1. Stretching Student Aid
Revised 8/2013
Hello students and parents! Welcome to our presentation today. We will be talking about how to stretch your student aid so it lasts the whole year.

2. Agenda How Financial Aid Works Shrinking the Cost of Attendance
Growing Your Financial Resources
Scenarios
We will talk about the following today: how financial aid works, some suggestions for shrinking the cost of attendance, how to grow your financial resources, and also offer some scenarios.

3. Each year you are in college, you’ll fill out the Free Application for Federal Student Aid, or the FAFSA. The college will use that, as well as any additional financial aid documents you may have to fill out, to create a financial aid award letter detailing how much you’ll be receiving in aid that year. It’s only at the very end of all of these steps – usually right before the quarter or semester starts – that your financial aid will be disbursed.

4. Financial Aid: Disbursement
College creates a bill of tuition and fees for the coming term.
College disburses financial aid to your account several days before the term begins.
College keeps the amount of tuition and fees.
The remaining amount gets transferred to your bank account as the term begins.
Financial aid gets disbursed in terms. So while your aid award covers the full year, it will be disbursed in halves or in thirds – depending on whether or not you’re at a school on semesters or on quarters. Here’s how the financial aid disbursement process works. First, the college or university creates a bill of tuition and fees for the coming term.
Next, several days before the term begins, the college or university will disburse financial aid in the form of grants, loans and scholarships to your account. If you have been awarded work-study, contact the financial aid office and/or your college’s work-study office to find a work-study job. Work-study money will be disbursed to you as though you are working a part-time job. You’ll receive a paycheck on a regular basis.
When that financial aid money is disbursed, the college will keep the amount for tuition and fees.
So, the amount that gets transferred to your bank account as the term begins is the amount of your financial aid MINUS tuition and fees. This amount is what has to stretch over the rest of the term to cover your expenses.

5. Agenda How Financial Aid Works Shrinking the Cost of Attendance
Growing Your Financial Resources
Scenarios
Now let’s talk about shrinking your cost of attendance.

6. Shrinking Costs: Balancing Act
Cost of Attendance
Financial Resources
Planning to pay for college is similar to budgeting for anything in that it is a balancing act between costs and financial resources. However because there are costs and financial resources that are unique to college attendance, it’s important to get a good grip on what is involved on each side of this balanced scale so that as you’re making your own paying-for-college plan, you can tip the scales as much in your favor as possible.
In this section, we’re going to talk about things you can do to shrink your cost of attendance.
Then we’ll try it out with some budgeting tools that can help you figure out what decisions you may need to make on either side of the balance scale to make your college budget work.
Cost of Attendance

7. Shrinking Costs: Cost of Attendance?
So first let’s talk about the cost of attendance. Everyone knows that in order to attend college, you have to pay tuition. However, you also have to factor in things like books and supplies, transportation, food, housing and utilities and any other personal costs including medical expenses, entertainment, cell phone, clothes, toiletries and miscellaneous expenses.
When you’re thinking about paying for college, these are all things you need to factor in. It basically covers everything it costs to keep you healthy and happy while you’re studying. Can you think of any unexpected costs that might come up? What else could be missing from this list?

8. Shrinking Costs: Cost of Attendance
The college that you go to publishes an estimated cost of attendance that it uses to figure out how much financial aid a student might need. It may publish this cost of attendance on its financial aid website or on your financial aid award letter. However, while this number is a set amount used by the college to determine how much aid a student may be need, it is not a fixed amount that the student will have to come up with in order to attend school there. In fact, the student has a lot of control over their own cost of attendance.

9. Miscellaneous expenses Housing Utilities Medical expenses
Shrinking Costs
Tuition & Fees
Cell phone
Books & Supplies
Clothes
Transportation
Toiletries
Food
Miscellaneous expenses
Housing
Utilities
Medical expenses
Entertainment
Let’s look at some things that go into the cost of attendance and talk about what you can do to shrink those costs.

10. Shrinking Costs: Tuition and Fees
Compare Schools
Western Undergraduate Exchange
Transfer credits
Taking more credits
Tuition reimbursement
AmeriCorps
Let’s talk about ways you can shrink tuition and fees.
While tuition & fees are basically fixed costs, if you haven’t chosen a school yet, it’s not fixed for you yet. You can effectively lower your cost of attendance by doing some comparison shopping between schools, not just in terms of the cost of tuition and fees, but also in terms of the financial aid package the colleges offer you.
While you can’t necessarily control the cost of tuition and fees, you may choose to go to a school where you are paying lower tuition. Looking for a public, in-state school is one way to do that.
If you really want to leave home and go out-of-state, one way to lower the out-of-state tuition increase would be through the Western Undergraduate Exchange. The WUE is a program between 15 western states and over 140 schools where students from participating states can attend a participating school out-of-state for a discounted tuition rate, usually 1.5 times the in-state tuition rate.
You may also decide that in the long run it would be better for you to start off at a community college in order to finish some prerequisite classes or general education classes for cheaper and then transfer those credits. If you do decide to do this, check with the college to which you’re thinking of transferring to make sure you’re signing up for community college classes that easily transfer over.
You could take more credits. Colleges and universities usually designate “full-time” as taking 12 credits per term. Yet students can take up to 18 credits per term at many colleges and universities WITHOUT paying for additional credits. At most colleges and universities, you need 180 credits to graduate. If you were to take the minimum 12 credits each quarter, it would take you 5 years of college to earn those 180 credits. Don’t just take the minimum. Take credits each term in order to ensure you’re on track to graduate in four years. And if you do take 18 credits each quarter, you could end up saving yourself a couple quarters of college – and thousands of dollars.
Tuition reimbursement is another option. Some employers will reimburse your tuition. You may want to consider this option for graduate school, or as a returning student.
With AmeriCorps, you work in a full-time position – usually in a nonprofit or a school – for a small living stipend and a $5500 scholarship. You can use that scholarship to pay for college or to pay back your student loans. AmeriCorps volunteers must be 18 in order to participate in the program.
Military service is another option that has some education incentives along with the responsibilities of military enrollment.
Part-time enrollment is also an option. Some students choose to enroll part-time in order to shrink their cost of attendance. There are pros and cons to this. Going part-time has financial aid implications, particularly if you have student loans. With some student loans, you must be taking at least six credits in order to receive them. Also, part-time students typically receive much less in financial aid to help them cover living expenses. While this is a viable option, particularly for students with jobs that provide them with enough money to live off of, make sure you’re aware of the financial aid implications.
Military service
Part-Time enrollment

11. Shrinking Costs: Books and Supplies
Buy used books
Campus bookstore
Online
Past editions
Rent
Share
Share books with friends
Use library books
Buy supplies in bulk
With books and supplies there are lots of ways to shrink the costs.
*One of the best ways to do this is by buying used books. You can do this through your campus bookstore, several online retailers, and from past students of the class. Some departments have bulletin boards on which you can post old books and buy/sell other students’ books.
*You can also look into buying past editions of a textbook. They can be significantly cheaper and the content usually hasn’t changed that much. Textbook companies make their money by printing new editions, but often the topic hasn’t changed much so they may organize things a little differently or update a chart or statistic. Make sure you check with your professor to ensure this is okay right after you sign up for the class. Ask if you can copy pages from another student that may be different – like homework problem sets. In many cases, using older editions are okay.
*Many retailers now offer the option to rent textbooks. You pay a certain price upfront and then are partially reimbursed if you choose to return the book at the end of the term.
*If you are taking the same class as someone, you may consider sharing books with them. This can sometimes be inconvenient as you have to arrange study times and may want to make notations, but you can decide if it’s worth it to you.
*Most professors put at least one copy of the class textbook on reserve at the library. You usually can’t take the book out of the library, and can check it out for only a few hours at a time. This could be an option should you not wish to buy the textbook for yourself.
*Things like notebooks, pens, and scantrons are really easy to buy in multi-packs and you can then split costs with another student. For other things like printing at home, sometimes it’s worth it to chip in on your roommate’s printer, paper and ink rather than buying your own or paying a premium to print elsewhere.
*Also, you could try getting free stuff. Lots of vendors that target students give out promotional pens, pencils, highlighters and notepads to students. Don’t be afraid to scout them out and get their stuff.

12. Shrinking Costs: Transportation
There are lots of ways to shrink your transportation costs.
*Where you go to school and where you live in relation to that plays a big part in this.
*If you have the option of not using a car, busing, biking or walking can save you lots of money. Many large colleges offer discounted bus passes to students.
*If you must use a car, it’s a good idea to set and keep rules around how you use your car. For example, you might decide that you’ll only use your car on certain days or to go certain distances. Don’t be afraid to ask for some gas money if you’re giving folks rides. People understand that cars cost money and if you don’t ask, you’ll end up paying for them. You can also reduce your car costs depending on the car you drive.
*If you want to travel or if you live far from home, there are special student travel deals that companies like Greyhound, Amtrak, and different travel agencies run that give steeply discounted rates for students. Consider taking advantage of these to shrink your transportation costs.

13. Choose your food plan wisely
Shrinking Costs: Food
Avoid eating out
Student deals
Choose your food plan wisely
Share meals
To avoid spending too much on food, we recommend the following:
*Avoid eating out. If you are going to eat out, set a budget for yourself so you don’t spend too much without knowing it. It helps to plan your meals and have food you can easily pack so that you don’t find yourself on campus all day with no option, but to buy something.
*As with other things, there are lots of student deals on food and restaurants. If you’re going to eat out, take advantage of those deals. It never hurts to ask if there’s a student discount.
*If you live on campus, there are usually several food plans you can choose from with the most convenient costing the most money. Choose your plan wisely. What you save may ultimately make up for the lost convenience. You can change food plans between quarters or semesters – so if you find you’re not using your full meal plan, you may switch at the end of the term.
*Lastly, consider making and sharing meals with roommates and friends. It’s fun to cook and eat together and it is cheaper for everyone.

14. Shrinking Costs: Housing and Utilities
*In terms of housing, there is a lot of possibility for shrinking costs. Students may have the option of living on-campus, off-campus with their family or with roommates. Even within each of those categories, you have control over whether you are going to live deluxe and pay more for housing or whether you are going to bunk up with folks in a cheaper place and save money. Some colleges and universities will require you to live on campus for several years before you can move off campus. During that time, do some research on the costs of living off campus vs. living on campus. It may be cheaper for you to move off campus, depending on the community in which your college is located. There are often different options for on-campus housing that cost different amounts as well. It would be a good idea to compare.
*You can also save money by working out with roommates rules about how you use water and electricity. This can definitely get complicated if you have to negotiate roommate relationships, but it’s good practice in communication and it can save you money to be upfront about it. One of the best ways to save on your electricity bill is to make sure all the lights are turned out before you go to bed.
*You may also have choices about your internet service provider or cable provider if you choose to have internet and cable access at home. Giving up cable, splitting the costs, or getting a basic plan can save you hundreds of dollars every year.

15. Shrinking Costs: Entertainment
Student Deals
Movies
Restaurants
Clubs and School Events
Sports classes
Activity-based clubs
Intermural sports
Campus events
Free Events
Community events
Community festivals
Make Your Own!
Potlucks
Movie nights
Craft nights
Outdoor trips
There are many ways to shrink costs in the entertainment category. There are a lot of student deals in entertainment available to you. Ask around or visit your student services office to see if they know about local deals you can take advantage of. It’s always work asking – most movie theaters that serve college students have student discount nights, and restaurants may have student discounts as well.
*Join clubs or attend school events for free or cheap. You could join an activity-based club, like a hiking club or a book club. You could play on an intramural sports team. Also, check out campus events. You may be able to attend cultural events, performing arts events or campus festivals for free or cheap.
*Keep an eye out for free events! There are many free fun community events and community festivals.
*Also, make your own fun! You can gather friends together for potlucks, movie nights, craft nights (like knitting) and outdoor trips. Parties can be as simple or elaborate as you choose. The fun is being with your friends, not so much what you do.

16. Shrinking Costs: Other
For other expenses, there are lots of ways to shrink costs.
*If you aren’t covered by your parents’ medical insurance, schools often offer reduced insurance for students. Know where the health clinic is on campus and what services can be covered there. Some colleges and universities allow students one free clinic visit per term.
*To save money on phone costs, you may consider scaling back on your phone use, choosing a different provider or plan or joining a family plan if that’s an option for you.
*Buy used items, buy items in bulk and share or don’t buy things at all. Make shopping lists for yourself and stick to them to avoid impulse buys. Identify needs vs. wants. For example, when going to the grocery store, plan your meals for the week and make a list of what you need. This will help you avoid multiple trips to the store in one week, and will also help you stick to a food budget.
*For clothing, make a clothing budget for the year and stick to it. This will help you avoid overspending.
*You could buy toiletries items in bulk with your roommate and housemates and share costs.
Hopefully after you graduate and land that great job, you won’t have to penny pinch as much, but practicing being frugal while you’re in school is a skill you’ll be able to take with you long after your student loans are paid off.

17. Shrinking Costs: Other
How long will it take to graduate?
What will my job prospects be like once I graduate?
What will my earning potential be once I graduate?
Not only do you have to consider everything included in the cost of attendance, but there are other costs you should consider as well. For example:
How long will it take to graduate? Some people take longer than four years to get a “four-year degree” and some people can take steps to shorten that time. Every year that you are in school is a year you have to pay for it. So you’ll want to consider not only how much you’ll pay to go to school for a year, but how many years will you be paying that amount. Another point that is important to consider along those lines is…
What will my job prospects be like once I graduate? We know that the more education you have, the more access you have to more stable job opportunities. So depending on what you’re studying and the field you plan to go into, it may very well be worth it to pay for a little more school to access certain job opportunities. However, you’ll also want to weigh that against…
What will my earning potential be once I graduate? This could affect any decisions you make about taking out student loans to help you pay for college. I’ll have more on that on the next slide.
These considerations may affect how much or how long you will be paying for college and what your ability to pay back any student loans might be.

18. Shrinking Costs: Borrow Responsibly
What do you expect to earn?
How much do you expect to borrow?
Can you afford your estimated monthly payments after college?
Student loan payments should be no more than 8- 10% of your monthly income.
You may not feel the costs of borrowing student loans now, but you could after you graduate. Students should borrow responsibly. In order to do that, think about the following questions:
What do you expect to earn? This is a very important question. If you don’t plan on being a doctor or a lawyer, then don’t borrow at the levels a doctor or a lawyer would for professional school. Consider the starting salary of your intended career. Don’t borrow more than you can reasonably expect to earn.
How much do you expect to borrow? Based on your first year’s financial aid package, you can probably get a good idea of how much you expect to borrow over the rest of your college career. Remember that the cost of attendance will continue to rise and without the guarantee of additional scholarships so you will likely have to borrow more each year.
Can you afford your expected monthly payments after college? Figure out what the average college graduate with your degree makes upon graduating. Estimate your payment based on how much you expect to borrow, and estimate your other monthly expenses to see the impact. Finaid.org has loan calculators you can use to estimate this.
Note: Your student loan payments should be no more than 8-10% of your monthly income.

19. Shrinking Costs: Credit Cards
One common financial pitfall college students fall into is credit card debt. There’s a reason why credit card companies target college students so heavily – college students use credit cards.
Using a credit card responsibly can help you build good credit – something that will help you do things like get a loan for a car or a house in the future. However, if you’re irresponsible with your credit cards, you may find it more and more difficult to get loans in the future. And, credit cards aren’t the only way you can build good credit as a college student. If you have student loans and start paying your interest while in school, that can help you establish good credit. If you’re renting an apartment off campus and are diligent about paying both your rent and utilities on time, that will also help you establish good credit.
If you do get one, set limits to make sure you’re staying within your budget. Consider using a service like Mint.com to track bills and how much you’ve charged.
Remember, everything you charge to a credit card must be paid off. If you don’t pay off your balance every month, you could get hit with late fees and finance charges.

20. Agenda How Financial Aid Works Shrinking the Cost of Attendance
Growing Your Financial Resources
Scenarios
Now we will move to growing your financial resources.

21. Resources: A Balancing Act
Cost of Attendance
Financial Resources
Cost of Attendance
Shrinking costs [CLICK] should be your first line of defense and most important strategy when trying to figure out a paying-for-college plan. Now that we’ve talked about things you can personally do to shrink the cost of attendance, let’s talk about where to find financial resources and how to (CLICK) stretch them to cover the cost of attendance.

22. Resources: 3 Pots of Money
Family Financing
Community Financing
In terms of where your financial resources for college come from, we’re talking about 3 main pots of money: family financing, community financing and government/institutional financing.
Getting and using funds from these 3 different pots of money can help you expand your financial resources to cover the cost of attendance.
Government/ Institutional Financing

23. Resources: Family Financing
What can you and your family contribute to your college education?
Savings
Income
Investments
How many people are in your family?
How many are/will be in college?
What kind of unusual expenses do you have?
With family financing, those funds are coming mainly from savings, income and investments that you personally or your family may have. Your family’s ability to contribute to your education may vary depending on the number of people in your family, the number of people in college and any unusual expenses they may have.
*While you can’t instantly generate savings or investments, if you’re going to be in school for a while, it’s a good idea to put a little away from every paycheck you get (maybe a set amount like $20 or $50 dollars or a set % like 10% or 15%). Putting a little away with every paycheck ensures that you are paying yourself first and that money isn’t going to go to anything else that might not be as important. It’s also a really good habit to get into because you’ll always need to be saving whenever possible.
*Your income is something you have more control over. While you don’t want to overload yourself with work at the expense of school, most students work part time to put themselves through school. Some students may choose to have more than one job at a time. How much you work is up to you, but this is definitely a place where you can make choices to expand your financial resources.
*Keep in mind the consequences of working while in college. If you work full-time and go to college, you may not have as much time for college and your grades could suffer. Also, you may be put in an awkward position if you have to ask for time off during finals, and your employer won’t grant it to you. While many students can work part-time and still do well in college, you may want to investigate work-study positions and on-campus jobs, which tend to be more flexible around class schedules, before going off campus.
*Sporadic work is also an option. Think about babysitting on the weekends or doing yard work. These could both be ways of getting a little extra money to help with your college expenses.

24. Resources: Community Financing
What scholarships or other external funding can you find?
Think about community financing as community investment in your future. If you can show that you have been a good citizen and community member in high school, the community will invest in your future endeavors.
There are scholarships for everybody! These can be based on income, academics, athletics, community service, heritage – anything you can think of! No matter where you are in school – be it getting ready to start college or a sophomore, definitely start looking for scholarships. The more time you invest researching and applying for scholarships, the better you get at identifying which options are the best for you.

25. Resources: Scholarships
FOR
FROM
Academics
Contest
Athletics
Raffle
Community involvement
Essay
Portfolio
Leadership
Affiliation
Interests
Beliefs and passions
Hobbies
Demographic
Participation
Field of Study
Extra-Curricular
Family heritage
Skill
Income
Birthday
School choice
Where you live
Where you’re from
School
Company
Organization
Individual
YOU
There are scholarships out there for you! Scholarships can be awarded to and even INTENDED for all kinds of different students. Schools, companies, organizations and individuals provide scholarships for a range of people.
Not everyone is eligible for every scholarship but everyone is eligible for many scholarships. With some persistence, hard work and organization, you can win scholarships. TO

26. Money: Government/Institutional Financing
What funds are available to me through the federal or state government or from my college?
Financial Aid
Grants
Loans
Work-Study
The third pot of money consists of government and institutional financing. To access these funds, fill out the Free Application for Federal Student Aid (FAFSA). The FAFSA will determine your eligibility for need-based and non-need-based federal aid. You will fill out the FAFSA for every year that you are in college. Your eligibility for aid could change from year-to-year. For some students, the cost of college increases faster relative to their parents income, making them eligible for need-based aid in future years.
In order to be considered for federal and state work-study money, there is a question on the FAFSA that asks if you would like to be considered for work-study. Answer yes. Some colleges will have their own institutionally-based work-study funds. Ask the college financial aid office about your eligibility.
Additionally, it is a really good idea to get familiar with the folks at your financial aid office. Check in with them. Introduce yourself to them. Let them know who you are. They decide who receives the scarce funds they have available. Sometimes funds are freed up from another student maybe switching schools or becoming ineligible for whatever reason. If funds become available and your financial aid folks know who you are, it may keep you in the front of their minds for who they will give those funds to when the opportunity arises. Aside from that, it is a good idea to get familiar with the folks in your FA office because they will have the answers to your financial aid questions. You can also negotiate with the financial aid office about the types of aid you are receiving. In some cases, you may be able to convert loans to work-study.

27. Agenda How Financial Aid Works Shrinking the Cost of Attendance
Growing Your Financial Resources
Scenarios
In our last section, we will give you some scenarios, as well as provide you with some tools with which you can practice creating a college budget and tracking your spending.

28. COST OF ATTENDANCE: $28,043/semester (Private)
Scenarios: On Campus
COST OF ATTENDANCE: $28,043/semester (Private)
*TUITION AND FEES: $21,063
STUDENT BUDGET: $6980
Room
Standard: $2440
Single: $3080
Dorm w/ kitchenette: $2820
Board
10 meals/week +$500 flex: $2950
14 meals/week + $150 flex: $2840
21 meals/week: $2840
Kitchenette meal plan: $1100 flex dollars (required)
Books, Supplies, and Personal Costs
College estimates $700/term for books and supplies
$1000/term for personal costs (including transportation)
This is a typical scenario for an on-campus student at a private college. The student’s cost of attendance is $28,043/semester. Of that, $21,063 goes to tuition and fees. A student at this college is considered full-time at 12 semester-length credits. Students can take up to 16 credits without paying any additional tuition costs.
After tuition and fees get taken out of the student’s financial aid, this student will have $6980 per term. This has to stretch to cover room, board, books, supplies, and personal costs. So this $6980 is the amount we’ll be working with in our scenario.
Before I give you a little time to figure out how this student could stretch her aid, I need to give you a few more pieces of information. In a standard room and a dorm with a kitchenette, students are required to have roommates. The “flex” money on the board options can be used towards more dorm meals (at $7/meal), or at a campus café that has many to-go and eat-in food options for between $5-$10/meal. The café options reportedly taste better than what is available in the dorms. Students can buy more flex money in $50 increments over the term.
The 21 meals/week plan allows the student to eat three meals a day in the dorms. The 14 meals/week plan allows the student to eat two meals a day in the dorms, with $150 for flex. The 10 meals/week plan allows the student to eat two meals a day in the dorms, five days a week.
This particular student lives about a five hour drive away from campus. During college breaks, many students travel back and forth between where the student lives and the college – so it will be easy for him to get a carpool ride home. The campus itself is within walking distance of a downtown area, as well as a grocery store. Public transportation isn’t great, but malls and movie theaters are within an easy bike ride of campus.
Let’s do the math. Let’s say the student chooses the single room option. $6980-$3080 = $3900 left to cover board, books, supplies, and personal costs. The student doesn’t think he’ll be eating all three meals a day in the dorms, and wants the flexibility to eat in the café. So he picks the second meal plan at $2840. $3900-$2840 =$1060. Since the college estimates $700/term for books and supplies and $1000/term for personal costs, is that a realistic plan for this student?
Let’s try another option. The student decides to live in a standard dorm room at $2440 a semester. $6980-$2440 = $4540 left. The student decides to do the 14 meals/week plan at $2840/term. $1700. Since the college is estimating $700/term for books and supplies and $1000/term for personal costs, this is a great option for this student. Let’s say that the student decides to do the 10 meals/week plan at $2950/term because he wanted to eat more meals in the café. $4540-$2950 = $1590. Where could the student save on books and supplies? Or on transportation?
(Point out that the student could buy used books, which would drop the bill for books down to about $500. Also, the student doesn’t need to own a car, given that so many students go back and forth between his hometown and campus. Bicycling and walking would be cost-effective ways to get around town. The student has a lot of control over estimated costs and can make personal decisions to stretch aid.)

29. Scenarios: Off Campus COST OF ATTENDANCE: $8175/quarter (public)
*TUITION AND FEES: $3449
STUDENT BUDGET: $4726/quarter
Room & Board ($3257/quarter)
House with 2 roommates: $500/mo/person + $150/mo/person utilities, including internet and cable. ($1950/quarter)
Single Apartment: $750/mo utilities included. Internet and cable $100/mo extra. ($2550/quarter)
Transportation ($969/quarter)
Bus pass available for $100/quarter
Good city buses to/from university available
Car insurance: $225/quarter
Parking: $200/quarter
Gas: $480/quarter
Books, Supplies, Personal Costs ($500/quarter)
Books and Supplies approximately $350/quarter
Personal costs approximately $150/quarter
This is a typical scenario for an off-campus student.
Note that the considerations here are a little different than that of an on-campus student. This college doesn’t require off-campus students to have a meal plan. So your room and board estimate will have to not only include your rent, but also food.
Let’s break it down by option. If the student decides to live in a single apartment at $2550/quarter, that leaves $707 for food. That $707 has to stretch over 11 weeks, leaving the student $64/week for food. On $64/week for food, could the student eat out at all? What choice would the student have to make in order to live alone? (Making every meal at home.)
If the student decides to live in a house with two roommates, she’ll pay $1950/quarter. That leaves the student $1307 for food for the quarter. Stretched out over 11 weeks, the student will have about $118/week for food. If the student makes most of her meals at home, she’ll spend about $75/week on food, leaving $43/week for eating out if she chooses.
For transportation, the college estimates $969/quarter. The student has the option of buying a bus pass for $100/quarter. Good city buses are available to and from the university, as well as to the community where her family lives, should she want to go home on a weekend. How could the student keep her costs down here? Is it a good idea to take a car to college?
(Point out that if the student brings a car to college, it’ll cost at least $905/quarter. If something were to happen and the car needed an expensive repair, that would have to come out of her financial aid. Deciding to forego the car and get around via the $100 bus pass saves the student almost $900. The student could decline a loan, or save that money in case of an emergency.)
With books and supplies, the college estimates $350/quarter. How could the student save money here? What about on personal costs?
What choices would you recommend this student make in order to save money and stretch her student aid to last the whole quarter?

30. Final Message: It’s Up to You!
Where you go
How long you go
How much you work
How much you spend
Budgeting is an ongoing process
Creative ways to cut costs
It’s really up to you – where you go, how long you go, how much you work, and how much you spend. Also, budgeting is an ongoing process. With budgeting, one year may look completely different from the next – particularly if you choose to live off campus one year and on campus the next. Figure out what is working and what is not. Assess if there are things you can change. Be your own financial advocate to make things change if they need to, and be flexible and creative with your finances.