Student Loans and Your Budget

Careful budgeting is especially important for students who borrow student loans to help fund their education. Understanding how borrowing impacts your budget now will help you prepare for future repayment.

Borrow Only What You Need

While you can borrow the full amount offered to you in your financial aid award, you must remember that you will have to pay back whatever amount you borrow with interest. A good rule of thumb is to borrow what you absolutely need and no more. Students who apply for financial aid to cover their full cost of attendance at TUSDM.  Students who living off-campus are eligible to receive $3,450 per month for living expenses starting the 2024-25 academic year. Students who live with their parents are eligible to receive $1,775 per month. The monthly amount is multiplied by the length of the student’s academic year. Below you will find the Financial Aid budget breakdown:

Student Living Expense Budgets - 2024-25

Living Cost CategoryOff-campus Apartment or House
Monthly Rent$2,350
Utilities$250
Food$450
Transportation$150
Miscellaneous Expenses (clothing, entertainment, laundry)$250
TOTAL$3,450
Living Cost CategoryStudent Living with Parent(s)
Monthly Rent$875
Utilities - Cell Phone$50
Food$450
Transportation$150
Miscellaneous Expenses (clothing, entertainment, laundry)$250
TOTAL$1,775

The figures above are based on a biennial survey of our students' spending habits and cost of living analysis for the Boston area published by the Bureau of Labor Statistics. For more information on Student Housing, please visit our website.

Students who are dependent on financial aid, including student loans, to pay for all of their living expenses can’t receive funds in excess of the established living expense budgets.  Although students can borrow to cover their living expenses, try living below the budget the Financial Aid Office has created for you. By reducing housing costs and miscellaneous expenses, you are reducing the total amount that you will need to pay back in loans. Be aware that student loans are not “free money,” so resist the temptation of treating them that way.

Managing Money While in School

Being responsible with your money while in school is important and handling your student loan refund wisely is paramount. If you end up depending fully on student loans, take the refund amount you receive each semester and divide it by the number of months that it needs to last. That will be your monthly allowance for your time in school, and you should never go above that.

Remember, if you live like a dentist during school, you will have to live like a student when it comes time to pay back your loans!