According to the Center on Education and the Workforce at Georgetown University. 70% full-time college students are working while enrolled.  Pay rates differ based on the job, location, responsibilities, and skill levels. Motivated college students use these earnings to help pay for college costs.  So let’s give you some food for thought about how to use those wages on educational expenses.

Books & Supplies

The College Board estimates the average full-time, on-campus undergraduate spent $1,240 on books and supplies during the 2020-2021 academic year.  Although some college students reduce these costs by using reserve textbooks in the library, open educational resources (OER) websites like Open Textbook Library and OpenStax Textbooks, renting textbooks from Chegg , Amazon , and ValoreBooks, buying eBooks, subscribe to membership online database like Cengage, or purchasing used textbooks, the costs typically still add up.  Saving up your earnings to buy your books and supplies for the Life in the Universe course makes sense.

Transportation

Whether getting to campus translates to and from home to your on-campus dorm or to and from your off-campus apartment everyday, every college student has some sort of transportation costs.  Monthly commuter bus passes in US cities range average $99 per month according to Statista.  That translates into almost $1,000 for an academic year.  If you drive, that gallon of gas will cost you $3.18 according to AAA as of September 2, 2021. That can mean about $250 an academic year if you use 2 gallons a week, but of course this doesn’t include car maintenance, insurance, and parking.  Teh average US airplane ticket costs $355 according to Statista.  If you go home 3 times a year, you are looking at over $1,000.  Consider allocating some of those part-time earnings for whichever mode of transportation you use. 

Food and Snacks

U.S. Department of Agriculture estimates the average weekly grocery bill costs $67 for a single person.  Of course that doesn’t include eating out or grabbing a beverage.  A meal at a restaurant will vary widely by location, cuisine, and selections.  On average, a meal in Hawaii will cost $13 whereas the same meal in Michigan will cost you $8.82 according to Statista.   Did you know that an average cup of coffee at a restaurant costs $2.99 according to market research firm NPD Group?  Of course, if you want that speciality coffee (macchiato anyone?), it’s an average of $4.24.  Most college students use a portion of their part-time earnings to pay for “fun food” or all of the meals.

The College Experience

Going to the dinner to grab shakes after a study group, seeing your boyfriend play against your college’s biggest basketball rival, and applauding your dorm mate’s acting debut as a lead in the college theater all costs money.  Using your part-time earnings to pay for these experiences is expected.  Just keep it in check.  Consider whether you can invite your lab partner over for coffee at your apartment vs paying for lattes at the Coop. Some students set a monthly budget or percentage of weekly earnings to pay for these college experience costs.



Pay Down Student Loans

Although many college students have Federal Direct Student Loans that are subsidized by the federal government (so no interest accrues while you are enrolled at least half-time and during your 6-month grace period), some college students have unsubsidized Federal Direct Student Loans or Private Student Loans.  If you have the latter, consider making interest only payments on a monthly basis to reduce the overall costs of your student debt with your part-time wages.  If you don’t most often, the interest that accrues will be capitalized - that is the unpaid, accumulated interest to the loan principal.