Question for current Pod students????

[XCdpm02259]

Hello everyone,

I am in need of some advice from current Pod students. I am in the process of filling out all my financial aid stuff and I need to decide how much to take out in loans. I just wanted to know what some typical monthly expenses you as students have come across. By monthly expenses I literally mean anything that you may spend money on (gym membership, entertainment, vehicle expenses, anything!). Obviously I know this will vary from person to person, but if you just throw out some ideas which I may not have thought of it would be a huge help! Thanks in advance

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[pacpod]

Rent
Food
Gas (both car and natural gas if your appt has it)
Electric
Internet
Cell phone
Gym (if your school doesn't provide it)
Car maintenance
Any text books you want
Miscellaneous school fees/costs
TV (cable/satellite - although I have managed fine for the past three years without it)
Etc, etc, etc

 

[heybrother]

What school are you going to / wanting to attend. I'll toss some numbers if its DMU/Kent, but I'd be wasting my time if you are going to the coast.

No one needs cable. Get cheap internet + Hulu/Netflix. If a family member has cable get their ESPN password.

Phones are a tricky issue because you may already be locked in a plan. If you aren't I recommend going pre-pay. You'll have the upfront cost of the phone, but your monthly cost will be ~$50.

 

[Ferocity]

Just get the full amount possible for your 1st semester. Afterwards, you can adjust accordingly for your 2nd semester.

 

[XCdpm02259]

What school are you going to / wanting to attend. I'll toss some numbers if its DMU/Kent, but I'd be wasting my time if you are going to the coast.

No one needs cable. Get cheap internet + Hulu/Netflix. If a family member has cable get their ESPN password.

Phones are a tricky issue because you may already be locked in a plan. If you aren't I recommend going pre-pay. You'll have the upfront cost of the phone, but your monthly cost will be ~$50.

I am going to NYCPM, so I know it is a bit different. But I will live in the student housing which includes all utilities, internet, and I think cable as well (not that I will be watching much TV). The other nice thing is, I am still on my fathers phone plan and he promised to keep paying for it until I am done with school. So I guess I am already set with all of those things! I just don't know what else might come up that I would need money for that I am forgetting.

 

[owlegrad]

Just get the full amount possible for your 1st semester. Afterwards, you can adjust accordingly for your 2nd semester.

This is good advice IMO.

 

[AMDG83]

Agreed, take out the full amount the first year/semester. You can always give back the extra.

 

[XCdpm02259]

I think the way I have to do it is take out the amount I want for the entire year. On my financial aid packet it asks for how much I want for the entire 2013-2014 year. So I understand to take out more than less, but I don't think I can do it semester by semester. But I don't know exactly, do any of you go to NYCPM?

 

[Ferocity]

I think the way I have to do it is take out the amount I want for the entire year. On my financial aid packet it asks for how much I want for the entire 2013-2014 year.

It doesn't matter. The FAFSA disbursements are made with each semester. Your financial aid services faculty at NYCPM can adjust the 2nd semester disbursement easily for you.

 

[XCdpm02259]

It doesn't matter. The FAFSA disbursements are made with each semester. Your financial aid services faculty at NYCPM can adjust the 2nd semester disbursement easily for you.

Cool, thanks! I will definitely take your advice then

 

[TheFootDoc]

Just get the full amount possible for your 1st semester. Afterwards, you can adjust accordingly for your 2nd semester.

I would go with this too. Get the max amount and budget as you go along.

If you're going to be housing with school then you'll get a check reimbursed for the amount of Financial Aid - (tuition and fees + housing) + scholarship if applicable.

 

[dyk343]

To go against the grain... I wouldn't take out max loans.

Just sit down and make a budget and stick to it. Thats what I did. I added $1000 to what I thought I would spend for plenty of comfort. It does get a little tight towards the end of the semester, but that means I budgeted correctly.

No need to have excess "free" money laying around. Try to take out as minimal loans as possible.

 

[pacpod]

To go against the grain... I wouldn't take out max loans.

Just sit down and make a budget and stick to it. Thats what I did. I added $1000 to what I thought I would spend for plenty of comfort. It does get a little tight towards the end of the semester, but that means I budgeted correctly.

No need to have excess "free" money laying around. Try to take out as minimal loans as possible.

I strongly agree with this.

If you take out 10k less/year than you normally would have, you would be saving 17k in interest payments alone when paying them back. This is comparing 200k of loans on a 10 year repayment plan vs 160k of loans on a 10 year repayment plan.

That 6.8% interest can pack a wallop.

 

[XCdpm02259]

Very true, that's what I had originally thought. That's why I started this thread so I could plan my expenses to created a budget.

 

[flyhi]

you don't have to make this decision now, really. Talk to your financial aid office. I know you can send back funds you don't use, but not sure if you can take out less in a given semester and then ask for more if you need it. You can budget, but there is no real way to determine how much your cost of living is going to be until you get moved in and see how you are living, especially in a city where a a bagel is 5 bucks. You will be able to then determine if you can cut some fat, or if you need additional funds.