Financial
Study Guide
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Budgeting For College
Scholarships Are A Big Help
College can be intimidating, especially when you don't know much about what to expect. How can you budget for something
you know little about? As a freshman, you'll most likely be living on campus (or at home). As a result, room and board will be part
of your tuition, which makes budgeting a bit easier; yet, you still need to take into account other expenses, such as books and
supplies, your hobbies, and even having some fun with new friends you meet.
Other Expenses
The table on the previous page is only meant to show the
average cost of tuition, fees, and room and board for full-time
undergraduate students. This will give you an idea about how
much it costs to attend college these days. Also note that
costs increase every year, far outpacing ination.
You should consider some of the following expenses as well:
• Books and Supplies
• Utilities
• Auto Insurance
• Vehicle Expenses
• Parking Fees
• Cell Phone
• Savings
• Incidentals
Budgeting Right
In order to properly budget for this, you need to have a
baseline of anticipated expenses, which will dier
depending on location.
Speak to an admissions advisor about average costs of your
chosen college and then begin budgeting.
This will help you determine how much you'll need to earn
every week or month to keep you from stressing about funds.
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The Cost Of College
Consider All The Expenses
For many students, paying for higher learning can be overwhelming, especially if you’re unable to get support from family due
to limited income or other circumstances. When you’re thinking about the actual cost (not just tuition), it adds up. Consider
all the expenses, aside from tuition, fees, and room and board. You also have:
• BOOKS AND SUPPLIES
• TRAVEL EXPENSES
• PHONE
Cost Of College Itself
YEAR
4-YEAR INSTITUTIONS 2-YEAR INSTITUTIONS
2013-2014 $25,509 $10,215
2014-2015
2015-2016
2016-2017
$26,051
$26,613
$26,593
$10,409
$10,599
$10,598
*Source: National Center for Education Statistics
https://nces.ed.gov/fastfacts/display.asp?id=76
Other Expenses
You’ll notice the cost of college is increasing each year, and that
means you’ll need to take that into account as you move through
your four-year degree program. However, there are some things you
can do to help with the cost of college today.
Consider a two-year community college
You may be anxious to head o to college and leave your parents’
home for a while, but if you attend a junior, two-year, or local
community college, you can get all of your “core requirement”
classes taken care of at a fraction of the cost of a four-year college.
You also may be able to live at home in the meantime, which will
likely save you a lot of money on living expenses.
• SNACKS
• GOING OUT WITH FRIENDS
• ETC.
Apply For Federal
Student Aid
You can ll out a FAFSA (Free Application for Federal Student Aid) at
https://fafsa.ed.gov/. You’ll need to have the following information:
• Student Social Security Number
• Parent Social Security Number
• Student’s driver’s license number (if applicable)
• Federal tax returns/information
• Information on savings, cash, checking account balances, etc.
• If you’re not a U.S. citizen, an Alien Registration Number is required
Apply For Scholarships
There are thousands upon thousands of scholarships available
across the country. Most are small and localized (meaning you
would have to attend a specic school or live in a specic area to
qualify), and the majority are relatively small awards, but they can
quickly add up. Go online and research scholarships in your eld of
interest, neighborhood, or college you plan to attend. Never pay
for a list of scholarships or to apply to them; all legitimate
scholarship applications are free.
Work
It may be a four-letter word, but it’s not a bad one. Most of us have
to work to pay bills and if you need to take a part-time job (or a
couple) to help pay for school, extra expenses, or supplement your
lifestyle while attending college, there are plenty of options out
there.
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Filling Out The FAFSA
The First Step Towards Getting A Scholarship
If you need to le for federal student loan assistance (FAFSA, or Free Application for Federal Student Aid), here is some vital
information to be aware of:
The FAFSA
Application Period
Begins October 1st
There are many factors to keep in mind when it's time to apply for
nancial aid, including availability. The sooner you send your
application, the more likely it will be that you will receive the funds
you need. The majority of colleges and universities have strict
deadlines for nancial aid requests (February being the cuto for
many of them). Make sure you're not lling out your application at
the last minute.
You Will Receive a SAR
(Student Aid Report)
Usually you'll receive a SAR anywhere from three days to
three weeks after submitting the FASA application. This
report details information you submitted as well as your
eligibility status. Double check everything. If you need to
make corrections on your FAFSA submission, make sure
to do so immediately.
What You’ll Need
To Apply:
• Your Social Security Number and/or your parents’ Social
Security Numbers
• Alien Registration Number
(Non U.S. Citizens)
• Your driver’s license number, if you have one
• Your most recent federal income tax records, W-2s, or
other records regarding money earned this year
• If you’ve not lled an income tax return yet, you’ll ll in
estimated tax information on the FAFSA form
• If applicable, include bank statements and records
• Create a FSA (Federal Student Aid) ID in order
to sign electronically
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Scholarship Do’s And Don’ts
It Could Take 75 Applications To Get One Scholarship
Some students can earn enough scholarships to pay for their entire college education in full. Here is a list of do’s and don’ts that
can improve your odds of earning one or more scholarships and help you avoid some common mistakes:
Do Plan Ahead
Make a list of scholarships and set a schedule to ll out
and submit applications.
Do Stay Organized
Keep track of deadlines and when you should expect to
hear back. This will make life much less stressful.
Do Apply To A Variety
The more you apply to, the better your chances. Be sure
to focus on the ones that meet your specic needs.
Do Ask Questions
If you have specic questions about the scholarships, ask.
This will help you in your search and the application
process.
Do Rely On The Internet
You can nd a lot of scholarships by just doing some
simple searches online.
Don’t Get Overwhelmed
The college application process (including applying for
scholarships) should be fun. Make sure it stays that way.
Don’t Ignore
Small Awards
The bigger awards will have more competition, so the
odds of earning those is smaller. You’d be surprised how
even $100 or $500 awards can add up.
Don’t Annoy Admissions
Not all scholarships are provided through colleges or
even high schools. Ask questions, but don’t pester
Admissions. If you earned the scholarship, you’ll know.
Don’t Fall For Scams
Don’t pay for searches or applications. Legitimate
scholarships don’t charge application fees.