Will I Have Enough Money?

 

YES – IF YOU ARE SERIOUS ABOUT A BUDGET PLAN AND USE MONEY PENNY’S FINANCIAL TRACKER!

Budgeting for law school can be a difficult task.  However, if you are successful at it, your financial worries will decrease and you will be in a far better position to both enjoy and do well during your three years of law school.

The rewards at the end of your three years of law school are worth the trouble.  Your total debt load will be lower, you will be in better mental and physical shape because you have avoided three years of financial stress, and you may have better grades.

Please remember to keep in mind the following tips and information when creating and implementing your budget plan:

  • Budget Properly
  • Separate Wants from Needs
  • Apply to all Funding Opportunities
  • Use Money Penny's Financial Tracker
  • Take Advantage of Professional Financial Help 
  • Contact the Student Financial Services Office


Budgeting Properly

In organizing your law school budget, carefully determine the expenditures you might require for the 8-month period from September to April. Plan to spend only for what is absolutely necessary.

The sample budget below is for entering students for the 8-month academic year, September 2013 to April 2014. The first budget represents basic expenses for a student living on campus in the Osgoode Chambers. The second budget represents reasonable basic expenses for a single student living off campus in a furnished apartment and the third budget is for a student living at home. We realize that actual amounts may vary from student to student. Therefore, we encourage you to prepare a budget that reflects your needs and adheres closely to the total basic costs.


Basic Expenses

On Campus (Osgoode Chambers)
Off Campus
(Not at Home)

Off Campus
(At Home)

Tuition (Entering, 1st year)

$21,593

$21,593

$21,593

Ancillary Fees

$909

$909

$909

Books and Supplies (estimate only)

$900

$900

$900

Health and Dental Plan (estimate  only)

$300

$300

$300

**Rent ($877 for an Osgoode Chambers bachelor and off campus, $900 per month,
possibly shared)

$7,072

$7,200

$0

Telephone (estimate $60 month includes some long distance)

$480

$480

$480

Internet (free wireless access in Osgoode Chambers, off campus estimated at $300)

$0

$300

$0

**Basic Cable ($35/month)

$280

$280

$0

**Groceries and Personal Care (estimated at $325/month for renters, and $162.50/month for
students living at home)

$2,600

$2,600

$1,300

Transportation (Student TTC Pass, plus other transit)

$840

$1,200

$1,200

Other Costs: (interest payments, clothing, travel home, entertainment, estimated at
$200/month)

$1,600

$1,600

$1,600

TOTAL BASIC COSTS

$36,574

$37,362

$28,282


 

Important Notes:
* Second and third year students should decrease the tuition in the above budget by $206, and $998 respectively.
**Students living at home are presumed to have free rent and cable, and lower groceries and personal costs unless you can demonstrate otherwise.

 

Separate Your Wants from Your Real Needs

This is without question the most difficult step in living on a strict budget. There are numerous small expenditures that easily add up, but if you can eliminate some of these expenses, you can live more comfortably and with less stress. Consider the following:

  • Could you share accommodation, or live with family to reduce costs?
  • Do you need a car or could you depend on public transportation?
  • Do you need cable?
  • Might you bring your lunch to school and avoid dining at restaurants?
  • Do you shop wisely and take advantage of lower prices and sales?

For those students who will be living independently for the first time before entering Osgoode, we recommend that you seek advice from friends and relatives about realistic budgeting and expectations.  It is also wise to make use of the professionals at RBC Royal Bank or other financial institutions for advice on your finances.


Apply to all Funding Opportunities

There are an abundance of external scholarships that can assist with law school expenses. See our External Funding page and conduct a Google search to determine if you might qualify for any. Just apply! It is usually straight forward and only requires a few items such as a reference letter, transcripts and a personal statement.

For students in financial need, Osgoode’s Bursary Program is another great way to help make up some of the gaps in funding your years at law school.


Use Money Penny’s Financial Tracker

All too often money just disappears and you have no idea where it went. Money Penny’s Financial Tracker will make life at law school easier by helping you keep track of all your expenses.  Keeping track of every penny you spend will pay off in the long run.  You can make informed decisions about what you really want and need to spend your money on.

We have added a student line of credit interest calculator to the Finance Tracker. Simply enter your current LOC balance, make sure the listed interest rate is accurate for your LOC, and your monthly interest payment will be calculated for you.

Students who keep track of their finances in this way will go through Law School with less stress and graduate with less debt.


Take Advantage of Professional Financial Help

The special arrangement that we have established with RBC Royal Bank gives you the perfect opportunity to take advantage of professionals who understand the three years of financial burden of law school. They are available to advise Osgoode students on their finances. 

  1.  First Week of Term

    In the first week of classes, we have a representative from the RBC Royal Bank on site to help Osgoode students with financial planning, putting in place the student line of credit and answering any financial questions that you might encounter.
  2. First Year Financial Seminar

    Within the first month of school, generally during Orientation Week, we offer a very popular Financial Seminar for first year students. The seminar offers entering students information about all of Osgoode’s financial programs including student budgeting and financial planning for your three years of law school.  As well, it is a perfect opportunity to ask financial questions. To view a video of the seminar, please click here.  
  3. Upper Year Financial Seminar

    For graduating students, we offer a financial seminar to address financial matters that are relevant as you complete law school with educational debt and head out into the working world.  Topics include:  repayment of loans; budgeting and planning for the future, etc. To view a video of the seminar, please click here.

Contact the Student Financial Services Office

The Director of Financial Services and staff are available to meet with Osgoode students and advise them of their individual financial options. If you are still trying to figure out your finances, you are strongly encouraged and welcome to contact our office. We have an open door policy and are pleased to assist students.

Student Financial Services Office
Osgoode Hall Law School
Room 1012C
Tel: 416-650-8132
Email:financialservices@osgoode.yorku.ca.