Cutting Down Indirect Costs (Books, Travel, Personal, and Misc. Expenses)?

Paying for College
1

<p>Hello again CC. I'm trying to figure out the best ways to cut down on the following college costs (approx. they've estimated my indirect costs at around $2,400 a year):</p>

<p>Books
Supplies
Travel
Personal
Miscellaneous</p>

<p>BOOKS/SUPPLIES
I've recently discovered, by contacting a few prospective Sophomores at my uni that most, if not, all books can be rented out through the campus library. That alone could save me hundreds of dollars. I'm assuming supplies would be at a negligible cost (notebooks, pens, papers, used calculators, etc--I have most of this stuff already).</p>

<p>TRAVEL
My plane ticket is already paid for by my parents and depending on the holidays and whether or not I stay on campus for sports, I may or may not be leaving the school this year. If I purchase my tickets in advanced I could save up money, as well. I'd probably use about $300 for two holiday trips down south.</p>

<p>PERSONAL
I wasn't sure what "Personal Expenses" implied because it was lumped together with my travel expenses on my aid offer. Is the college referring to the items I may need to purchase before I go to college or the items I may need to purchase during college? I've got about $250 saved up in a savings account and about $150 saved up in gift cards from a variety of stores. Hoping that amount will cover the necessities I'll need to buy to bring to campus. I'll have a work study job that will most likely be paying for my personal, day to day expenses.</p>

<p>MISCELLANEOUS
I'm not sure either if I'll need to allot much money for Miscellaneous items, either. But I'll treat these costs as emergency, unexpected, out-of-the-blue scenarios. But I'd have to rely on my work study job to bail me out if I ever have a case like this. </p>

<p>Does this seem like a "bullet-proof" plan to avoid indirect costs? With this plan, I wouldn't have to rely so much on actually spending more money for these costs. My tuition, room, and board can be paid off by the school grant that I was given, Federal Grants, plus a Stafford Loan of $5,550 (I wasn't going to take out one but I figured it was better to take it out and not work myself to death paying for both my parents and my own contributions). Their monthly contributions (on a 10 month plan) would only be $60 ($30 each) with the loan. The COA is approx. $58 grand.</p>

<p>So how's that sound?</p>

2

<p>It depends on where you go to school. If you attend school in a rural, surburan area, it can be very easy to get by with out money, in a large city-maybe not so much. </p>

<p>You can’t really rely on your work study job bailing you out because like the John Lennon lyrics " Life is what happens to you while you’re busy making other plans". </p>

<p>While renting books may be cheaper than purchasing, there is a big fee(fine) if they are not returned on time (you end up paying the cost of the book and fees). Making copies of materials that you may need from that book that cannot be checked out of the library. Supplies for your printer (ink/paper) or money to print that final in the middle of the night.</p>

<p>Personal items are things that you may need before college and while you are there: bedding (including winter bedding), linen. If you do not currently live in a warm weather climate and are going to a school where there are 4 seasons, you may need winter gear. Shampoo, soap, personal toiletry items.</p>

<p>While it is one thing to be all work and no play; there will be events on campus, concerts, mixers, dinners, movies that you may want to do as part of the social experience and these things may cost money.</p>

<p>Misc. fees:</p>

<p>Sometimes the whole college locks down for winter break (with the exception of international students). You need to find out what the policy is at your school. Right now you are talking about going to college late august/early September and not coming home until may/june (no thanksgiving, winter or spring break).</p>

<p>While it may be possible for you to stay on campus, food many of the dining halls are closed, so you would need money to eat off campus or independent food services that are working. You may need money to eat for late night studying or if participation your makes you miss the dining hall.</p>

<p>Co-payments for doctors or prescriptions in the event that you get sick or hurt.</p>

<p>You need money for laundry. the list can go on</p>

3

<p>Some schools and/or majors have specific computing requirements that may require a new laptop. Additionally some schools require students to buy and install anti-virus software on their computers before they can access the university’s network.</p>

<p>Some courses may require you purchase specific software. (And not just for STEM majors.) Even student versions of some commonly used software packages can cost $100+.</p>

4

<p>Thanks, you guys. I completely forgot that I’d need to buy a new lap top (that’s going to be a couple hundred :frowning: . Anyways, I’ll be taking out a Stafford Loan to cover my parents contribution. Would I be taking it out on their behalf or would they be in charge of paying it back?</p>

5

<p>The problem with using text books from the library is that for current classes, they are often put on a couple hours loan, which can be very inconvenient. Other options are buying used books or from online sites that have discounts.</p>

6

<p>^yes, I understand that, as well. I’ll probably invest in online stores and gently used books, too.</p>

7

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<p>The student loan would be in your name and you would be responsible for the repayment. If you can get them to pay the unsub portion off for you (reducing your debt and also not accruing interest).</p>

<p>3000 would be subsidized (interest is paid by the federal government until you graduate or stop attending school)
2500 would be unsubsidized (interest accrues).</p>

8

<p>Check to college website to see when dorms are open and closed. Some stay open for Thanksgiving and Spring break for internationals and kids that live far away but generally there is no food service so it is best to check and i would even if the website says the dorms shut…you can call housing and ask. If you are on athletic scholarship your coach should also know when and when you cannot stay in your dorm. Knowing this information should help you figure out what do to about a holiday plane ticket. For Thanksgiving and spring break hopefully you will have “made” friends that you can stay with if you cannot stay in the dorm.</p>

9

<p>Clip coupons: For example BBB gives 20% off coupons, they virtually have no expiration dates. you can use it for comforters, or other “big ticket” dorm item that you may need. </p>

<p>Clip coupons for your toiletries (shampoo, deodorant, lotions, etc, laundry detergent) and get one of those store savings cards (CVS/Duane Read/rite aid/shop rite) because you can get additional discounts (2-fers, which you can use with your coupons to save $$).</p>

10

<p>If folks ask you about birthday presents or Christmas presents, think of things you will use in college.</p>

<p>My kids bought all of their text books online used and saved a lot.</p>

<p>Shop for college linens at home first… Then supplement with new things only for things you don’t already own. </p>

<p>Look for sales and use coupons.</p>

11

<p>Apple…</p>

<p>It sounds like some of what you’re borrowing is to cover your parents’ contribution. If they’re only paying $60 a month (30 each), then they’re only paying $600 for the entire YEAR??? I thought they said that they would pay more than that. If they will, you should LET them so that some of your student loan money can be a “cushion” for any unexpected expenses.</p>

12

<p>I had my son use the money he earned over the summer for his spending money at college. I told him if he ran out of spending money, that was his problem. That made him frugal, and made him appreciate the value of a dollar. As a result, he maxed out use of his required freshman meal plan, as opposed to going out to restaurants all of the time.</p>

<p>If you use Amtrak, sign up for their discount program and an Amtrak credit card. Together with a AAA or student advantage card, it can save large amounts of money and provide for some free trips.</p>

<p>Go to large supermarkets for groceries as opposed to smaller stores. Most towns have a bus route to at least one large supermarket.</p>

<p>At my son’s college, the college bookstore prices were always higher than the used prices on Amazon. The cheapest priced books went very fast. The prices for books sold between students were even cheaper - most were sold on the facebook site for the class of 2015 website for my son’s college. You may wish to join the previous year’s facebook site for better access to textbooks for sale.</p>

<p>Many students sell stuff cheap at the end of the year on craigslist. Many colleges also collect unneeded items of students and sell them cheap for charity (such as June). That can be a great way to get cheap fridges, microwaves, etc.</p>

<p>My son kept his hometown bank, which had no fees, as opposed to the mulit-national banks at his college that demanded high fees. He found that he mainly used his debit card, so it didn’t matter which bank it was from. There also was an option at his college that allowed students to join the college’s credit union, which had low fees.</p>

<p>Sign up for Amazon’s student prime program, which provides free 2 day shipping to students for a period of time.</p>

13

<p>In regards to the Stafford Loans I will be taking out, I’ll be using the then entire $5,550 (Sub and UnSub) to pay off the remaining COA (minus indirect costs). When I added Room & Board, Tuition, and other Fees it came out to roughly $57,000. Subtracting my $46,000 College grant and $ 5,550 Pell grant leaves $6,000 left to pay of the COA. I’d use the entire Stafford Loan to pay off the remaining costs leaving them with a little over $500 to pay for the entire year. This would amount to $25-$30 monthly payments by each of them, which would be a lot more affordable for them. </p>

<p>I’ve spoken with my mother about her entire needed contribution and I know she doesn’t have the means to be making payments any larger than that; she just has too much on her plate. My father has his hands full with my large family, too. I’d have to rely on my w/s job for all pocket money/personal expenses. Does that answer your question, m2cK?</p>

14

<p>AppleBeam, be aware that all types of unexpected, additional expenses can pop up during college. Additional course fees for lab classes, “lost ID” replacement fee, dorm charge when someone in the dorm trashes something but no one knows who did it - everyone gets charged their share. heck, my D was charged $3.50 for “overcleaning” at the end of the year - she had a single, and must have scrubbed varnish off or something. A hole got punched in a wall in the suite - all 10 were charged to fix the damage. Library overdue fines, the “lets all pitch in for pizza” at 1:00am study sessions,…the year cost us $220 or so more than we originally thought due to unexpected costs/fees/charges/etc. Just have an emergency back up plan, even if it means tutoring on the side, babysitting professors kids, cleaning dorm rooms for a fee for the kids who are too lazy… on top of the work study job.</p>

15

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<p>You have to check with your school to find out if they would even be willing to let you get a payment plan for $500. It school may not set of a payment plan for this small amount because it is not beneficial to the school to do so. Also remember that they charge a fee for using the service. You would be better served if your parents could put this money together to pay the expense before you leave to school</p>

16

<p>You have some good plans and you are very aware that you are on a tight budget. Hopefully it works out. Unfortunately, things can happen. Can’t go crazy trying to predict all that can go wrong. So you give it a go. If you truly hit a big snag, an emergency, you ask your mom to apply for PLUS. If she gets turned down, you get $4K more in Staffords. If she gets the loan, she can defer it until you are six months out of school, and you can assume it, if she cannot. Or your dad or mom will just have to scrape up the funds somehow. You do just deal with some things as they happen because maybe they won’t.</p>

<p>ALso, have you dealt with the health insurance issue with your school? Some kids get the nasty surprise that they are not allowed to register if they do not pay for the school sponsored insurance or have similar coverage on their own. </p>

<p>Personal expenses include laundry, personal hygiene supplies, and other things that invariably arise in the course of a year. Unfortunately, people do get sick, get hurt, break their glasses, lose a book, have an essential item stolen, lose a job, etc, etc. It’s not an easy go. My son had it all planned, and it fell apart.</p>