Office of Student Aid : Parents of Students : Parent Newsletter

Penn State Office of Student Aid Parent Newsletter
Volume 5, Issue 1-- May 2007

All Those Little Costs

Any parent of a college student soon finds the little costs can add up quickly--clothes, CDs, notebooks, food, entertainment, and laundry, for starters. The bill for tuition, fees, room, and meals may be the largest share of expenses, but it is only the beginning of what can seem like an endless stream of requests from your student for more funds.

While it is easy to tell your student to "set a budget," it can be a challenge to stay on track financially when his or her friends are eating out, shopping, or going to a concert. It is all too easy to reach for the credit card, originally intended for emergencies, when friends are headed to the mall, for example. Expenses don't even have to be big ones; $10 here and $20 there will add up quickly. Students may feel embarrassed or uncomfortable sharing with friends that their budget is set, so a little planning ahead of time can ease navigation through these awkward situations. It may be helpful to compose and rehearse some responses with your student for use when he or she is confronted by everyday peer pressures that impact finances.

A great way for students to prepare for out-of-pocket expenses is to take on a summer job. Saving up spending money ahead of time can help with smaller expenses that many students face. Additioinally, there are opportunities to work after arriving at Penn State. Although Federal Work-Study awards are limited to students with high financial need, there are wage-payroll opportunities for work on campus, and many local businesses hire students. Furthermore, studies have shown that students who work a few hours a week actually do better academically than students who do not work. Students benefit from improved time management skills, which can pay off academically. Through planning, your student can prepare for the everyday costs he or she will encounter.