How Much Should A College Student Pay For Rent

Prospective parenting ideas from undergraduate students.

How much should a college student pay for rent. You can use a student loan to pay for rent for off-campus housing during collegeIn fact you can use student loan funds to cover a college s full cost of attendance also known as the student budget. You can expect an average of 50 per month. Financial Aid and Scholarships Cost of College paying for college financial aid FAFSA Student Loans grants and scholarships federal student loans Saving for College Salary and Career college tuition 529 plan cost of attendance expected family contribution private student loans college financial planning financial aid award taxes career college savings plan room and board on-campus housing.

Student loans are also used to pay rent. Spending any more than 30 of your gross income before tax on rent is widely considered an indication of housing stress. Below is her budget from February of her senior year in college.

The general rule of thumb is that you can spend up to 30 percent of your monthly income on rent but if youre a college student living on loans or only working a part-time job you should aim for. She earned about 500600 per month after taxes working 1015 hours per week in a restaurant. She also had her 3000 savings account.

For example a PSU student living in a double room with a 15-meal-a-week plan is paying 10218 this year. How To Use A 529 Plan For Private Elementary And High School. These prices are for dorms on campus.

Subtract 299 for your monthly student loan payment and youre left with about 2844 per month. How to crunch the numbers. He may buy expensive things that wont be able to afford once he has to pay rent.

Students at public schools can expect to pay an average of 8887 and those at private schools will pay an average of 10089 per year. What Are Qualified Expenses For A 529 Plan And What Doesnt Count. Parents tend to cover the rent and sometimes even pay in advance as its easier to pay for a full semester at once rather than to pay month by month.