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What is the estimated budget for a freshman in college?

It is important to know for incoming seniors to prepare in their high school years if needed. #money-management #college #college-advice #college-bound

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Jacob’s Answer

Hi, Zipporah,


You are absolutely right - creating and sticking to a budget while you're in college will help keep you organized and prevent you from incurring needless stress.


Your budget has to be personalized. There is no one right answer for a given student's budget. Many factors play into it, including how much your tuition cost, whether you receive scholarships or grants, if you take out student loans, if you live on campus or commute, and if you work while attending school.


Think of your budget as a roadmap to a goal. That goal could be breaking even at the end of each year, earning some money for post-graduate life, or ensuring that you do not outspend your loan payment. I linked an article from the Department of Education below; it gives some helpful budgeting hints and examples. I highly recommend you take a look at it.


I hope this helps. Good luck!

Jacob recommends the following next steps:

https://studentaid.ed.gov/sa/prepare-for-college/budgeting/creating-your-budget
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Richard’s Answer

Depends on your expectations and living situation. There are students who spend hundreds of dollars every week on alcohol and restaurant food.

However if you are staying in a dorm and have paid your meal plan, you may not need to buy anything but toiletries and laundry detergent for months at a time.
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Rachel’s Answer

This depends largely on where you plan to go to college. Attending classes at a community college, choosing a state school, and applying to all scholarships available can minimize cost.
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Mingliang’s Answer

depends on which college you're going to. normally college in international cities like New York, Tokyo and Shanghai probably will costs more money than other cities.
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