According to Nationwide Insurance, college students spend the largest part of their money on discretionary expenses (46 percent), followed by room and board (26 percent), tuition and fees (19 percent), and miscellaneous other expenses (12 percent).Continue Reading
Although tuition, fees and room and board consume a sizable portion of the average college student’s budget, there are many other products on which consume a large portion of a student's budget. College students spend a lot on food. Many students pay for a university meal plan, whereas others choose to cook for themselves, eat out or only eat some meals on campus. Along with food comes drink, which for many university students includes costly alcoholic beverages. Depending on the social habits of a student, alcohol can become a large expense.
Some students pay for transportation in the form of bus or train tickets or gas for cars. Students often pay the bills for textbooks or other school supplies, and for electronics, such as laptops, tablets, and smart phones. In a addition to electronics, the software that students need for certain classes also costs a considerable amount of money.
After all of those expenses, entertainment can consume a large portion of a student's budget. This can include movie tickets, music purchases, tickets to cultural events and more.Learn more about Economics
Qualified expenses for a 529 plan include college tuition and fees, textbooks, supplies, and room and board for the college student, as of 2015. Technology-related expenses, such as laptop computers and internet service, also qualify as long as they are required education-related purchases.Full Answer >
College students face pressures adjusting to a rigorous academic routine, coping with financial strains to pay tuition and academic fees, juggling academic requirements with job and social responsibilities and maintaining health due to lack of sleep and stress. Many college students experience mental health issues due to the pressures of college that can lead to anxiety, depression and exhaustion.Full Answer >
Higher education programs are expensive due to a variety of factors including tuition increases, reductions of state budgets, higher student loan fees, and longer times to complete four-year degrees. As of October 2014, as many as 45 percent of college freshmen take six years or more to finish their degree program. Each year adds an additional $63,718 at a typical four-year public university, including wages lost.Full Answer >
Allowable expenses for tax-free distributions from 529 college savings plans include tuition, fees, books, supplies and equipment, reports the Internal Revenue Service. Special needs beneficiaries can pay for services they require in connection with school attendance. Room and board is an allowable expense for students enrolled at least half-time.Full Answer >