Step 1 | Calculating Your Needs
This part is important to the process and helps you understand what you need financially to get you through your education. The math is simple. If you pull out a piece of paper and make sure to include all of your expenses, the outcome will give you the information you will need in your application for financing. Please remember that this is for illustrative purposes. This workshop does not replace the need to talk to us at the academy or the institution you seek financing at.
* Hint: If you calculate your needs here, you can bring the numbers to us at the academy and it will make it easier during your initial appointment.
Here's the calculations you will need before moving to the next step:
Monthly Expenses
To add up these expenses, take the amounts that you pay monthly and add them up. Your Rent/Mortgage payment number should be what you are responsible for paying each month. Make sure to include ALL of the bills and payments that you cover monthly. Sometimes these amounts can go up throughout your education, so it is best to make sure that you use the anticipated amounts that you will be paying. Phone bills, internet/cable bills, power bills, car payments, other loans, subscriptions, food, and amounts for entertainment, monthly variables and clothing should be included. Any amounts that you miss may not end up being covered if you don't add them into your monthly budgets. This number added up will be represented with A.
Rent/Mortgage + Household Bills + All Monthly Payments =
Once you have added your monthly expenses up, you will have a value for A. To get your total calculation for monthly expenses you will need to know how long your course is. Our courses currently are 9 or 10 months. When we take the value for A and we multiply that by how long your will be attending school, we get the total amount needed to cover your expenses. That amount is represented with B.
A
x
=
Education Expenses
Tuition + Kits + Books + Variables =
These expenses will give you the number that represents what you need to cover your actual education costs. Here we add Tuition, Kits and Books along with any variables to get a value for C. Variables would be amounts that would account for anything that would be outside of your base course. Things like extra classes would fall into the variable category.
Total Calculations
When we add the amount we got for Monthly Expenses (B) to what we got for Education Expenses (C) we get a number that is the total amount that we need to apply for in our loans. These numbers should be reviewed and revised as needed when you actually apply for financing. The total amount here is represented with D.
B
Monthly
Expenses
C
Education
Expenses
+
=
Once we have defined all of the amounts we will need during the course, defined in this worksheet as D, we can continue to the next step. Please note that if you found this worksheet exceptionally difficult or have questions, you can always give us a call at the academy to help you out. Let's move onto the next step, we promise there's no more math!