Budget planning and resource building usually take place in 4 easy steps!
Funding your program
Funding your program Budget Planning and Available Resources
Knowing your Program Costs
Step 1
- In each application, students will find a program "Cost Sheet". Click below to see a blank sample of what you'll find in your application.
- The "Cost Sheet" has estimates of both fixed program costs (MICA tuition, program fees, insurance, etc.) and variable personal costs (airline ticket, meals, entertainment, etc.)
- Even though these amounts may vary, the "Cost Sheet" is a useful tool to help students build an overall budget.
Knowing your Finances and How They Work
Step 2
- The finances of each student are different and knowing what resources a student has available for the program costs (both formal and informal) is critical.
- Many students rely on various kinds of US Federal financial aid, MICA scholarships, money from work or savings, etc. Determining what aid or scholarships are available is the student's responsibility.
- Students should work closely with the team in GEO along with MICA's Office of Financial Aid to evaluate what options are best.
Building a Budget and Determining the Gap
Step 3
- Students should put the costs (formal and informal) along with the details of their current available resources (financial aid, scholarships, savings, etc.) into a spreadsheet in order to build a full program budget.
- Students can use the below downloadable budget template. Applying this approach should give students an idea of what gaps in funding remain.
- The final stage is to establish a plan on how to fill any remaining gaps.
Filling the Gap
Step 4
- Students usually fill any remaining gap with a combination of scholarship resources as well as personal funds raised/earned between the program application and when they depart.
- Time is your friend in this process by setting reasonable savings amounts each week/month. Below are examples of using a combination of methods to fund the financial gap you've determined from Steps 1 through 3:
Example 1: Paid twice a month, a student worker sets aside $50 per paycheck over a year and saves $1200 for an international airline ticket.
Example 2: A student encourages 100 people in their community, family, or social networks to donate $50 through a platform like "GoFundMe". Over a year, the student saves $5000 in personal spending money for a program.
Example 3: A student applies well in advance for additional scholarships on top of the above steps taken knowing that some might come through, while others might not.
