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Budgeting as a student is different than as someone receiving a regular paycheck. It is easier because you pay set amounts for tuition and fees. However, it is more difficult because budgeting based on funds from loans is complicated by the fact that student loans are made in two or three annual lump-sum payments. Faced with a large amount of cash-on-hand, you may find it difficult to remember that a loan of several thousand dollars must cover expenses for nine or twelve months. Prudent money management will insure that you do not use all of your loan money within the first few months of receiving it. Two important strategies for dealing with lump-sum payments are:
AAMC FIRST Interactive Worksheet
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