College is expensive. Institutions ask for tens of thousands of dollars each semester to cover tuition, room, and board. However, these figures alone do not entail the entire financial burden of being a college student, as there are numerous other costs associated with being an engaged, successful student that are not represented by the advertised college expenditures. These “hidden” costs of college can easily total into the thousands of dollars every year, adding to an already stressful financial situation. As an incoming or new college student, it’s important to realize these costs.
In order to get a better understanding of what you may be spending money on, here are the top five expenses for college students as suggested by the undergraduates across the Ivy League and other selective institutions around the United States:
5. Clothes
Some would argue that it’s important to be stylish, so keeping up with the latest fashion trends is imperative. Some people add to their wardrobe on a regular basis, and with a shirt or pair of jeans easily costing more than $30 at most trendy stores, it is very easy to spend way too much on clothing.
Even more than fashion, buying clothes is important for those students who come from a climate different than that where the campus is situated. Here in the Boston area, students from southern California were perfectly comfortable for the first few months of classes, but as soon as this terribly frigid winter arrived, many scrambled to the stores in search of so-called “parkas” and “snow boots.”
And if a heavy-duty down jacket can’t keep you warm…
4. Alcohol
The average student would likely tell you that no real college party is complete without some sort of alcohol. Although alcohol for one night may not cost too much, with partying and drinking every weekend, the total cost over a semester can be quite significant. While not every college student drinks, many of those who do probably make up for it.
It may not surprising that alcohol showed up on this list, but some may be shocked that one shameless Cornell University student even admitted to spending more on alcohol every semester than on the rest of the items in this list combined.
3. Outings
When the weekend hits and students are sick of being holed up in class all week, many choose to head into the city. Before long, the cost can really pile up—taxi, dinner, tickets/entry fees, and so on. Even if the event is relatively inexpensive, other associated costs can double or even triple that cost. For those who grew up in a rural setting far from taxis and fancy restaurants, these additions costs is one of the biggest surprises of city living.
Several of the students I interviewed highlighted the importance of public transportation and under-used college-affiliated shuttles to help reduce the cost of weekend or evening outings. Many institutions even have special deals for students, but these opportunities tend to be poorly advertised. If you look, you may be able to find special deals to professional sports events, art museums, and theatrical productions.
2. Food
The allure of an “unlimited meal plan” may seem incredible for a hungry incoming freshman, but chances are that he’ll soon realize the limitations of dining halls. First and foremost, when you have a 9:00 class, there will be little motivation to wake up before 8:55, so eating breakfast is out of the question. At the end of the day, most college students are up well into the wee hours of the morning, long after the dining halls have closed.
Some colleges have meal plan options that do not include three meals every day of the week, so students frequently supplement the meal plan with Ramen noodles, dry cereal, or some other easy-to-prepare dorm food. Having an ample stash of food in the dorm is incredibly convenient for a quick meal or snack while working without having to leave the dorm.
Dining hall and dorm food really is not that great, so going out to eat once in a while is a common escape for some--or as one Harvard freshman put it, “a nice break from chicken and squash.” Restaurants in most college towns and cities are going to be ridiculously expensive, so be prepared to spend quite a bit more than you’d expect elsewhere.
1. Textbooks
Buying textbooks is, by far, the most traumatic experience for a college student’s wallet. Several students interviewed reported spending over $400 for textbooks for this semester alone. If you think about that, over eight semesters, that’s over $3000 spent on books for coursework.
Editors love to pull the “new edition” trick: pulling older versions of the book from the shelves and replacing it with a newfangled, rearranged next edition. With the ever-increasing use of digital textbooks, this is likely to become less of an issue in years to come, but for now, it is still a major expense and cause for anxiety among students.