Tuition is the first step in students’ financial responsibility when beginning college. College often comes with additional costs beyond tuition that some students may not expect, including social events, school materials, and even room and board.
Tuition is one of the largest expenses in college. According to Zodda (2024), the average annual tuition cost for a four-year in-state college is $11,260. This does not include textbooks, food, laundry, parking fees, or living. These are costs that some students are unaware of until they start college and are required to pay these fees. For example, the average cost of textbooks per semester in college is approximately $285 (Hanson, 2021).
Many students have found themselves in situations where they have had to make tough financial decisions. Dale Swanson, Student at UWGB, said, “Many times I have had to make a tough financial decision, even in smaller things like going to Kwik Trip or going out to eat with friends at a restaurant. Many times, I choose to eat something small or get something I don’t like just because I know I’ll save money.”
These tough financial decisions can also get in the way of students’ social lives in college. Triann Kreckelberg, a University of Minnesota Duluth alumnus, said, “I would have to make decisions on where I would get my groceries, like shopping at Aldi rather than Target.”
Because college requires a lot of financial planning, budgeting is a useful tool for managing expenses while working towards a degree. “One thing I wish I had budgeted for is the cost of having fun. Many times, this goes under my radar, things like going on a drive to get ice cream or food with friends. I wish I would give myself more of a budget to understand I only have x amount to spend this week, just in case I spend too much and forget what I’ve spent,” Swanson said. Setting a budget on a weekly or monthly basis can help students better prepare for social expenses while in college. “I wish I had budgeted for the price of groceries and rent,” Kreckelberg said.
Often, students have to work part-time jobs while attending college to pay for their extra expenses like rent and food for those living off campus, school materials, gas, and many more. “I work at the Packers Hall of Fame and at the Kress Events Center on campus. The on-campus job is sweet because I am able to do homework while working, so it makes it even more worth working,” Swanson said.
Working while in college can also impact students’ mental health. Having to juggle a full semester’s workload and a professional job can start to weigh in on students’ stress levels.
There are numerous resources available to help students obtain financial aid while in college. One of those resources is financial aid. The University of Wisconsin–Green Bay (UWGB) Financial Aid Office states, “Financial aid is federal resources (some students may be eligible for state aid too) that are available to U.S. citizens or eligible noncitizen to assist with educational expenses. Financial aid can help students pay for expenses that are part of their cost of attendance. Aside from tuition/fees, other costs that a student can use their financial aid toward are food, housing, textbooks, etc. Financial aid can consist of federal grants (such as Pell) and federal direct loans (subsidized or unsubsidized).” Additional resources are available beyond financial aid, including scholarships that students can apply for.
There are many ways students and families can budget before attending college. “Cost of attendance (COA) allows a student and their family to consider their entire academic year budget, which can be found on their SIS accounts. There are two types of COA. One is direct COA, which is expenses that a student will be billed by the university, such as tuition/fees, housing, and a meal plan (assuming the student is living on campus). Two is indirect COA, which refers to expenses that the university will not bill to the student. For example, personal/misc or transportation (if a student is choosing not to have a car on campus),” UWGB Financial Aid Office states.
A student’s expenses do not stop once they graduate. Many face significant debt after earning their degree. For example, “The average debt for a four-year Bachelor’s degree is $35,530” (Hanson, 2021). Student debt differentiates between students because of the different kinds of loans available and the interest rates on them. “Ten years is the ideal timeline for paying off student loan debt according to financial experts and the U.S. Department of Education” (Hanson, 2021). Many students, after graduation, start budgeting plans due to the amount of their student loans.
