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When you get that much needed loan for college, many times people are left wondering how much money to ask for and to what this money should be going towards. Tuition is far from the only thing that a student loan should cover. As a recent graduate of a four year university, I have learned over the years what portion of your student loan money should go towards other things besides the tuition.
The first thing that loan money needs to go towards besides tuition is room and board. Dorm costs in most universities must be paid in advance, and is part of the tuition. If you don't have the thousands of dollars up front for room and board, this is a must that has to be accounted for when taking out a loan. Another form of room and board is apartment complexes, student and non student. For a first time student on your own, when you sign the apartment lease, it is a binding lease unlike the non existent one you have had over the years at home with mom and dad. You must make your monthly payments on time, and this is why you should have a separate account for these payments. Make sure to take enough out so that this account can pay for the rent, electricity, internet and water each month. Missing a payment and having your account reported to the credit bureau will haunt you for years by damaging your credit!
A second cost in college that can be extremely expensive is your class books. I have bought books that cost $180 each! When I was taking five classes, this was a huge cost each semester. Each student should be prepared to spend anywhere from $300 to $1000 on textbook costs. If you go higher than a $1000, check to see if your books are made of gold! I have tried to get the bare minimum over the years when it came to textbooks, and in the end this made each class much tougher and more strenuous, and many times affected my overall grade. Make sure to have enough for those textbooks!
Something that college students aren't known for is their world class diet. Even if this is true, food is something that is needed and must be noted when pondering your student loan disbursement. I spent roughly $300 to $400 dollars a month on food which included eating out with friends and being social. While being social and eating out isn't a need to some people, I truly believe that this is an important way to take a break from class and let out some steam and make new friends. If you get a part time or a full time job in college, this is a great expense to knock out by working.
When I was working late on a term paper or studying for a test, something that I always had at my side was my laptop. I truly believe that is a much needed item in college. Many people don't include a laptop in their loan budget. The library is a great place to learn and meet with groups, but late at night, being able to work on your own in your room is a great advantage. If you don't have a laptop, seriously considering one is something that I advise and would seriously consider adding into the amount you are considering on taking out for a loan!
When applying for a student
loan, these are some of the key needs for any college student.
Whether you are the parent of a student or a student yourself,
consider these costs and really sit down and do the math to figure out
how much to ask for. It is better to overshoot your
budget by a small amount than to not have enough and fall short on
paying bills. This is an exciting time for everyone
involved in the college transition. This is an important
step in ensuring that a student has the best college experience and is
also needed to make sure that a student reaches the finishing line and
walks across that stage!