{"id":386,"date":"2023-09-02T04:06:28","date_gmt":"2023-09-02T04:06:28","guid":{"rendered":"https:\/\/savemycent.com\/?p=386"},"modified":"2024-02-16T14:18:38","modified_gmt":"2024-02-16T14:18:38","slug":"college-student-spending-statistics","status":"publish","type":"post","link":"https:\/\/savemycent.com\/college-student-spending-statistics\/","title":{"rendered":"21 Essential College Student Spending Statistics Every Prospective Student Should Know"},"content":{"rendered":"\n
The college years are a formative period in many young people\u2019s lives \u2014 and not just because of all the fun and excitement it typically involves. It\u2019s also the time when many of these people face their first financial challenges and start making conscious buying choices.<\/p>\n\n\n\n
In this overview of college student spending statistics, you\u2019ll learn how much of their money goes towards tuition fees and accommodation. You\u2019ll also gain in-depth insight into students\u2019 spending habits and find out how much their essential and non-essential costs add up to.<\/p>\n\n\n\n
(US News)<\/p>\n\n\n\n
This number only applies to students living in the state where they\u2019re studying. Meanwhile, the average tuition at public colleges for out-of-state students sits at $22,698. As such, the numbers for the 2021\u201322 academic year indicate that the location \u2014 both that of the college and the student\u2019s residence \u2014 is crucial when determining a typical college student budget.<\/p>\n\n\n\n
(US News)<\/p>\n\n\n\n
US undergraduates who want to study at a private college will have to pay around 73% more than those who choose a public one, college student spending statistics reveal. Of course, various institutions offer help with paying tuition for both public and private universities. In addition, colleges themselves traditionally provide some financial aid for students in need.<\/p>\n\n\n\n
But if we take a look at the Princeton University grants, for example, we\u2019ll see that students still need to pay a hefty sum. Namely, the tuition and fees at this university total $53,890, and grants may bring this down to $23,572. So while financial aid can lower the average college student spending, it won\u2019t remove tuition fees altogether, especially at private universities.<\/p>\n\n\n\n
(Visual Capitalist)<\/p>\n\n\n\n
Despite the high tuition, Columbia University is among the most popular colleges in the US. Its acceptance rate is only 6%, suggesting a staggering number of applications submitted each year. Like many others, this Ivy League college offers financial aid and work and study programs to help each college student with their expenses. This way, even those living in households that make less than $60,000 won\u2019t have to amass student debt to pay for tuition.<\/p>\n\n\n\n
Look at: How to get out of student loan debt?<\/p>\n\n\n\n
(Visual Capitalist)<\/p>\n\n\n\n
Although private, the Provo, Utah-based Brigham Young University is the least expensive college in the country. Owned by the Church of Jesus Christ of Latter-day Saints, the school requires students to abide by the very strict honor code, which includes a complete ban on coffee and alcoholic beverages. This is in keeping with the Church\u2019s traditional doctrine.<\/p>\n\n\n\n