Managing Costs as a College Student
Explore budgeting techniques, learn how to save money on textbooks, meals, and housing expenses, and discover various financial resources available to support your educational journey. Whether you're a freshman or a senior, mastering the art of cost management will not only alleviate financial stress but also set you up for long-term financial success.
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Daniel Walker
Licensed Insurance Agent
Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years (BBB A+). He is licensed as an agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. He reviews content, ensuring tha...
Licensed Insurance Agent
UPDATED: Oct 3, 2024
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Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Oct 3, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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Discover essential tips for managing costs as a college student in our comprehensive guide. Learn effective budgeting techniques, money-saving strategies, and access valuable resources to optimize your finances.
Take control of your financial journey and achieve financial independence.
Take control of your financial journey and achieve financial independence. Compare rates from top insurance providers by entering your zip code now and secure the coverage you need while saving money as a college student.
Tuition
You have plenty of options to choose from when it comes to funding your college education. Other than being a working student or asking your parents for money, you can try to apply for loans, scholarships, grants, and other forms of financial aid targeted for special groups of students.
Loans
With college tuition rates rising year after year even at state universities, it has almost become a necessity for students to take out loans to pay for college. The good news is that there are plenty of loans you can apply for.
Before you go for loans from private entities like banks and lenders, we recommend that you apply for federal student loans first. They are low-interest loans that are intended for students who may not be eligible for private loans.
Scholarships
Applying for scholarships is also a great way to lighten the financial burden of college. You will find plenty of scholarship databases on the Internet divided by field of study. Better yet, you can go directly to your college’s website or office for their list of scholarships to find out which ones you qualify for.
Grants
Grants are financial aid like scholarships except they are mostly issued by the government instead of private institutions. If you come from a low to moderate income household, you can apply for the Pell Grant.
Special Groups of Students
Acknowledging the disadvantaged situations some students come from, universities, colleges, and other institutions usually offer special financial aids specifically for groups such as students with disabilities and minorities. Ask at your college’s financial aid office and apply there.
Resources:
- USA Gov: Manage and repay student loans
- Phoenix Public Library: Scholarships
- American Society for Biochemistry and Molecular Biology: Guide to scholarships for new Americans and minorities
- Consumer Reports: Money 101 for college students: How to budget
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Housing
The type of housing you will be living in will greatly depend on how far from home your campus is. Assuming that you are going to college in another state and commuting home every day will not be possible, you can either apply for on-campus housing (dorms) or opt to rent a place off-campus.
Living in a dorm has its own perks and downsides. The positives are that it is relatively cheaper and safer. You will have easy access to the college’s facilities and have an immediate circle of friends. Most dorms also have their own dining halls and laundry facilities, so you will have everything you need in one place. However, if you are not used to sharing a bedroom or a bathroom with a bunch of other people this setup may not be ideal for you.
Should you decide to rent a place off campus, be sure to do your research first. Make sure only to consider places that are located in safe neighborhoods. Inform yourself of your rights as a tenantto protect yourself from opportunistic landlords. We also recommend that you protect yourself (and your belongings) with renter’s insurance.
For more specific housing advice, check out the resource links below.
Resources:
- American University: Off-campus housing guide
- My College Options: The great debate: To live on-campus or off-campus
- University of Nevada, Reno: Off-campus housing
Books and Supplies
College textbooks are notorious for being ridiculously expensive. You can save a few hundred dollars every semester by opting to download your textbooks for free from the sites below or by buying them secondhand from the bookstore, online, or from other students who have taken the courses you are taking.
Resources:
- Massachusetts Educational Financing Authority: The top 4 sites to find your college textbooks
- Fin Aid: Cutting the cost of college textbooks
- National Association of College Stores: Course materials costs: college stores as solution providers
Food
Being in college makes it hard to keep a healthy diet because (1) you are surrounded by unhealthy, instant food, (2) you don’t always have the facilities to cook your own meals or (3) you are too broke to buy healthy food. It is no surprise that people gain the dreaded freshman 15 in their first semester at college.
Making a food budget or devising meal plans are great ways to manage your food spending while also eating healthy. To help you make these, check out the links below.
Resources:
- Center for Young Women’s Health: College health: eating and fitness 101
- Choose My Plate: Healthy eating on a budget
- US Department of Agriculture: Eating healthy on a budget
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Transportation
Your mode of transportation will depend on your living situation and how far it is from school. If you live on-campus, you would be best off with biking or walking around campus. However, people who live off-campus might consider either taking public transportation or bringing their car to college.
Going for the public transportation route can save you plenty of money on gas and car maintenance. One downside is that your college town’s bus system may run on a schedule that you cannot work with.
If you decide to bring your car with you to college, make sure that you have good car insurance. You can’t legally drive without it, and more importantly, it provides property damage coverage in case you get into mishaps. In addition, look into on-campus parking options. These will often incur an additional fee.
Resources:
- Stanford University: 5 considerations for bringing a car to college
- Colorado State University: Should I bring a car to campus?
Personal Expenses
Aside from tuition, housing, food, and school supplies, you will need money for your other personal expenses for college such as emergency funds if your laptop or phone breaks, clothes, and other things. Here are some simple personal finance/budgeting tips you can employ:
- Use apps to track and make budgets
- Steer away from using credit cards
- Take advantage of student discounts and promos
- Learn to be frugal – only buy things you need instead of just want
To get the best use out of your money, check out the links below.
Resources:
- College in Colorado: How to make a budget: S primer for college students
- Smart About Money: 40 money management tips every college student should know
Medical Expenses
Medical expenses will vary. However, most colleges usually offer or require their students to have health insurance plans before the first semester starts. If you are not covered by your parents’ health insurance, you can opt for a private plan or your school’s plan. Just be warned that these usually have more limited coverage.
Most plans should cover basic medical needs such as:
- Emergency services
- Hospitalization, mental health, and substance use disorder services
- Prescription drugs
- Lab exams
- Preventive and wellness services
- Chronic disease management
- Contraceptives
Resources:
- Health Care: In school? Student health plans & other options
- Pennsylvania Insurance Department: Back to college health insurance needs
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Additional Resources
You might find these other resource links helpful if you are still in search of financial aid or need to calculate how much money you will need for college.
US Department of State: has a great resource for students on their website: Scholarships, financial aid, and student internships.
The US Department of Education has a calculator to help you determine how much you will need for your college education: Net price calculator.
Frequently Asked Questions
How can I save money on textbooks for college?
There are several ways to save money on textbooks. You can buy used textbooks, rent textbooks, or buy digital versions of textbooks. You can also look for textbooks at online retailers or through textbook rental services.
How can I save money on food while I’m in college?
There are several ways to save money on food while in college. You can cook your own meals instead of eating out, buy in bulk to save money, and use coupons or look for deals at grocery stores. You can also look for free food events on campus or volunteer to work at events that provide free food.
What are some ways to save money on transportation while in college?
You can save money on transportation by walking, biking, or using public transportation instead of owning a car. Many college campuses have free shuttle buses that students can use, and some cities offer discounts on public transportation for students.
How can I save money on housing while in college?
You can save money on housing by living with roommates or in a dormitory instead of renting your own apartment. You can also look for housing options that include utilities and other expenses in the rent.
How can I save money on entertainment while in college?
You can save money on entertainment by looking for free or low-cost events on campus or in the community. You can also take advantage of student discounts at movie theaters, museums, and other entertainment venues.
How can I save money on healthcare while in college?
Many colleges and universities offer healthcare services to students at little or no cost. You can also look for clinics or healthcare providers in the community that offer discounts to students or accept your student health insurance plan.
What should I do if I am struggling to manage my finances while in college?
If you are struggling to manage your finances while in college, you can seek help from a financial aid counselor or financial coach at your school. They can provide guidance and resources to help you better manage your money and create a budget. You can also look for online resources or apps that can help you track your spending and manage your finances.
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Daniel Walker
Licensed Insurance Agent
Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years (BBB A+). He is licensed as an agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. He reviews content, ensuring tha...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.