There’s no denying that college can be very expensive. If you’re planning on going away for college, you’ll have to factor in your living expenses on top of tuition and other costs. Although the cost of living will vary depending on the area you’ll be living in and the type of housing you choose to live in, finding ways to cut down on those living costs can help tremendously.
If you’re living in off-campus housing
Many students going away for college prefer to live off campus, and while there are a lot of benefits of living off campus, there are also other bills to consider that you may not have to pay if you’re living in a dorm. But by picking the right rental home, you could potentially pay the same (or less) than if you were living in a tiny on-campus dorm room. First, you’ll want to compare the average rent prices for apartments that are located near your campus versus ones that are further out. Depending on the area your school is in, the pricier housing might be right near your school. Living near campus can be very convenient, but it may not be worth the extra rent. However, if you’re able to find a roommate and it means you can walk to campus and won’t need a car, you might end up saving money in the end.
Regardless of whether you live near campus or far away, if you’re open to the idea of living with a roommate (or several roommates), you can save a lot of money each month. And even though you may not like the idea of dorm room living, consider how off-campus living with roommates can be much different—for example, you might be able to split the rent of a large house with several friends.
If you’re living in a dorm room on campus
Dorm room rent is often non-negotiable, but some colleges may offer other options for students living on campus and looking to save. For example, some schools give students the option to live with more than one roommate, which can help lower dorm expenses.
Another way to cut down on living expenses if you plan on living in a dorm is to look into a meal plan. Offered by most schools, these meal plans are meant to help students cut down on food costs; students can usually choose from various options, such as unlimited meal plans or a set amount of meals each week.
Apply for financial aid
Whether you’ve got your college tuition covered already or you’re still saving up, take the time to apply for financial aid—you’ve got nothing to lose. Not only does financial aid help with tuition, but it also helps students with the cost of college in general—living expenses included. If you’re eligible to receive financial aid, you could receive money to help with your living expenses, regardless of whether you live off or on campus.
Do you need extra cash to take care of college expenses? If you’re receiving long-term payments from an annuity, Peachtree Financial Solutions may be able to help by purchasing some or all of your future payments for a lump sum of cash. Contact Peachtree Financial Solutions for more information and to receive your free quote.
Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.