What I mean to say is, how is it that college students can afford to live on their own(away from parents) and only work a part time job. Right now I have a full time job, and I do ok, but I can't imagine making much less or having less hours and still being financially stable. How do they have lives aside from college and work, and don't tell me they don't I know plenty of college students who still go out and do things. I ask because I hope to start college soon, and it's not in my hometown, so living with the parents isn't an option really.
2006-09-04 05:57:23 · 15 answers · asked by Adam W 2 in Education & Reference ➔ Higher Education (University +)
The first and most important step is filling out the FAFSA ( U.S. Department of Education's FREE Application for Federal Student Aid http://www.fafsa.ed.gov ). This lines you up not only to be eligible for various types of student loans, but could also put you in line to receive grant money (which doesn't have to be repaid, whoo-hoo!). The FAFSA is also likely required to qualify for any financial aid your college may offer.
Several factors determine the amount of money you may be eligible to receive. These include your age, where you live (on or off campus), how much of a financial contribution is ‘expected’ from your family, your total financial need, etc. The main way “Financial Need” is determined using your tax information and your parent’s tax information if you are under the age of 23. Pay close attention to loan terms (grace period and consolidation are good ones to note) and conditions and make sure to keep copies of all such records, these will be vital!
To answer your questions about the ‘college lifestyle’…it is all about choices.
Ramen or Mac&Cheese?
Seriously though, my observation has been that people whose parents supply greater financial support typically do have the opportunity to choose a heavier social calendar. The students who apply for financial aid and still work 2 part-time jobs just to scrape by have to be pickier about choosing extra-curricular activities and learning to balance them. Your new mantra as you wait tables for slovenly socialites: “This builds character! I’m building character!”
Take heart if this seems to be where you’re headed. It can be accomplished and there are likely further resources available to assist you along the way. (Visit with a financial aid counselor during a campus visit and find out if your school has a career and employment services office that can help you find the right job(s) for you!) In addition, the people who booze & schmooze their way through college typically have a harder time once ‘the real world’ sets in (Not to mention in those a.m. classes!). You will have already planned and built so much character you won’t have to think twice about taking the fast train to a job they may be equally “qualified” for right from under their nose while they are still dumb-struck looking for directions! Laugh! It feels good!
A danger to avoid in concern of college finances: Credit card applications! Credit card companies often set up tables on college campuses offering free swag ‘just for signing up’! Inexperienced students treat this like taking a survey rather than signing a formal contract. Worse than a tiger trap, credit debt is easy to get into and hard to get out of. Even if you do have the financial savvy to avoid racking up debt, there is always the junk mail en masse once you have given over your personal information! Consider yourself warned!
I further suggest taking a Personal Finance class early on if you have a free elective. Not only will it give you tips and ideas for getting through college, if you get a teacher worth his/her salt, taking the class will help get you in the mind-frame for what it will take once you’ve moved on from the college setting.
Best of luck in school!
2006-09-04 07:03:58 · answer #1 · answered by Gypchai 1 · 1⤊ 0⤋
They rent large apartments and get lots of roomates. In my town a 1 bedroom apartment might be $500, but a 4 bedroom apartment may be $1000. With 4 roomates that reduces the rent to $250.
They eat low cost foods like Ramen noodles. Also, it is cheaper to make a dinner for 4 than it is to make 4 dinners for 1. They share food to save money.
Student loans and other financial aid supplements what they earn from thier job. These students do not always live on a part time salary.
They by furniture and other items used from former students. Or they collect things from the sidewalks. So far this year I have found a large 6' cabinet and 3 small end tables on the sidewalks.
Hope this helps.
2006-09-04 06:06:20 · answer #2 · answered by Gypsy Girl 7 · 0⤊ 0⤋
Well, there are loans that can help a great deal. I know it might seem intimidating for a young person right out of high school to take out a huge loan, but it truly is an investment in your future. Also, some kids save before college, and go home during the summer to work and save some more. My brother took on several jobs to work his way through college. Try to find a job that pays decent. That may be hard to do in a community that supports a college, but think waiting tables over fast food. Good waiters can make good tips. Be frugal - you might want to learn to cook at home if you don't know how. It is much cheaper than eating out. If skillets scare you, a good sandwich stretches the budget and is as quick as fast food. Before you buy that CD ask yourself if you would rather eat out with friends this weekend. Buy generic (soap, shampoo, bread, etc.)
2006-09-04 06:15:22 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Alot of the lucky ones get helps from parents and relatives and I mean alot of help. I've met students whose parents pay for thier, school tuition, books, clothes, apartment, groceries, car, gas, utilites etc... and the money from their part time just is just for them to hang out or go out.
Then there are students who may not be completely supported but are still getting a decent amount of help. On top of this a lot of students have taken out massive loans that they will be paying for the next 30 years and that's not including any credit card debt, alot also have some kind of award or financial aid that they rely on as well.
2006-09-04 07:12:29 · answer #4 · answered by Anonymous · 0⤊ 0⤋
A fair number of college students get help from their parents. I know this because I work at a grocery store and the 'rents tell me about buying their kid groceries to take back to school with them or they will buy the student a gift card for groceries or a Wal-mart gift card.
Although it sounds like you are very self-sufficient and I understand that not all parents have the means to help out much if at all and it's more likely not even their place to do so all the time.
2006-09-04 06:08:05 · answer #5 · answered by yes_i_am 2 · 0⤊ 0⤋
Most do it with debt which is REALLY dumb!
What I did was live at home while working part time and going to school full time at STATE U, not at Out Of Town over priced U.
I did it w/no debt and I was still able to get a good job when I was done.
2006-09-04 06:04:44 · answer #6 · answered by N3WJL 5 · 0⤊ 0⤋
HI,
Most college students tend to pay for their accomodation through student loans or grants. They will most probably have a part time job to pay for food and social activities.
Most students though, have mummy and daddy to pay for everything.
2006-09-04 06:08:05 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Loans. Part time jobs. Cheap living.
2006-09-04 06:01:06 · answer #8 · answered by Ketel One Up 4 · 0⤊ 0⤋
Loans. I have 25K out in loans and I'm a Senior now. I work, but my bills get paid from loans. I don't go out, I refuse to drink away loan money, if it were mine, I'd consider it but it isnt.
2006-09-04 06:01:04 · answer #9 · answered by wrf3k 5 · 0⤊ 0⤋
Get a part time job and try to save money.(open a account).
2006-09-04 06:04:54 · answer #10 · answered by mimi220 2 · 0⤊ 0⤋