7 Tips on How to Pay for College Expenses and Extra Costs

Paying for college expenses doesn’t end once your tuition fees are paid. You may also need to cover room and board (or rent and groceries, depending on your living arrangements), car and gas payments, travel expenses between school and home, textbooks, technology, and more.  

Setting a realistic budget for these expenses from the beginning is important to manage your finances effectively instead of struggling to make ends meet. 

#1: Get a part-time job 

Working through college is an economic reality for many students. In October 2023, 46.7% of enrolled college students also held some type of job. And if data had been collected over the summer, that number could be even higher.  

Depending on where you live, a minimum wage job could earn between $7.25 and $17.50 per hour. Say you work 10 hours a week. You could bring in anywhere between $290 and $700 per month with a part-time job. 

If you rely on federal financial aid, however, note that your earnings over $7,600 could impact your future eligibility. 

#2: Participate in a work-study program 

Part of your federal financial aid package may include a work-study job. Unlike a private part-time job, the goal is to find a participating employer who is related to your study area.   

Jobs may be found at your school, a private nonprofit organization, or a public agency. You’ll earn at least the federal minimum wage, and your earnings can’t exceed the amount awarded in your federal aid package.  

#3: Apply for scholarships and grants 

Paying for college with scholarships and grants is a good strategy because you don’t have to repay the funds. The Education Data Initiative estimates that just 7% of college students receive scholarships. 

However, applying for free money can come with significant financial rewards. For instance, the average government grant or scholarship awarded to a first-time undergraduate student is nearly $15,000 annually. 

You can also apply for private, need-based, athletic, and state-based scholarships. Grants for college can be found on the U.S. Department of Education website and on private databases that aggregate private grant opportunities. 

#4: Take out private student loans 

Getting a private student loan gives you flexibility in how you use the funds. In addition to tuition, room and board, your loan could cover other eligible expenses such as textbooks, supplies, and transportation costs. 

Eligibility is largely based on income and credit history, so you may need a co-borrower to qualify. A good credit score can help lower your APR, ultimately decreasing your student loan’s overall cost. 

#5: Start a side hustle 

Creating a side hustle instead of (or in addition to) a part-time job is a smart money move because it gives you more flexibility in your work schedule. You can typically choose how often you want to work and when.  

Some side hustles take time to build and monetize, while others are better suited for a quick cash infusion. Here are a few side hustle ideas for college students who want to earn some quick cash: 

 

• • Tutoring other students in your favorite subject areas 

• • Dog-walking or pet-sitting 

• • Babysitting 

• • Driving for a rideshare company 

• • Delivering takeout food or groceries 

• • Providing moving services 

Remember to set aside money to pay taxes every quarter in the year you’re performing the work. Check the most up-to-date quarterly estimate due dates from the IRS and put them on your calendar. 

#6: Become a resident assistant (RA) 

A resident assistant (RA) lives in on-campus housing and serves as a community leader for other students living in the building. You may offer guidance for students going through personal or academic struggles and plan events to help build community.  

Compensation varies by school. At Purdue University, for instance, RAs get free housing and meals, which can significantly reduce their cost of attendance.  

At the University of Arkansas, RAs get additional benefits such as priority registration, priority for reserved parking, and a stipend. 

#7: Participate in research studies 

Many colleges and universities conduct research studies relying on volunteer participants. Students who want to earn some extra cash can sign up to participate in these studies. The income may not be consistent, but it can still help cover your expenses.  

You can join your school’s study registry to be notified when opportunities are available. Payment may either be hourly or a flat stipend for participation.  

How to save money on living expenses as a college student 

Create a budget 

Budgeting helps you know how much you need for living expenses and how much you need to bring in from other sources–especially if you want to plan for extra spending like traveling for spring break or studying abroad. 

Use credit wisely 

Other financing options may be available to college students, such as student credit cards or even personal loans. But pay attention to how much you charge on your cards and aim to pay off your balance in full each month. 

Find student discounts 

Many retailers, small businesses, software companies, and entertainment venues offer student discounts. Always check for a discount before enrolling in a service or making a big purchase. 

Explore all your options to pay for college expenses 

Many of the expenses associated with a college degree are unavoidable. But that doesn’t have to stop you from getting through your program with as little debt as possible.  

By planning in advance, maximizing your financial aid, and trying out different ways to earn money, you can enjoy a more comfortable financial cushion to cover living expenses throughout your college career.

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