How to save money

Colleges and Universities A-Z University of Chicago ✅
1

<p>Hello! I was suggested in a previous thread ( <a href="http://talk.collegeconfidential.com/college-search-selection/1642666-14k-chicago-v-7-8k-arkansas-honors-undergraduate-p1.html"&gt;http://talk.collegeconfidential.com/college-search-selection/1642666-14k-chicago-v-7-8k-arkansas-honors-undergraduate-p1.html&lt;/a> ) to post here asking about ways to save money at UChicago. I am deciding between here and a less expensive state school, and want to make the difference between them as small as possible. I was told that increasing my work study and moving into an apartment after my first year some things to do, but is there anything specific to this school that would be of interest to me? </p>

<p>By the way, here's my aid package, if it's of any relevance: <a href="http://oi60.tinypic.com/zyhoix.jpg"&gt;http://oi60.tinypic.com/zyhoix.jpg&lt;/a&gt;&lt;/p>

2

<p>Maybe you can beat the $2200 assumed to be supplied from student employment. Avoid as much of the unsubsidized Stafford loan as possible because you have to start paying the interest immediately, where the subsidized loan is just that–the interest is subsidized by the Feds till you are out of school for a while.</p>

<p>The cost of attendance includes $1800 for books. I’m pretty sure you could beat that if you are smart about buying your books (used, from friends, etc). Also, be sensible about personal expenses. You might be able to beat that estimate as well. </p>

<p>Good luck to you.</p>

3

<p>From your other thread you have said:</p>

<p>“The list price for Chicago is 67,863 a year, and Arkansas is 23,336 a year. Chicago minus grants and scholarships is 13,930 a year and Arkansas is 10,836 a year. (A bit more than I thought, but they put in a lot of personal expenses and transportation costs. More than Chicago, a higher-cost area, in fact.) I’ve eliminated WashU and Illinois. My parents will most likely not contribute anything other than just the financial support for personal expenses while I’m there, “starvation prevention money.” The EFC is just more than they can pay. Most of the net price will be pure debt.”</p>

<p>For some people the Chicago deal is a steal but unfortunately for others it is a financial difficulty - in your case. </p>

<p>In the Chicago offer it requires $9,900/year from parent contribution where you are facing the problem. Can I ask how much your patent can afford if you go to Arkansas? If the parent contribution is, say $5,000/year then you need to find $10,836-$5,000=$5,836 for Arkansas and $13,930-$5,000=$8,930 for Chicago.</p>

<p>Like other posters have suggested you can:</p>

<p>Get the $5,500 federal direct loan - it is interest free until 9 months (?) after your graduation - if you qualify.</p>

<p>You can save about $900/year for books if you buy used books - there is a UChicago marketplace where you can get used books at least 50% cheaper than the new ones.</p>

<p>You may save $600/year from personal expenses of $2,177 - I do not suggest you are too much in frugal living.
You want to have a normal college experience like your peers. You want to visit the city and do some fun things.</p>

<p>You may earn $720 more on your student employment - I do not suggest you do too much since it will impede your study and extracurricular activities.</p>

<p>Can you earn $3,600 during the summer ($7.5 min wage * 12 weeks * 40 hours/week) ?</p>

<p>So in total you may save/earn/loan $5,500 + $900 + $600 + $720 + $3,000 = $11,320/year.</p>

<p>Some other factors to keep in mind you may have already thought:</p>

<p>Living off campus after the first year will save you some dorm money but your FA will decrease accordingly too.</p>

<p>The first year orientation fee of $1,128 does not repeat for years 2-4.</p>

<p>The costs for years 2-4 will increase but your FA will increase too.</p>

<p>You need not to pay insurance (USHIP) if you have insurance under your parents’ plan.</p>

<p>If your parents’ incomes increase in the coming years your FA will decrease accordingly. Are your parents happy to cover the gap in the coming years?</p>

<p>The biggest money earning opportunity for you as a college student may be some paid internship - but you cannot depend on it. So it will be safe to assume you get min wage paid jobs.</p>

<p>It is doable for Chicago (also for Arkansas). It is up to you to decide if you want to take a risk and to graduate with a debt of $5,500 * 4 = $22,000 while sacrificing a bit during college . Can your geology degree (or others if you change your mind) adjust the debt? It looks like you will be in debt (less) after your graduation even you go to Arkansas.</p>

<p>Good luck! You will be fine wherever you go.</p>

4

<p>Thank you for the helpful post! My parents won’t say how much they’ll contribute, but it’s a low amount. Just some stuff for some miscellaneous personal expenses. Sort of just giving me money to go somewhere to eat every so often and stuff like that is how I took it. </p>

5

<p>Forgot to mention your parents might get some college/hope credit from their tax return.</p>

<p>It looks like your parents can claim some educational credit or deduct from your college expenses. It may be worth of a couple of thousands depending on your parents’ income bracket.</p>

<p>The real difference between Chicago and Arkansas is $13,930 - $10,836 = $3,094 a year since you will go to a college in the fall.</p>

<p>I know the difference is a real financial challenge for you and your family as now. But 20 years from today when you look back you may think the money was well spent.</p>

6

<p>I don’t know if there is a geology research lab on campus, you may get more than minimum wage by working for the lab. My D got a better than minimum wage salary working at the bio lab, she earned around $12K for the year, that includes the summer. Since off campus rent is paid year round, so the summer staying is cost less as opposed to find a “job” elsewhere.</p>