Student Loans Living Expenses

7 min read

The average student loan balance is $28,500.

The average credit card debt of college graduates is $24,000.

The average cost of tuition at private colleges is $47,000 with public universities costing about $15,000.

A 40 year old bachelor’s degree graduate makes $35,000 per year.

A 30 year old master’s degree graduate makes $43,000 annually.

A 35 year old PhD graduate earns $73,000 annually.

$250,000 dollars put away over 20 years would pay off a full-time single person’s student loans in less than 2 years.

$300,000 dollars put away would pay off a single person’s credit cards and student loans in less than 5 years.

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Student Loans Living Expenses

Description: A video showcasing student loan information, tips and advice designed to assist students maximize their financial aid opportunities. Common questions include how much money do I need? Can I work while going to school? How should I go about paying off my loans after graduation? Should i get a consolidation or installment loan? Will having a co-signer hurt my chances? Academic credit card options are also explained.

**FOR COMPARATIVE RESULTS PLEASE SEE SOLO STUDENT LOAN INFORMATION VIDEO BELOW**

**www.studentloans.gov

StudentLoans FinAidTips

Helpful Tips & Tricks for Managing Student Loan Debt…

Mint is an award-winning free mobile app for people who want to manage their finances at any place and on any device. Mint offers tools to create customized budgets, set savings goals, link bank accounts, track bills and earn rewards. Take control of your money. Sign up today!

Student Loans Living Expenses

Housing

Generally, housing expenses vary between students depending on where they live. In bigger cities, student housing options may include dormitories, shared apartments, and private houses. In smaller cities, student housing may only consist of dormitories. Rent costs may fluctuate based on location. Generally, a good price range for rent would be $500 – $800 per month. However, if you have roommates, then you may need to pay less. If not, then you might want to consider looking at other places to live, such as off campus apartments, etc.

Food

Food is another major expense for students. Most students eat around $100-$200 dollars per week. This includes groceries, dining out, coffee, snacks, and alcohol. When choosing food items, try to stick with healthier choices. Many college-age kids do not take care of their bodies and therefore tend to eat unhealthy foods while in college. Try to eat breakfast daily and drink plenty of water. Eating right will help keep your body at its best!

Transportation

Transportation is a big cost for many students. Gasoline is expensive, so always plan ahead and budget accordingly. There are also some transportation services that students use, such as Uber, Lyft, and public transportation systems. A good option is to wait until after school lets out before using these services however, since public transit tends to get crowded at night time. If possible, drive instead of taking public transport. You will save money and time. You can also ride bikes to class, walk to class, etc.

Utilities

Utilities are the electricity, heating, and air conditioning bills. These bills can really add up over the course of the year. Make sure to turn down the temperature and keep the thermostat low whenever possible. Also, make sure to unplug or shut off appliances when you aren’t using them. Use a timer plug to avoid leaving appliances on overnight.

Student loan payments

One thing to note about student loans is that it often takes several years to graduate from college. To cover this gap in earnings, students generally have to borrow money from financial institutions. Once you receive your degree, you may begin to repay your loans. Student Loan Repayment Options

If you’ve received federal grants to pay for your schooling, you probably won’t have to worry much about paying back those funds. But if you’re receiving private loans, you’ll likely need to work for a few years before repaying your loans. If you’re working full-time hours, you shouldn’t expect to make much money. On average, students should expect to earn about $25,000 a year. According to the U.S Department of Education, there are certain repayment programs offered to borrowers. All federal student loan borrowers have three repayment options: 10 Year Standard Repayment Program, 15 Year Graduated Repayment Plan, and Income Based Repayments. These plans offer different monthly payment amounts based on income level. Students who don’t qualify for any of the standard options still have the opportunity to manage their debt.

How Long Does it Take to Pay Off Student Loans?

Each person’s situation is unique, so it’s difficult to give an exact answer. However, according to the U.S. Department of Education, students who borrow under Federal Family Educational Loan (FFEL) Program may have a maximum period of 12 years to repay their loans. Students who borrow under Direct PLUS Loans, Perkins Loans, and Stafford Loans may have a maximum period to repay of 20 years. The total amount of interest paid over the entire length of the loan term is known as the total amount owed. At the end of the repayment period, the remaining balance is considered paid in full.

Student Loans Living Expenses

This video was created as an educational piece about student loans. Students going to college currently have outstanding student loan debt around $1.5 trillion dollars! I hope to provide students graduating high school with enough credits to earn a free ride to college! Cheers!

Director:HankGreene

Editor: HarrisonFitzpatrick

Written:Pete Kelleher

The California Department of Corrections and Rehabilitation (CDCR) operates six prisons in the state: San Quentin State Prison, Folsom State Prison, Ironwood State Prison, Corcoran State Prison, TracyState Prison, and Delano State Prison.

Student Loans Living Expenses

Rent/Mortgage

Renting an apartment may seem like a good idea at first. But over time, it may end up costing you much more than what you originally thought. You will have to pay the utility bills (electricity, water, etc.) and in addition to rent, you will need to make payments for any repairs and improvements to your home. However, if you choose to buy a house or condo, you do not have to worry about these expenses. Buying a property is like an investment where you get a monthly income. As long as the value of your home increases, then you can continue to receive the same amount of money without having to spend anything. If you decide to refinance your mortgage, you might be charged higher interest rates since the housing market was down during the recession.

2.Utilities

Electricity costs vary depending on where you live. Utility companies often charge different amounts based on their own policies. Most likely, you will be charged a flat rate per month regardless of how much electricity you use. Therefore, utilities tend to be a fixed cost that will not change unless you move or upgrade your appliances. Your electric bill will also depend on whether you have a gas furnace or a propane heater. Gas-fired furnaces are less expensive than conventional furnaces, while propane heaters are generally cheaper than electrical heaters.

Water

Water bills vary depending on the region that you live in. In some places, you will be charged by the gallon, whereas in others, you will be billed according to the number of people using the water. Many municipalities offer discounts for low-income households.

Phone

Phone bills can vary significantly depending on your plan. Even though they are considered necessities, phone service does not always include unlimited minutes. You should know exactly what you are paying before you sign up for a contract. You can also check out prepaid plans if you prefer. By doing this, you will no longer be tied to a specific carrier.

Food

Food prices fluctuate depending on many factors, including natural disasters, weather conditions, and demand. Since we cannot control them, we would rather eat food that is produced locally instead of relying on imports. Also, eating processed food means spending more money on food additives, preservatives, and unhealthy ingredients. When buying groceries, look for brands that provide the best value.

Clothing

Clothing costs can vary widely. There are basic items like jeans and shirts that are cheap and affordable. However, specialty clothing, accessories, and shoes can be quite expensive. It is a good idea to shop around for the best deal. You could start off by shopping at thrift stores and secondhand shops. These stores are great since they sell both brand names and budget-friendly options. Another option would be to join a local credit union. Credit unions are usually more interested in helping members save money than making profits. They may even give you a loan to cover your initial purchase.

Health Insurance

Health insurance can be costly, especially if you live in California. Luckily, there are numerous health insurance providers that allow you to compare prices and coverage. Be sure to find a policy that covers dental care, vision care, prescription drugs, and hospitalization. Additionally, try to avoid deductibles and copays. These fees can add up to hundreds of dollars each year.

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