First up: how to think about your student loans. The most important thing to know when you're taking out loans is exactly how much you're taking out. Know what portion of that money is going towards school, and what portion is going in your pocket. In some cases (like mine) you put all of your loans toward school--but if you decide to take out plus loans of any kind (anything in addition to federal loans), some of that money might end up with you. My advice? Stick that leftover money in an account and don't touch it. Loaned money is loaned money. Anything you spend you will have to pay back. This does not mean you should just hand over the leftovers and call it good. if you're like most college students, you don't have a whole lot of green floating around, so it's good to have something there in case of emergencies--but that's all that money should be used for: emergencies. At the end of the semester or the end of the year, take stock. See if you needed to use any or all of that emergency money, and how much is left. Whatever you didn't use, whether it's $20 or $1,000, give it back.
There is another thing to think about when you're taking out your college loans. Are you willing to accept all that debt responsibly and without crumbling under its weight? Believe me, there is almost nothing worse than living out your college years constantly worrying about how much debt you'll be in when you graduate. In high school, it's easy to dream big and not fully realize the financial decisions that go along with attending college. So first, know how much you need in order to survive school. Second, decide whether you can handle the pressure of that much debt. If you've been in school for a year or two and you feel like you don't have any other choice but to pile on the debt until you graduate, hit pause and think for a minute. There are other ways to go about getting your education than tackling it all at once, and those ways are valid and respected. If you take a break from school, or if you need to go to school part time, that is OK.
----As a side note, if you want to change the circumstances we college students face, there are a number of political issues you should think about. Your vote matters. I for one hope that this article won't be necessary in years to come.---
Living On-Campus vs. Living Off-Campus
Living on campus has many perks. For one, there's a huge sense of community on college campuses that is unlike anything else I, personally, have experienced. It's also convenient to wake up so close to where your classes are held. However, I found that living off campus was more my cup of tea. For one, in my case, it's a lot cheaper to live off campus. I don't get a lot of extra aide to cover housing and food costs. While it was costing me around $6,030 to live and eat on campus for nine months, it cost me around 5,500 to live in my first off-campus apartment for one year. Food is less expensive when you're buying it yourself, and the cost of living away from loud parties and having my own room? Priceless. Mentally and financially, living off campus can sometimes be the right decision.
***A note to current and future RAs***
You guys have a rough job. I'm sure it's very rewarding, and you're glad you have it, but there's no denying it's rough. I applaud your continuing efforts.
Financially speaking, you have a pretty good deal. Free room and board in exchange for a service is nothing to sneeze at. However, I'm sure current RAs would appreciate my saying that the job isn't worth the financial reward for everyone. I do not recommend trying to become an RA just because it will pay for your room and board. If you think you can handle the job, awesome! Go for it. Just think hard about the responsibility and expectation that goes along with it before you come to that conclusion.
Work Study vs. Plain Old Work
I don't have a lot to say about this. Basically, it's worth it to think about four things when you're creating your pro-con list:
1) How much money will you make?
2) How much will you have to work?
3) How far away are the jobs in question?
4) What job is more emotionally/mentally taxing?
I really do suggest making a pro-con list. If a job is 1) better paying, 2) doesn't take up all of your precious study time, 3) is close to school, and 4) isn't very emotionally/mentally taxing, then scoop that baby up!
How to Build a Basic Budget
How do you create that Almighty Budget? Well first, let it be known: a budget when you're living on campus is very different than a budget off campus. Off campus, you have to worry about monthly bills such as: rent, utilities (electric, gas, internet, etc), groceries, and other things like the cost of laundromats and toilet paper. On campus, you have to worry about paying tuition... and if you never go out or do anything, that's pretty much it. So, first thing when you're creating a budget: figure out what you need to spend money on, and how much those things cost. For me, groceries cost around $50/wk, $200/mo. I know that when I get my paycheck every two weeks, I need to set aside $100 for groceries. If you're on campus and you have a credit card payment or you pay your tuition in installments, figure out what that monthly or weekly cost is, and be sure to set that money aside.
Second thing to do when making a budget is to figure out what's left after you subtract all those necessary expenses. Then, when you know how much that number is, decide how much of it you want to save and how much you want to spend. Of course, I do suggest saving something, even if it's only a little something. I recommend saving about 40% of what's left after you set aside your necessary amounts, given how little we college kids make. So if you have $300 leftover each month, save $120 and spend $180. It's up to you how strict you want your budget to be, and if you're not sure how much you're comfortable saving, do a test run. In theory saving 80% of your leftover cash is a great idea, but in practice it might prove harder than you think.
