University Students' Survival: Affording The Cost Of Living

University students employ a variety of strategies to afford their living expenses. Some rely on financial support from their parents or family members, while others take out student loans or apply for scholarships and grants. Working part-time or full-time jobs, either during the semester or just during the summer, is another common way for students to fund their living costs. Some students also opt for shared accommodation, as this significantly reduces the cost of rent.

On-campus vs off-campus living costs

The choice between living on or off campus can have a significant impact on the overall cost of a college education. While living on campus, many of your expenses will be managed by the university, but you may be required to purchase additional items such as bedding and kitchen appliances. On the other hand, living off campus offers more control over your budget, but you will need to factor in transportation costs and utility bills.

The cost of living on campus includes room costs, which vary depending on the type of college and the type of dorm. For example, the private school Davidson College charges $16,400 for room and board for 2023-24, while the public school North Carolina State University estimates $13,719. The cost of room and board also usually includes utility costs like heating, cooling, water and internet. However, other items such as bedding and kitchen appliances are not typically included and will add to the overall cost.

Dining is another significant expense when living on campus, with some schools offering flat-rate meal plans and others allowing students to choose their meal plan. The average cost of on-campus dining for students at four-year public colleges is $5,189.

Living off campus can provide more control over your budget, as you are not limited to the university's housing and meal plans. However, you will need to factor in additional costs such as transportation and utility bills. The cost of housing off campus depends on the location and type of housing. For example, the median rent for a one-bedroom apartment in North Dakota was around $679 per month in April 2022, while the median rent for a one-bedroom apartment in Hawaii was $1,817. Splitting rent with roommates can help reduce the cost of living off campus.

Other expenses to consider when living off campus include transportation costs, such as gas prices and parking permits, as well as the cost of furnishing the apartment. These additional costs can add up, so it is important to consider your budget and lifestyle when deciding between living on or off campus.

Ultimately, there is no right or wrong answer when it comes to choosing between living on or off campus. It depends on your personal situation, budget and preferences.

Student loans

The cost of attendance (COA) is an estimate of a student's total expenses, including tuition, fees, room and board, textbooks, supplies, transportation, and other essential living expenses. The COA is determined by the individual school and varies based on its location. For example, a college in a city with a high cost of living will have a higher COA than a school in an area with a lower cost of living.

When it comes to using student loans for living expenses, there are some authorized uses that are generally accepted:

• Rent: Student loans can be used to pay for on-campus or off-campus housing.
• Meals: The COA includes an allowance for meals, whether through a college meal plan or purchasing groceries.
• Personal computer: Students can use loan money to rent or buy a computer to complete classwork.
• Supplies: Loans can cover additional supplies such as notebooks, pens, or software.
• Childcare or dependent care: Student loans can help cover childcare expenses, such as babysitting services.
• Transportation: This includes maintenance, fuel, or bus and taxi fares for a personal car.

However, it's important to use student loans wisely and only for essential expenses. There are certain costs that should be avoided when using student loan money:

• Purchasing a vehicle: While student loans can cover transportation costs, they are not intended for buying a car or making auto loan payments.
• Travel: Student loans should not be used for non-essential trips, and only a portion should be used for study abroad programs.
• Dining out: The meal allocation in the COA is meant for a reasonable meal plan or groceries, not frequent restaurant meals or deliveries.

It's crucial to remember that any money borrowed through student loans will have to be paid back with interest. Therefore, students should aim to borrow the minimum amount necessary to cover their essential expenses.

Additionally, students can consider other alternatives to supplement their living expenses, such as applying for scholarships and grants, working part-time, or seeking financial help from relatives.

Part-time jobs

One option is to work in the service industry, such as in restaurants, bars, or cafes. These jobs often offer flexible hours, which can be ideal for students who need to balance their work and study schedules. For example, a student could work as a waiter or bartender during the evenings or on weekends. This allows them to earn an income while still having time to attend classes and study during the day. In addition, jobs in the service industry can also provide opportunities for students to socialise and network, which can be beneficial for their personal and professional development.

Another option for part-time work is to find a job on campus. Many universities offer a range of part-time positions for students, such as working in the library, administrative offices, or research laboratories. These jobs can be convenient for students as they are often located close to their classes and may offer more flexible hours to accommodate student schedules. For example, a student could work as a research assistant for a professor, which can also provide valuable experience in their field of study.

Some students may also choose to work in retail or customer service positions. These jobs can often be found in shopping malls, stores, or call centres, and may offer a variety of shifts to fit a student's schedule. Retail and customer service jobs can provide valuable skills in communication, problem-solving, and customer interaction, which can be transferable to other areas of a student's life and future career.

It's important for students to carefully manage their time when working part-time jobs, as it can be challenging to balance work and study commitments. Creating a schedule and sticking to it can help ensure that students are able to dedicate enough time to their studies while also earning an income to support their living expenses. Additionally, students should be mindful of taking on too many hours, as this can lead to burnout and affect their academic performance.

In conclusion, part-time jobs offer a practical solution for university students to afford their living expenses. By working in a variety of industries, such as service, on-campus positions, retail, or customer service, students can earn an income to cover their costs. However, it's crucial for students to manage their time effectively and maintain a healthy balance between their work and academic responsibilities.

Parental support

Some parents start saving for their children's college expenses from an early age, ensuring that they have a substantial savings account to fund their education and living costs. This forward planning can help to reduce the burden of student loans and debt, and allow students to focus on their studies rather than working part-time jobs to support themselves. In other cases, parents may not be able to provide direct financial support but can offer accommodation and cover living expenses, which can be a significant help for students.

The level of parental support can vary depending on the family's financial situation and the number of children they have. In some cases, parents may only be able to provide partial support, such as helping with specific expenses like textbooks, transportation, or meal plans. Other families may be able to cover all tuition and living expenses, ensuring their children can graduate without any student debt.

In addition to financial support, parents can also offer guidance and advice to their children on budgeting and financial management. This can include helping them to navigate the complexities of student loans, grants, and scholarships, as well as teaching them how to manage their money effectively. By providing this financial education, parents can empower their children to make informed decisions about their finances and live within their means while at university.

Roommates

Having a roommate or several roommates is one of the best ways for university students to save money on living costs. According to a survey by StudySoup, students can save an average of $15,542 over four years by living with others, which includes savings on rent, utilities, cleaning supplies, toiletries, and food.

For example, in Chicago, living alone could cost an extra $705 per month, while in Los Angeles, it could be an additional $831 per month. In addition, having roommates means sharing the costs of furniture and appliances, which can be expensive to buy separately.

Finding Roommates

If you are moving to a new city for university and don't know anyone, there are several options for finding roommates:

• Online tools and websites such as RoomieMatch, Roomster, or Craigslist. However, it is important to be cautious and do your research to avoid scams.
• Alumni networks and Facebook groups can also be a great way to connect with people in your area who are looking for roommates.

Making Roommate Arrangements

Once you have found potential roommates, it is essential to have open and honest discussions about financial arrangements and expectations. Here are some key considerations:

• Create a list of house rules and agree on how you will handle rent payments, utility costs, food, and other shared expenses.
• Decide whether each roommate will buy and cook food independently or if you will share meals. If independent, you may want to assign refrigerator and cabinet space to each person. If sharing, discuss how you will split the cost of basics like milk, butter, and condiments.
• Be upfront about utility usage and costs. For example, if one roommate wants a deluxe cable package, they should be prepared to pay more. Similarly, if a roommate's habits, like running the air conditioner frequently, increase the electrical bill, they should contribute more to that bill.
• Discuss how you will handle the purchase of shared furniture and related items. It can be tricky to split costs on these items, and it may be unclear who takes them when you move out. Instead, consider buying bigger items separately and keeping a running list of each person's belongings. This way, you can try to balance out how much each roommate spends on shared items.

Benefits Beyond Financial Savings

Having roommates can provide benefits beyond financial savings. It can offer greater personal security and safety, a better social life, and more space for a lower cost. For some, it is also a way to combat loneliness and have built-in friends nearby.

While living with roommates can be a great way to save money, it is important to choose your roommates wisely and set clear expectations to avoid potential conflicts.

Frequently asked questions