Cost of living (rent/housing, food, etc.) while in school?

[drumstix]

Hi all,
I was wondering how current optometry students cover their costs of living, particularly those who went out of state and are paying non-resident tuition (but would love any input, even from "in-staters"). I know students take loans, but how does that work? Does a loan provider pretty much give monthly stipends to students and then from that loan amount, students can pay rent, buy food, etc.? Also, can you take a bigger loan out if you don't want to work "on the side"? Ideally, I would prefer to just be doing school and school only, without worrying about having to find a job to pay bills like Internet, electricity, rent, food, etc., and also not have to live in a run down shack just to save money. Is it possible to "live well" purely on a loan? Any input and experience you may have is greatly appreciated.

If it helps, I am interested in Chicago (ICO), Oregon (PUSO), Berkeley (UCBSO), and Boston (NECO). Thanks in advance.

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[dsoz]

Your school sets a cost of living amount. It is what they think a student should be able to live on. This amount plus tuition, fees, books, etc. is the amount that you can borrow in loans.

You get the check every quarter/semester. You budget to be able to pay all your expenses until the next check comes the next quarter/semester. If you run out, either you get a job, starve, eat top ramen, or beg from relatives. There is a slight chance that you can ask the financial aid office for another small loan to carry you through to the next check, but don't count on it.

From what I hear, you can live, but not "live well off" on the living expenses set by the school. Every dollar that you borrow you will be paying back, with interest ($1.40 on average for every dollar you borrow). Live within your means, have a roommate to share expenses, and don't waste money on things that are not needed.

dsoz

 

[drumstix]

Your school sets a cost of living amount. It is what they think a student should be able to live on. This amount plus tuition, fees, books, etc. is the amount that you can borrow in loans.

You get the check every quarter/semester. You budget to be able to pay all your expenses until the next check comes the next quarter/semester. If you run out, either you get a job, starve, eat top ramen, or beg from relatives. There is a slight chance that you can ask the financial aid office for another small loan to carry you through to the next check, but don't count on it.

From what I hear, you can live, but not "live well off" on the living expenses set by the school. Every dollar that you borrow you will be paying back, with interest ($1.40 on average for every dollar you borrow). Live within your means, have a roommate to share expenses, and don't waste money on things that are not needed.

dsoz

Thanks! So in your experience, is it possible to live in a studio apartment (or a unit with no roommates)? And I assume there is no "negotiation' either, i.e., upping the school's estimate by a couple grand here and there?

 

[OpticalBlackOut]

Thanks! So in your experience, is it possible to live in a studio apartment (or a unit with no roommates)? And I assume there is no "negotiation' either, i.e., upping the school's estimate by a couple grand here and there?

In my experience, the school's budget is very generous towards living expenses.
I was able to live way under the amount of loans borrowed while budgeting for plenty of outings, restaurants, and weekend activities.

I don't think living in a studio apartment should be an issue (had plenty of classmates who lived in lofts downtown...but seemed like they had parental support), but again, keep in mind that everything that you're borrowing you will have to pay back two-fold.

 

[drumstix]

Thank you Optical Black Out and everyone else. I figured that one goes into debt, this is true, but I dread the thought of living like Tiny Tim for what many consider to be the "best 4 years of one's life." Thank you all. It has been very insightful and helpful!