu\/smartmoney\/learn-about-money\/boston-on-a-budget\/\"> <span style=\"font-weight: 400;\">lower-cost activities in Boston<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Check out the many<\/span><a href=\"https:\/\/www.bu.edu\/abroad\/\"> <span style=\"font-weight: 400;\">BU Study Abroad<\/span><\/a><span style=\"font-weight: 400;\"> options! Your BU need-based scholarships can go with you on a BU program and often the billed costs are lower than staying on the Charles River Campus. Here&#8217;s a link to <a href=\"https:\/\/www.bu.edu\/finaid\/how-aid-works\/eligibility\/studyabroad\/\">information about how financial aid work when your study abroad<\/a>.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><\/div>\n<\/div>\n<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><div class=\"bu_collapsible_container \" aria-live=\"polite\" data-customize-animation=\"false\"><h4 class=\"bu_collapsible\" aria-expanded=\"false\"tabindex=\"0\" role=\"button\">Maximize Your Resources<\/h4><div class=\"bu_collapsible_section\" style=\"display: none;\"><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Continue to file the FAFSA each year to apply for federal and state financial aid! Take advantage of the<\/span> <a href=\"https:\/\/www.bu.edu\/finaid\/how-aid-works\/types-of-aid\/loans\/federal-direct-student-loans\/\"><span style=\"font-weight: 400;\">Federal Direct Loan<\/span><\/a><span style=\"font-weight: 400;\"> maximum borrowing limits which increase each academic year. Unlike some private credit-based educational loans, the Federal Direct Loan has many favorable terms, conditions, and protections for borrowers.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Apply often and early for<\/span><a href=\"https:\/\/www.bu.edu\/finaid\/how-aid-works\/types-of-aid\/scholarships-grants\/merit-based\/private\/\"> <span style=\"font-weight: 400;\">external scholarships<\/span><span style=\"font-weight: 400;\">!<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Consider student employment! The<\/span><a href=\"https:\/\/www.bu.edu\/seo\/\"> <span style=\"font-weight: 400;\">Student Employment Office<\/span><\/a><span style=\"font-weight: 400;\"> can help you get a part-time job regardless of whether or not you\u2019ve been awarded Federal Work-Study, and the extra income can really help with your personal expenses.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If you are a veteran of the armed services or the dependent of a veteran, be sure you have applied for any benefits you might be eligible for. The<\/span><a href=\"https:\/\/www.bu.edu\/veterans\/\"> <span style=\"font-weight: 400;\">BU Veterans &amp; Military Services website<\/span><\/a><span style=\"font-weight: 400;\"> has more information. To get personalized information and counseling, contact the Veterans Services Coordinator at 617-353-3678 or veterans@bu.edu.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Check out BU<\/span><a href=\"https:\/\/www.bu.edu\/careers\/resources\/ccd-funded-internships\/\"> <span style=\"font-weight: 400;\">internship programs<\/span><\/a><span style=\"font-weight: 400;\">!<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Budget your tuition and fee payments monthly using the<\/span><a href=\"http:\/\/www.bu.edu\/studentaccountingservices\/your-bill\/payment-plans\/\"> <span style=\"font-weight: 400;\">payment plan<\/span><\/a><span style=\"font-weight: 400;\"> which makes incorporating semester billed expenses into the family budget easier to organize.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Carefully consider a<\/span> <a href=\"https:\/\/www.bu.edu\/finaid\/how-aid-works\/types-of-aid\/loans\/credit-based-loans\/\"><span style=\"font-weight: 400;\">credit-based loan<\/span><\/a> <span style=\"font-weight: 400;\">and use<\/span> <a href=\"https:\/\/www.bu.edu\/finaid\/how-aid-works\/types-of-aid\/loans\/credit-based-loans\/four-steps\/which-credit-based-loan-is-best-for-you\/\"><span style=\"font-weight: 400;\">this guide to help you determine how to select a credit-based loan<\/span> <\/a><span style=\"font-weight: 400;\">that is best for you and your family. Familiarize yourself with the<\/span> <a href=\"https:\/\/www.bu.edu\/finaid\/files\/2023\/03\/fourstepsbrochure.pdf\"><span style=\"font-weight: 400;\">Four Steps to Managing the Cost of Your Education<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><\/div>\n<\/div>\n<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plan How You&#8217;re Going to Pay for the Entire Program. Paying for your education requires careful planning. You can\u2019t plan one semester at a time or one year at a time. You need to plan for the entire program, even if you need to make adjustments along the way. Keep Your Expenses in Sync with [&hellip;]<\/p>\n","protected":false},"author":1183,"featured_media":0,"parent":10114,"menu_order":3,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/www.bu.edu\/finaid\/wp-json\/wp\/v2\/pages\/4970"}],"collection":[{"href":"https:\/\/www.bu.edu\/finaid\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.bu.edu\/finaid\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/finaid\/wp-json\/wp\/v2\/users\/1183"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/finaid\/wp-json\/wp\/v2\/comments?post=4970"}],"version-history":[{"count":47,"href":"https:\/\/www.bu.edu\/finaid\/wp-json\/wp\/v2\/pages\/4970\/revisions"}],"predecessor-version":[{"id":11773,"href":"https:\/\/www.bu.edu\/finaid\/wp-json\/wp\/v2\/pages\/4970\/revisions\/11773"}],"up":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/finaid\/wp-json\/wp\/v2\/pages\/10114"}],"wp:attachment":[{"href":"https:\/\/www.bu.edu\/finaid\/wp-json\/wp\/v2\/media?parent=4970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}