Making A Plan


“Live like a college student now so you don't have to live like one later!” If you have not already filled out your own budget plan, you can follow the steps below: budget

Budgeting Steps
1. List your resources and their amounts
2. List your expenses and their amounts
3. Subtract your expenses from your resources and evaluate where necessary

If you have a negative number you need to either find more resources or cut back on your expenses.

Budgeting Tools

Here is a list of budgeting tools that you are more than welcome to utilize.

  • Our Budgeting Excel Sheet - Planning sheet created by our office to help assist students in knowing how much aid they will need as they attend school.
  • cashcourse.org - A site that helps students better understand finances while in school. It also provides multiple budget wizards and financial calculators for your use in planning.
  • Dave Ramsey - Focuses on planning ahead and adjusting lifestyles to better manage finances throughout school and the rest of your life.
  • Budgettracker - Is a free way to create a budget and track your income and expenses.
  • OSFAP Direct Loan - A budget calculator provided by studentloans.gov.
  • Answering Students’ Questions - A site that counselors use to answer your questions, and you can get them yourself!
  • Foundations U - A great site with money management tips and tools for you to use at school and through life.

How much can I get?

Estimating how much student aid you will get can be tricky because many variables affect this number. Two factors (need and merit) are generally used to determine how much aid a student can get.

“Merit-based” aid is awarded to students based on a talent or something they have excelled in. These usually cover areas like music, academics, and other talent-based awards. “Need-based” aid is awarded to students who have lack resources to pay for college. Need-Based Programs through our school:

  • Federal Pell Grants
  • Federal Direct Subsidized Loan
  • BYU-Idaho Scholarship Grants

Financial Aid that is not need-based:

  • Federal Direct Unsubsidized Loans
  • Federal Direct PLUS Loans fro parents of dependent students
  • BYU-Idaho Academic Scholarship

Need is figured through a formula which uses mostly a student's Cost of Attendance (COA) and Expected Family Contribution (EFC). The EFC is subtracted from the COA and a student's need is the result. This amount determines the eligibility of a student to receive need-based aid.

Planning Ahead Checklist

This checklist will help you plan ahead and keep track of deadlines and when you turned in important documents.

School 1School 2School 3
Name of School
Deadline for admission
Date admission application sent
School's deadline: FAFSA
Date FAFSA submitted
Date other financial aid forms sent
School's deadline: Scholarship applications
Date Scholarship Application submitted
First Presidency Message
The First Presidency encourages all to pay tithes and offerings, avoid debt, use a budget, build a reserve, and teach others. Their message to us is:

Dear Brothers and Sisters:

Latter-day Saints have been counseled for many years to prepare for adversity by having a little money set aside. Doing so adds immeasurably to security and well-being. Every family has a responsibility to provide for its own needs to the extent possible. We encourage you wherever you may live in the world to prepare for adversity by looking to the condition of your finances. We urge you to be modest in your expenditures; discipline yourselves in your purchases to avoid debt. Pay off debt as quickly as you can, and free yourselves from this bondage. Save a little money regularly to gradually build a financial reserve. If you have paid your debts and have a financial reserve, even though it be small, you and your family will feel more secure and enjoy greater peace in your hearts. May the Lord bless you in your family financial efforts.

The First Presidency

From "All Is Safely Gathered In: Family Finances," All Is Safely Gathered In: Family Finances, (2007)

Visit providentliving.org for more information.