Entry 7 - My Budget

Note: Since the University of California Riverside is within distance of my home, room and furniture costs are not accounted for. Also, my parents already buy cleaning materials, car maintenance, and food on a regular basis and so there would be no need to cover those costs, as they’ve told me that they would handle it.

Note: Federal Aid was calculated using online estimates. Also, the scholarships earned were determined at random out of a pool of 7 scholarships, where one was eliminated and three scholarships were selected out of the remaining six. Federal Work Study earnings are determined using a max amount of possible weekly hours as the product of 24 hours and 5 days; the amount of work hours a week is also kept at 13 so that room is left for extracurricular activities and homework/class prep work.

Note: The above table is just federal work study earnings calculations. The pay rate is determined by the minimum wage of $9 per hour and the value used to increase weeks to one year was 52.1775 weeks.

Note: The home equity value comes from one that is $70,000, which is an estimated value given to me by my parents. The $20,000 take away from the equity is fine with my parents.

My total debt to the US government is $1,832. As of now the federal student loan interest rate is at 4.66% for this school year.