Frosh Finance: Controlling Costs
As students settle into the flow of college and families start thinking about the next year, discussions about future costs become more frequent. The early months of second semester is a perfect time to focus on controlling and managing future costs. If your family is starting this discussion, we have a few conversation starters for you:
FAFSA Renewal. We recommend renewing FAFSA EVEN IF your student did not receive need-based aid the previous year. There are multiple reasons for this - check out our post on FAFSA renewal for more information.
Scholarships. Make sure your student revisits their university scholarship portal. Some scholarships are available only to returning students or upperclassmen, so it’s definitely worth the time to review the listings. For more information on this, read our post on institutional and private scholarships.
Housing. Housing has a big impact on budget, obviously. It is important to start the conversation about next year’s housing plans sooner than later. We have a separate blog post on housing beyond freshman year to help you start this conversation.
Resident Assistant / Community Assistant Opportunities. Campus residence halls have RAs or CAs on every floor. These jobs can be competitive to get, in part because they result in significantly discounted housing. Not only is an RA role a money saver, but it is an opportunity to develop leadership and management skills and meet new people. If your student has an interest in this they should contact their residential life office sooner than later so that they don’t miss the application deadline. Other on-campus jobs may have very early application deadlines as well.
Career Center Resources. Is your student considering an internship this summer? Maybe an unpaid internship? Some colleges have funds available to subsidize students working at unpaid internships. Your student can find out about these opportunities (as well as paid internships) at their campus career center.
Review Meal Plan and Cost. This is a good time to think ahead about next year and meal costs. Did your student take full advantage of their meal plan? Or not so much? Paying attention to use now so the right adjustments can be made can lead to cost savings. On the same note, if your student is moving off-campus next year they may be able to purchase a meal plan on campus - they can reach out to their food services website or office for more information.
Review Transportation Use. Transportation costs can add up! Bus fares, parking permits, gas, ubers, etc. Now that your student is familiar with their surroundings it is a good time to assess whether there are better options. This might mean using different modes of transportation, applying for a student discount transit card or getting a bicycle.
Consider Summer School. Summer school classes can help your student stay on track for timely graduation - especially if your student can take classes at a community college. It might also help a student graduate early. Another scenario is that it doesn’t impact graduation but takes some pressure off of your student during the semester. Of course there are trade offs, as a student taking summer school will have less time to work in a paid job during the summer. So much to consider – but take a moment to consider the pros and cons of summer school and you might find an opportunity for cost savings.
Doing an annual review like this helps bring peace of mind and also develops good financial habits for your student.