Don’t break the bank while away at college

Shawn Sullivan is taking it relatively easy this summer. The fourth-year architecture student is only working three jobs, unlike last year when he juggled five part-time gigs.

He worked 60 to 80 hours per week to help cover the costs of attending Northeastern University.

“Five jobs was too many,” he said, laughing. “Sometimes I’d come home from one job, have a couple of hours to work on material my professor had given me before I’d go onto my proctor position, and then continue being on duty as an RA (resident assistant).”

His parents help cover tuition, but books, architecture supplies and the cost of living in Boston fall entirely on him.

“It’s definitely a source of stress to make sure I’m monetarily afloat, especially because I do have to go to grad school to be a licensed architect,” he said.

Sullivan makes it work, but many students simply don’t have the information they need to avoid the financial pitfalls of young adulthood.

About 1 in 5 American students failed to meet the baseline level of proficiency in financial literacy, according to a 2015 study from the Programme for International Student Assessment.

“In terms of budgeting, I think a lot of students just aren’t prepared and haven’t had to deal with it,” said Lynnette KhalfaniCox, personal finance expert and CEO of the AskTheMoneyCoach.com.

“There are a whole host of college costs that frankly most colleges simply do not talk about,” she said.

While there’s no one-size-fitsall answer, Khalfani-Cox promised “there’s always a solution.”

Housing: Khalfani-Cox urges freshmen to live on campus for their first year to help them get acclimated. After that, they can look for cheaper options off-campus.

Like Sullivan, students can typically get free room and board by working as a resident assistant.

Students moving off-campus, however, must factor in additional costs, like transportation and buying furniture.

Transportation: For students traveling out of state and living off-campus, transportation is yet another “hidden cost.” Harrington said some travel companies have student discounts, but the best thing you can do is not wait until the last minute to book plane or train tickets home.

On campus, it can be tempting to call an Uber every time you need a ride, but there are plenty of other ways to get around.

Some schools offer free passes for mass transit, according to Khalfani-Cox. She strongly recommends students use public transportation or get a bike, rather than driving. Parking fees alone are $635 per year on average, she said, not to mention the cost of gas. Bottom line: “It’s a horrible idea to have a car on campus,” she said.

Meal plans: Meal plans can range from $3,500-$7,000, and if you live on campus you might be required to have one, according to Khalfani-Cox. She said while they can be worth it, students should stay away from the “all you can eat” options. “That’s just overkill for the average student,” Khalfani-Cox said.

Budgeting the “extras”: Extracurricular activities aren’t always free.

“The average fraternity or sorority will cost today’s college student anywhere from $1,000 to as much as $4,000 per year in fees,” Khalfani-Cox said.

Sullivan recommends taking advantage of student discounts as well as free food and activities on campus and in your city. He often volunteers at concerts or events to get in for free.

“In terms of budgeting, I think a lot of students just aren’t prepared and haven’t had to deal with it.”

Lynnette Khalfani-Cox, personal finance expert