Estimating expenses and formulating realistic budgets are important tasks. A careful
assessment of total resources measured against total costs is the cornerstone of sound
financial planning. The following budgets are based on a moderate cost of living in the
Cambridge area. Although actual living expenses will depend on lifestyles, these
standardized budgets will be used in determining aid eligibility.
The cost of tuition and fees is added to the standard living expense budget to
determine a student's total cost of education. In addition, allowances are made for
dependent children. Please note that eligibility for federal funds requires that a single
student budget be used, as federal funds are generally reserved for expenses the
individual student incurs for his or her educational program. These funds are not intended
to supplement the expenses of the other family members. For more detailed information on
this calculation, refer to the section on federal programs.
Nine-Month Budget (September through May):
The average expenses of a master's student for the nine-month academic year
are:
Food
$3,775
Housing
$8,696
Books and Supplies
$1,708
Miscellaneous
$4,216
Total Living Expenses
$18,375
Married students and students with dependants should anticipate higher living
expenses.