{"id":12480,"date":"2019-09-25T17:03:56","date_gmt":"2019-09-25T21:03:56","guid":{"rendered":"https:\/\/www.bumc.bu.edu\/osfs\/?page_id=12480"},"modified":"2026-03-23T10:24:33","modified_gmt":"2026-03-23T14:24:33","slug":"budget-planning","status":"publish","type":"page","link":"https:\/\/www.bumc.bu.edu\/osfs\/camed\/budget-planning\/","title":{"rendered":"Budget Planning – CAMED"},"content":{"rendered":"
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Each semester, students with excess financial aid can request a refund for that semester. These funds can then be used for cost of living expenses such as rent, groceries, and utilities. Many students borrow more aid than needed, because they aren\u2019t sure what their budget will look like month to month.\u00a0 In order to help students decide how much to borrow, our office has the following recommendations:<\/p>\n

# 1 UNDERSTAND YOUR BORROWING<\/h3>\n

When borrowing federal aid, it\u2019s important for students to know that they can return any federal loan funds up to 120 days after they disburse. This gives them approximately 4 months to work out a viable spending plan, and determine a budget plan. \u00a0 If they have more than what they need for the remainder of the semester, they can simply email Student Financial Support to make a reduction request. Students do not accrue any interest, nor do they incur any processing fees on the amounts that they return within 120 days.\u00a0<\/strong><\/p>\n

# 2 BUDGETING TOOLS<\/h3>\n

With all of the related costs to borrowing student loans such as interest and capitalization, it is important to limit borrowing to only what is necessary. SFS strongly recommends students create a budget plan in order to meet your needs while keeping borrowing to a minimum. There are several worksheets and websites out there to help you create your budget and stay organized:<\/p>\n