When we speak about college costs, we most often think of tuition and books. Yet, though these two expenses are really there and often make up the largest part of a student’s budget, there are also many additional expenses worth considering. So, what are students spending on? And how much money do they need to pull it through the college?
In this article, we will review what key expenses are shaping student budget and cost of living to help every student understand how much they need to get through this stage of their life. Let’s dive in!
Key Expenses of a US Student
A typical student spends money on many different things. These usually include accommodation, food, the help of an essay writing service, books, clothing, entertainment, etc. Some of these expenses are minor, whereas others can get rather pricy.
But, how much cash will it take for a student to cover each category of expenses? Let’s see:
Tuition
Obviously, one of the most massive costs that will drop right on a student’s shoulders is tuition. The cost of your tuition will depend mostly on the college or university you choose, so it’s hard to say how much exactly you will have to spend on it. Nevertheless, on average, students can pay anywhere between $7,000 and $40,000+ a year.
Room and Board
The next big part of your budget should be given to your room and board expenses. Simply put, this is the general cost of living, including things like food, housing, etc. The overall sum you will have to spend on this category of expenses is determined by a number of factors, such as your location or whether you choose to rent or stay in a dorm. However, according to stats, the average room and board cost for a US student is around $9,000-$12,000 a year or more.
Textbooks, School Supplies, and Other Academic Expenses
The next category of expenses spans everything related to your studies, including books, supplies, the services of write me an essay sites, and more. As a rule, students in the US spend from $1,000 to $1,500 a year on the things they need for their studies. One thing that students should also bear in mind is that books make up the most of this cost. But, luckily, thanks to such marketplaces as Amazon, you can save a lot on such expenses.
Personal Expenses
Though personal expenses don’t typically require much of your budget, they are still there, and you can’t ignore this fact. Every student has a number of personal expenses that they can’t cut down on. These usually include clothing, laundry, toiletries, cosmetics, medications, and other personal items or services. Depending on your needs, such personal expenses can add up to $2,000 a year.
Transportation
One more thing students always spend additional cash on is transportation, which can include traveling around the area, visiting home, or going on vacations. One way or another, each of you will have to spend some money on transportation. We recommend planning to spend at least $1,000 on tickets, gas, and other transportation stuff. And, of course, if you choose to rent an apartment instead of living in a dorm and will have to drive to school every day, your transportation expenses will likely increase.
School and Activity Fees
If you are planning to gain access to the college gym, want to participate in extracurricular activities or do sports, and enjoy other opportunities and benefits offered to you by the chosen college, you will also have to pay for this. Every college or university has fixed school and activity fees that cover all of these things.
Wondering how much cash will this require? Well, of course, the exact sum will depend on the selected school, as well as on your personal needs. However, according to stats and surveys, an average student will spend under $500 a year on all kinds of school and activity fees.
Equipment
Finally, let’s not forget that we live in the 21st century. That is, no student can do without certain equipment such as a smartphone, laptop, printer, vacuum, microwave, etc. As you can guess, all these gadgets can make up a rather large expense. But, the good news is that most of these will be one-time purchases. However, it is hard to estimate how much you will need to spend to buy all the equipment you will need for comfortable living and studies.
The Bottom Line
So, how much does an average student need to survive through college? Student living and tuition costs vary significantly depending on a variety of factors. Typically, these factors include:
- Location;
- Selected college or university;
- Whether you are renting an apartment or living in a dorm;
- Whether you are traveling by car or public transport;
- How much you spend on entertainment;
- Whether you are eating out or cooking your own meals;
- Your own spending habits;
- Personal budgeting skills;
- And much more.
Each of these factors is vital for calculating one’s personal college budget. And, as you can guess, there is no one-fits-all spendings plan.
Nevertheless, based on the key expenses we’ve discussed earlier and the average numbers we’ve shared with you, we can conclude that a typical student will need to have at least $20,000 (or more) per year to cover all the expenses. But, if you plan your budget well, you will make it through with ease!