I will be attending Cornell University this fall and I needed help figuring out how much money my parents should be sending me for things like clothing, social aspects, gym, leisure etc. So to give a basic run-down, our total EFC is around $5,000/yr, and I’ve received grants totaling up to about $60,000 to cover the rest of the cost of attendence. My parents thus will already be paying 5k out-of-pocket out of the total 65k sticker price. Living on campus and a meal plan is also pretty much covered by the grants, so I won’t need extra money for food or rent. Some things I wasn’t quite sure about, however, include
If I should be receiving spending money by month, by year, by semester, etc.
About how much spending money will I be needing considering my situation?
On average how much do parents usually send to their children to spend?
Is this extra spending money added on the EFC? or is it already included in the EFC?
Thanks for any help or advice you guys can provide!
My folks will be giving $200 per month. But, it really just depends on your situation. Most colleges students don’t live solely off their meal plan. And you may need money for taxi service and going out with friends. You will also need to get textbooks.
Considering your situation? Only you know your situation.
@CaliCash thanks for the response! To clarify, my meal plan is pretty inclusive (I have unlimited swipes and $400 dollars on it).That was very helpful information though, thanks again! Any more advice, anyone?
If your parents plan to give you money this really depends on their finances and your ability to budget.
You really will "need" very little. Assuming that you arrive at college stocked with all of your basic needs for the semester like toiletries, laundry supplies, and clothing. You can restock over winter break. There really isn't a need to purchase any of that stuff while you are in Ithaca.
Based on posts here that ranges from zero to infinity.
Your cost of attendance included a figure for personal expenses, travel, and books and it was all worked into your financial aid package. You need to take a close look at it. Your spending money has already been wrapped into that total and is being covered by some source. You don't mention your personal contribution or your work study. It is common for students to use the money from those sources to provide their own spending money. If your parents are in a position to give you extra discretionary spending money fine, but it really won't be necessary.
What are you doing this summer? What about graduation gifts?
It really depends on what you spend and if you work.
From what I’ve seen on here most people get around 200$ a month and then their parents pay for books. I don’t have personal experience because I’ve worked the entire time I’ve been in school and I make anywhere from 450-600 a month so I always have a cushion in case I get paid less. But I also have a car so I need to have money to maintain it. I think there’s a lot you need to consider:
•How often, if ever will you be going to the supermarket? I rarely go because I have a good size meal plan and no time to cook. If you’re just looking for snacks you can stock up in the cafe or make one huge trip to Sam’s, Costco, etc and get your snacks for the semester and keep them in a bin.
• Do you drive? If so how often and how is your car on gas? I need about 20 a week.
•The gym on campus is more than likely included and will be of no extra charge.
•Do you go out a lot now? On leisure things I spend maybe 50 a month. And most of that is in restaurants. Your school will probably provide a lot of free events and stuff.
• As another poster said, you should not need much. As a money saving tip, see if you can find extreme coupon type people and buy your soaps, detergents, toothpaste and shampoos from them. I bought 3 things of soap and I’m going home with 1 1/2 full.
And finally, will you be contributing anything your school? You don’t mention work study (which, with an efc of 5k I assume you might qualify for). Or a summer job? Working full time over the summer can easily get you close to or upwards of 3000 dollars
Thanks so much @Jazzii , I was considering work study for sophomore year, as I personally want to focus on my studies and have a smooth transition to college for my first year before getting a job. And no, I don’t drive and most likely will not be going to the supermarket too often.
The key is 4.) Yes, it is already included in your budget.
So, one way to do this is to ask for the EFC to be deposited by your family into your personal bank account either at the onset or month-by-month. That amount represents the expected Family contribution to the cost of attendance. If your parents want to send more money, that works well, too. And if there are traditions (ski trips, etc.), those are out of the scope and would have to be funded.
My approach has been to supplement as-needed for the first year; and then ask that second and subsequent years hew to the budget established as COA by the financial aid office. I think that works well as a tapering-off for us. Depending on personality, etc., you will need to find what works for your family.
The COA at most schools is a realistic estimate of a student’s financial needs for the 9-10 months of school.
@Ivcusa11 I get the whole jot working freshman year but you need to take a close look at your financial aid package and see if work study is included. Its different from just having a job- its a federal opportunity for you to work on campus and have a percent of that go towards tuition in which case whatever you don’t make from work study you will need to pay out of pocket
I had a meal plan this past year, but also worked on camous for extra spending money. You’d be surprised how quickly you spend money if you go out to eat, need to buy books, or pay for vices like cigarettes, alcohol, drugs, etc. I couldn’t imagine not having some way to have cash on me at school.
It is usually recommended to work 6-12 hours per week (not more) your first term. Work-study rebates half of what you earn to your on-campus employer, giving them an incentive to hire you (Federal subsidy), and helps you appreciate your aid, since you have to work for it. Look for jobs early, because the good ones go fast. Think about doing something resume-building, or along the lines of your major, or fun (along lines of your extracurriculars- working the desk at the gym? Helping stock supplies and maintain the space at the pottery/art center?).
I like the idea of a lump sum- but I want to stress again that the work study assumes you will be working- a friend of mine is down 3k because they didn’t realize that work study money not made would have to be paid off
