Cost of Living 2007-2008

Enrollment Information

Monthly Cost:

Multiply your monthly cost by the number of months in your enrollment period.

The low cost has been established by using the actual ON-CAMPUS housing costs.  The high cost has been determined to be the maximum allowable for students who live OFF-CAMPUS.

There are allowances for child care or dependent care costs if applicable.

Computer Allowance

Students may have an aggregate allowance of $3,000 for computer purchase/upgrade.  This may be used one time, or multiple times over more than one year not to exceed the total amount of $3,000.  Specific PC recommendations and purchase option information are available at http://intranet.utmb.edu/studentinfo/.

Insurance

Each student must maintain health insurance either through UTMB or a private company. Uninsured health care costs (not covered by your policy for medical, dental or vision care) may be funded, but only after discussion with an advisor prior to engaging the services (if possible). For cost and other information through the UT System sponsored health insurance, please contact:

         Mega Life Online Enrollment (www.studentresources.net)
         Student Resources
         805 Executive Center Drive West, Suite 220
         St. Petersburg, FL 33702
         PHONE: (800) 237-0903

MANAGING YOUR FINANCES

Use a Budget to Plan Expenses

A budget is a planning tool used to compare income to expenses. By using a budget, you can determine the cost of financing your education.  To estimate your expenses for the school year, use the In-School Budget Planning Worksheet.  Some tips are also provided to assist you in planning.

1. Specify a Budget Period

When developing a budget or using a planning worksheet, List your average monthly expenses and multiply them by the number of months you will be enrolled during the school year.  For example, if you are enrolled for just the Fall and Spring terms, you will budget for eight months (four months per term).  If you are enrolled for the Fall, Spring and Summer terms, you will budget for 12 months.  School of Medicine (and Physician Assistant) students in the clinical year have two six month terms. 

2. Estimate Your Expenses

To determine your expenses, you will need to collect some basic financial information. Your checkbook will help you document your tuition and fee charges, rent and other monthly expenses.  For expenses such as personal items, clothing, and entertainment, you will want to keep detailed records for a few months to determine your average expenditures.  You may find you need to make some adjustments to your spending in these areas, to ensure your expenses do not exceed your financial aid and other income.

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3. Calculate Your Income

When estimating your income, you will need to include all of your resources.  Include family assistance, grants and scholarships, savings, earnings, loans and any other income.  Your financial aid award letter, pay stubs, and bank account statements will help you calculate your available resources.

4.  The Difference between total Income and Expenses

This number will tell you whether you need to adjust your expenses, or reduce the amount of loans you have accepted.  Remember, do not borrow more funding than you need.  You will be repaying approximately one-and-a half time the amount you borrow.

Negative Balance

If your income less expenses is a negative number, your resources will not meet your costs. You will need to review your budget and determine where reductions can be made.  If you cannot reduce your expenses, you will need to meet with an Enrollment Services Counselor to review your situation.  Your counselor will also be able to assist you in identifying alternative funding sources, such as external student loans.   These loans are credit based and will usually require you to have a credit-worthy co-borrower. 

Positive Balance

If your income less expenses is a positive number, you have resources that exceed your costs.  In this case, you will want to consider reducing your alternative or unsubsidized student loans.  These loans accrue interest from the time they are disbursed.  Do not borrow more than you need.  You can always have these funding sources reinstated if your situation changes, as long as you remain eligible for the funds.