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13.1. Creating a College Budget
A budget is your financial roadmap—it tracks what comes in (aid, income) and what goes out (expenses). Here’s how to build one:
Step 1: List Your Income
Scholarships and grants—note if they’re one-time or renewable.
Loans—only count what you’ll actually use each semester.
Family contributions or savings.
Job earnings (more on that later).
Example: $5,000 scholarship + $2,000 loan + $500 savings = $7,500/semester.
Step 2: Identify Expenses
Fixed Costs: Tuition (after aid), room and board, fees—check your school’s cost of attendance.
Variable Costs: Books ($300–$600/year), food beyond meal plans, transportation, personal items (clothes, toiletries).
Fun … Read more...
13.2. Stretching Your Scholarship and Aid Dollars
Every dollar counts in college. Here’s how to make your aid go further:
Textbooks: Buy used, rent, or borrow from the library. Sites like Chegg or BookFinder save 50% or more. Check if your scholarship covers e-books—they’re often cheaper.
Housing: Live off-campus with roommates if it’s less than dorms (factor in utilities). Some schools offer aid for on-campus housing—ask!
Food: Cook instead of eating out—$5 in groceries beats $15 takeout. Use meal plans wisely—don’t let points expire.
Transportation: Walk, bike, or use student bus passes. Avoid car costs (gas, parking) unless necessary.
Discounts: Flash your student ID for … Read more...
13.3. Work-Study and Part-Time Jobs
Earning while learning can boost your budget without derailing your studies. Here’s how to use them:
Federal Work-Study:
What It Is: Part-time jobs (often on-campus) for students with financial need, funded via the FAFSA.
Pay: Minimum wage or higher—e.g., $10–$15/hour, up to $3,000/year.
Perks: Flexible hours, education-related roles (library aide, lab assistant). Money goes straight to you—not tuition.
How: Accept it in your aid package, then apply for jobs through your school’s work-study office.
Part-Time Jobs:
Options: Off-campus gigs—retail, tutoring, freelancing (e.g., graphic design on Fiverr).
Pay: Varies—$12–$20/hour; aim for 10–15 hours/week to balance school.
Perks: … Read more...
13.4. Avoiding Common Financial Pitfalls
College is full of money traps. Steer clear with these warnings:
Overspending Early: Blowing your aid check in week one leaves you broke by finals. Spread it out—divide by weeks or months (e.g., $7,500 ÷ 15 weeks = $500/week).
Credit Card Debt: That “free” card at orientation can spiral—20% interest turns a $500 balance into $600 fast. Use only for emergencies, and pay off monthly.
Unnecessary Loans: Borrowing max federal loans “just because” adds interest you’ll regret. Take what you need—e.g., $5,500/year vs. $12,500 saves thousands long-term.
Skipping Refunds: If aid exceeds tuition, schools refund the rest—don’t let … Read more...
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