Calculating Cost- Does This Make Sense?

[justkelia]

Hey! So I was just accepted to a Master's program, and they are giving 15k (plus insurance). It is conditional to me taking Microeconomics and getting a B or better, but I'm not too concerned with that. I just spent a few minutes calculating some things, and I need another set of eyes. 

Tuition & Fees: $25700

Housing (cheapest and an 8 minute drive away): $450 per month ($5400)

Bills: $6900 *includes car payment, food ($150 per month), cell phone, and car insurance

Living Expenses Total: $12300

I also have two education awards totaling 10k.

So my calculated cost of attendance is 38k. Subtracting the fellowship and my ed awards it's 13k out of pocket. 

Does it make sense to take out 13-15k in graduate student loans to handle my day-to-day costs?

Also, the school's calculated CoA is 46,633. Am I undershooting my costs? Apartments are kind of high in this area, but the apartments I'm looking at offer the cheapest and probably most convenient living arrangements.

Thank you for you help. This is the best offer I've gotten so far. 

[Warelin]

Other costs to consider:
Cost of gas
Books
Housing deposit (often this includes first month+security deposit. Sometimes includes last month as well.)
Cost of moving
Cost of a parking pass
Traveling to visit family
Application fees
Renters Insurance
Laundry costs
Costs to buy new or used appliances
Household items

On a side note, is the area you're renting from one that you feel safe in?
 

[TakeruK]

Usually the Cost of Attendance by the school could be a lot higher because 1) they often include the cost of the board program at the school, not actual groceries, which is a lot higher and 2) they include the books and supplies cost for a typical undergrad courseload and buying all new things. For example, my school's CoA for books and supplies is almost $3000 but I actually spend like $100 per year on average. But yeah, don't forget to include all the day to day expenses and special expenses that Warelin wrote. 

Other costs you might have missed (small but they will add up):

Are utilities included in housing? (e.g. gas, trash, water, internet?)

Whether or not the costs are worth it depends on your program and your career goals!

[thelionking]

I think you've missed out on few things... is the apartment furnished? Even if it is, what about internet, paper and ink for printer, toilet paper, laundry detergent, cost of laundry machine (in Canada people can spend about $30/mth on a coin operated machine), cleaning products, saran warp, foil paper, dish detergent, vacuum cleaner, dishes, microwave, and spending money for getting take-out, going out for a movie or drinks, clothing allowance, etc..

Plus all of the stuff mention above.

 

[justkelia]

Great! Thank you! 

You guys are so right. I completely missed many many key expenses. The apartment is furnished and the rent includes everything (maybe not renter's insurance), and it is pretty safe as it houses mostly undergraduate/ graduate students and students attending the local community college. 

I don't know how I missed gas, laundry, and my books! I will go back to the drawing board.