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Benefits of Budgeting

Since every student’s financial situation is unique, the Office of Law Financial Aid and Scholarships is tasked with developing a cost of attendance appropriate for all student needs. Our office works closely with surrounding universities and our students, estimating the average monthly cost of living in New Orleans. Comprised of broad categories, our generous cost of attendance limits the amount of funds a student may borrow. When funding an education through student loans, responsible borrowing is a top priority. 

Create a Budget

Creating a budget allows a student to survey monthly expenses. Since loan funds are the only source of income for many students, a frugal lifestyle will save money, minimize loan debt, and avoid unnecessary interest.

The Department of Education recently released a new counseling tool. Financial Awareness Counseling allows students to compare expenses vs. monthly income.

Budgets allow students to analyze necessary expenses and plan for unexpected costs. A responsible borrower will limit unnecessary expenses and develop innovative ways to cut costs.

Tips on Saving Funds

  1. Consider a Roommate: While living alone seems an ideal choice during school, it is often far more expensive than sharing costs with a roommate. A roommate can share rent, utilities, and house expenses.
  2. Buy Groceries: Even the most inexpensive take-out ($10.00 a meal) can quickly become an outrageous expense in excess. Consider buying groceries in bulk and cooking at home.
  3. Brew Coffee: Brewing coffee at home may be significantly cheaper than many premium coffee shops.
  4. Rentals and Used Books: Loyola's Bookstore now offers alternative options to new books. 
  5. Attend Loyola Events: Many school events are informative networking opportunities, usually providing food to attendees. Monitor your Loyola Email and the Res Ipsa Loquitor Newsletter for upcoming events. 
  6. Shuttle: Take advantage of Loyola's complimentary entertainment shuttle services, and save money on gas and other car costs. The shuttle routes stop at the major suburban malls and select grocery stores. Please visit the Shuttle Services page through University Police for additional information. 
  7. Free Entertainment: Gambit and Where Y'at often publicize free, fun events around the city! 
  8. Bar Review Courses: Enrolling in bar review courses as a 1L locks in that year's price. Since prices generally increase every year, the savings can be significant. See your bar review representatives for additional information. 

After creating a detailed monthly budget and cutting unnecessary costs, students may decide the maximum amount of loan funds is not necessary.