How to Pay for Living Expenses While in College

Tuition is only one part of paying for college. New students will quickly discover they also need to plan for housing, meals, books, transportation and the everyday expenses that come up throughout the semester.

At first, that can feel like a lot to manage. But most students do not cover everything with one source of money. Financial aid, scholarships, part-time work, savings and careful spending can all come together to make college more affordable.

The best place to start is by getting a better idea of what you may need.

Estimate your living expenses

Your expenses will depend on where you live, whether you have a meal plan, how often you travel and how you typically spend your money.

Common college living expenses include:

• Housing
• Meals and groceries
• Textbooks and course materials
• Transportation
• Phone and internet service
• Laundry and personal items
• Health-related costs
• Entertainment

You do not need to predict every purchase before college begins. Start with your largest expenses, then leave some room for smaller costs and the occasional surprise.

UAlbany’s cost of attendance estimates can give you a useful starting point. Once you have a rough total, you can begin looking at the different ways to cover it.

Complete the FAFSA

One of your first steps should be completing the Free Application for Federal Student Aid, or FAFSA.

The FAFSA helps determine whether you qualify for federal grants, Federal Work-Study, student loans and some forms of state and UAlbany aid. Even if you are unsure whether you will qualify, it is still worth applying. You may have access to more assistance than you expect.

Once you receive your financial aid offer, take time to look at each type of aid separately. Grants and scholarships usually do not need to be repaid, while work-study must be earned through a job and loans must be paid back later.

Search for grants and scholarships

Grants and scholarships can lower the amount you need to earn or borrow.

Some awards are limited to tuition, while others may help with housing, food, books or other college costs. Even a tuition-only award can make a difference by leaving more of your other money available for living expenses.

Look for opportunities through:

• UAlbany
• New York state
• Your high school
• Local organizations
• Community foundations
• Employers
• Professional associations
• Scholarship search websites

It’s also worth continuing your search after you enroll. New scholarships may become available through your academic department or other campus organizations.

Scholarships may not cover every expense, but they can reduce the amount you need to make up through work, savings or loans.
 

Consider work-study or a part-time job

If you qualify for Federal Work-Study, you may be able to earn money through a part-time job while attending college.

Instead of receiving the full award upfront, you are paid for the hours you work. That income can help with groceries, transportation, personal expenses and other recurring costs.

Work-study jobs are often located on campus, which can make them easier to fit around your class schedule. However, receiving a work-study award does not automatically place you in a job, so it is a good idea to apply early.

You can still look for part-time work if you do not receive work-study. UAlbany offers student assistant positions, and you may also find jobs or internships near campus.

As you compare opportunities, think about more than the hourly pay. A convenient location and flexible schedule may be just as valuable, especially when you are balancing work with classes and studying.

Understand financial aid refunds

In some cases, your financial aid may be greater than the amount you owe on your student account.

When that happens, the remaining money may be issued to you as a refund. You may be able to use it for expenses such as books, transportation or off-campus housing.

Before counting on a refund, make sure you understand:

• How much aid you accepted
• Which charges will be paid first
• When the refund may arrive
• Whether the money includes student loans

Refunds are usually distributed by semester rather than as a monthly payment. To make the money last, divide it across the full semester before you begin spending it.

It’s also important to remember that part of your refund may come from loans. Using that money can help now, but it will increase the amount you need to repay later.

Add savings and family contributions

You don’t need enough savings to cover the entire year for it to be useful.

Money from a summer job, graduation gifts or previous work can help with books, groceries or transportation. Family members may also be able to contribute toward one or two specific expenses, even if they cannot help with everything.

Talking through these costs before the semester begins can make planning easier. For example, your family might cover your phone bill while you use job income for meals and personal expenses.

Once you know what savings and family help are available, you can see whether there is still a gap to fill.
 

Consider a payment plan

A payment plan can make eligible college charges easier to manage by dividing them into smaller payments.

It will not reduce the total amount you owe, but it may help you avoid making one larger payment at the beginning of the semester. That can leave more room in your budget for rent, food and other regular expenses.

Before enrolling, review the payment schedule so you know exactly what to expect.

Borrow carefully

If grants, scholarships, employment and savings do not cover the full cost, student loans may help fill the remaining gap.

A useful order for reviewing your options is:

1. Grants and scholarships
2. Savings and family contributions
3. Work-study or other employment
4. Federal student loans
5. Private student loans

Federal student loans generally offer more repayment options and protections than private loans, so review those first.

You also don’t have to accept the full amount offered. Borrowing only what you need can make your payments more manageable after college.

Find small ways to spend less

Finding money for college is only part of the plan. Looking for a few manageable ways to reduce your expenses can also help your funding last longer.

You may be able to:

• Compare housing and meal plan options
• Buy used textbooks
• Check whether books are available through the library
• Use campus or public transportation
• Cook some meals instead of ordering takeout
• Take advantage of student discounts
• Attend free campus events
• Cancel subscriptions you rarely use
• Set a weekly spending limit

You do not need to cut out every fun expense. A budget is more likely to work when it leaves room for the occasional meal out, activity or unexpected cost.

The goal is not to spend as little as possible. It is to make choices that help you stay within your budget without making college feel restrictive.
 

Ask for help when your situation changes

Even a well-planned budget may need to change.

A parent may lose a job, housing costs may increase or an unexpected expense may come up. When that happens, reach out instead of trying to solve everything on your own.

UAlbany’s Student Financial Services can help you understand your financial aid and discuss possible next steps, including appeals for special circumstances. Once you are enrolled, resources such as the Student Emergency Fund and Purple Pantry may also be available if you experience an unexpected financial hardship.

Reaching out early gives you more time to explore your options.

Take it one step at a time

Paying for living expenses in college can feel overwhelming when you look at the entire year at once. The process can be much easier to manage if you break it into smaller steps.  

Start by estimating your costs. Then complete the FAFSA, apply for scholarships and consider whether you want or need part-time work to help cover regular expenses. Once you add those resources together, see how much you will still owe and consider how savings, a payment plan or loans can cover it.

You don’t need to have every detail figured out right away. UAlbany has tools and people available to help you build a plan that works for you.

Frequently Asked Questions