10 Money Rules for College Kids >
By now you've passed your first exam, pulled a few all-nighters, and figured out where to go to hear free music. But freebies alone a college life does not make. You need money for most things, and it's pretty easy to find yourself tapped out fast. So it's time to face the question: "How am I paying for all of this???"
You've probably worked out the big stuff: tuition, room, and board. That's one hefty load itself. The average college grad owes $24,000 in student loans, according to the Project on Student Debt. And new data shows that student loans have grown 511% since 1999, with experts speculating that this could be the next bubble to burst. Even the government is getting involved: Starting October 29, the Department of Education will require colleges to post net price calculators on their websites to help students compare costs before they apply.
But I'm talking about all the other expenses—who's paying for those? According to the College Board, students spend an average of $2,000 a year on personal expenses (laundry, cell phone, movies), $1,000 on books, and $1,000 on transportation. That's $4,000 a year!
The last thing you want to do is add to your ten-ton student loan debt load, so here's your cheat sheet to keeping costs down.