Back to School - Budgeting for College Students

With August just around the corner, almost 2 million students are preparing to move from their homes to a college dorm or apartment, marking a key turning point in their transition to adulthood. With the transition to higher education comes higher costs. Between tuition, living expenses, books and supplies, and the cost of activities, college remains a huge expense for many families and students.

According to a study conducted by College Pulse and GradGuard, 67% of students are covering the cost of college fully on their own, including anything outside of tuition costs. Affordability remains the top barrier for students, and with the majority paying for higher education themselves, budgeting tips for students are essential to cut costs where possible. 
  1. Take advantage of student discounts: Many large companies offer student discounts to college students just with proof of ID. These discounts are included for subscription services, cell phone service, laptops and headphones, clothing, home essentials, and even food delivery services.
  2. Utilize textbook rental services versus the campus bookstore: Full time students can take an average of five classes a semester, all requiring different textbooks. Once students receive their syllabus, they should check rental websites like Chegg and even Amazon to see if the book is available there.
  3. Make use of campus resources: Although making connections in college outside of class can be daunting, students looking to save money can explore the resources available on their campus. Free gym memberships, access to academic databases, access to affordable housing, free or discounted rides on transportation services, and more can be useful and are available to students.
  4. Explore options at community colleges: Many students decided to attend a four-year university directly after college, however, Illinois is home to great community and junior colleges. For students needing to cut expenses who didn’t have the opportunity to take dual-credit classes, they can explore core courses at their nearest 2-year institution. Classes such as speech, math, and other general education classes can be taken at these institutions for a fraction of the cost.
  5. Create a routine and stick to it: With most colleges of a semester schedule, students’ schedules and habits change at least twice a year to accommodate new courses. In order to keep a budget, students can adjust routines to ensure extra spending is not happening.
Although budgeting can make a big difference when paying for college, State Representative Jeff Keicher (R-Sycamore) says that college affordability is a big issue that needs to be addressed, noting the dysfunctional process that Illinois undergoes year after year to avoid fixing the problem.

"As a proud alum of our public university system, who is also a first-generation college graduate, I can say that attending Northern Illinois University positively changed the course of my life," said Keicher. "That is the same dream I hope for every Illinois student who wants to advance their career and life through a college education. Although many of our universities have done a fantastic job of helping students afford a college degree through opportunities like the AIM HIGH Huskie Pledge and other grants and scholarships, the state needs to step up further. While we've made improvements in recent years, the state is barely funding higher education at the same levels it was 25 years ago, as new programs have been created and expanded. If we are serious about ensuring the next generation has access to affordable, world-class higher education, then it's long past time to prioritize our students before pet projects."

Globally, the United States has the highest cost of higher education for undergraduate programs and ranks second for master’s programs. Illinois ranks the sixth most expensive state in the country for in-state tuition and fees, with an average cost of $14,921 per year in school year 2024-2025, almost $5,000 more than the national average, making college attendance for even Illinois high school graduates unaffordable.

State Representative Dave Severin (R-Benton) says one threat to college affordability is a push by liberal legislators to change the Higher Education funding formula to a DEI based system that would harm some universities and reward others.

"The proposal to change our state's higher education funding formula would redistribute money from schools that are performing well to schools that have struggled to graduate students," Severin said. "When the government starts picking winners and losers in higher education funding, students will unfortunately and undoubtedly see already unaffordable tuition rates go up. That will just cause Illinois students to locate elsewhere to more affordable institutions in other states, which will then result in even higher tuition costs. For the sake of college affordability, this DEI-based funding formula idea should be scrapped."

While budgeting plays a key role in affording college, it is not the only one factor and serious policy reform needs to happen in Illinois, something members of the House Republican Caucus have advocated for in different General Assemblies. Outside of budgeting, college students have a plethora of options to help pay for college and expenses. Work study, university employment, and paid internships work the best around busy college schedules and can be used to help foster connections that can help with secure jobs after college and to advance professional development. For additional budgeting tips and information about paying for college, visit the links below:
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