Congratulations! You're off to college with your grants, financial aid loans, and scholarships to boot.You have a dorm room, board plan, and calling plan.Think you've got it all covered? Think again.
Financial Advice for Students
Liz Luckinbill, 26, knew she’d need a computer. But the Oakland Community College student didn’t know she’d be shelling out $1,200 for a laptop plus another $80 for the battery.“It really adds up,” said Luckinbill, who’s set to finish up her degree in cosmetology management in April at the Bloomfield Hills, Michigan school.
For Caleb Miner, a 21-year-old senior at Michigan State University, traveling back to New York City to visit friends and family really adds up. After he’s done paying out-of-state tuition, it can be hard to scrounge up any extra cash. “I usually spend half my summers at home and half working here,” said Miner, a human biology major at the Big Ten school.
And Julia Oswald, 21, couldn’t believe her bill for books, pens, and a calculator—even though she’s an accounting major at Northwood University in Midland, Michigan.
Have a Plan to Go with Student Loans for College
Yes, the freshman year of college often provides a rude financial awakening. But Oswald has some sound advice for students and parents: “The more personal planning, the better. Have a plan.”That means taking a sweeping look at all your expenses. (EduGuide’s “College Costs Checklist” can help.)
Sometimes it’s the necessities that add up, especially if you’re living off-campus—such as heat, water, sewer, laundry, and food. Utilities keep records on how much a tenant paid last year. Request that so you can plan your budget. Especially with rising energy costs, turn the thermostat down and don a sweater to save some green. Bargain shop and avoid eating out all the time.
If you’re living on your own, there are a whole host of expenses, from dishes to couches to the ubiquitous trademark of college, the lava lamp. When you’re on a fixed budget, try to skip the frills and shop resale and discount stores.
Financial Aid for Students Might Help with Living Expenses
Oswald works at Northwood’s financial aid office, and she says it’s usually the off-campus students who struggle the most. Her advice is to be as detail oriented as possible and budget “everything ahead of time.” Check to see if your loans will cover living expenses.
School-related expenses can take their toll. Lab, computer, and student activity fees often get tacked on to your tab, so don’t just budget for tuition. As for books, shop around at different stores and buy used. And the Internet can cut your bill in half.
Parking tickets are a college rite of passage—but they don’t have to be. Commuting and working students often have to drive to school, so remember to bring plenty of change or find parking garages.“I was so happy when I finally figured out where the garages were,” said Luckinbill. “I saved money and it saved me from running out all the time on breaks.”
Another tip: Walk or ride your bike whenever you can to keep more money in your bank account.
Your journey through college can be filled with pitfalls of unexpected expenses. But with some careful advance planning and a few words of wisdom from students who have been there before, you won’t get sidetracked.
Susan J. Demas is a contributing editor to EduGuide and 2006 Knight Foundation Fellow in Nonprofits Journalism.