As the cost of tuition keeps increasing, students are finding it harder to afford housing. In the United States, student loan debt reached $1.3 trillion in 2018. In fact, student debt is the only type of consumer debt that continues to increase. This has left many students struggling to remain financially solvent as they struggle with paying for college. Furthermore, students need to live within walking distance of campus. This could present another issue for the student as their budgets may not be large enough to accommodate living close to campus. So, how can modern students afford the cost of housing? Read on to find out.
1. Find a Roommate
The most efficient way to afford housing is to find a roommate. By finding a roommate, the cost of rent should be lowered by half or more. This will make it easier for students to find an apartment and budget their money to spend on other expenses.
2. Apply for Financial Aid
Even with a roommate, housing and tuition can be extremely expensive. In this case, students should apply for financial aid from the college they attend. Some colleges offer grants, while others allow students to borrow money to pay for their education and accommodation.
3. Look for a Scholarship
Many colleges offer scholarships to students who wish to attend their school. These scholarships can be awarded according to academic achievement or a certain student’s financial need. By applying for a scholarship, you can significantly lower the cost of tuition and have more money to pay rent or sometimes, the scholarships can offer accommodations.
4. Work to Live
If you feel like living off student loans is not a good idea, there are numerous jobs that students can try to find to make extra money to pay for accommodation. This could be writing online articles, tutoring students, or working at a coffee shop. In addition to making money, this can allow students to save money for the future.
5. Search for Affordable Student Apartments
There are plenty of places where students can look for affordable student apartments. This can be particularly important for students on a tight budget and who want to save money. For example, Parkway Plaza student apartments at Penn State offers affordable student apartments. This gives students the opportunity to save money and have their own place to stay.
What To Consider When Paying for Housing
The Cost of Rent
The total cost of housing largely depends on the location of the university. The cost of living varies across the country, which is reflected in the cost of university accommodation.
The type of room is also a factor to consider. Some accommodations may offer shared bathrooms and basic facilities. This reduces costs. Some university prices include Wi-Fi and other bills. All information should be readily available from individual universities or accommodation landlords.
Average Cost of Rent
The average student rent in the United States is around $400, and about a third are expected to pay utility bills in addition to rent. Determining how much money you need each month to live comfortably as a student is one of the major challenges new students face.
How Many Weeks Do You Pay Rent
Student accommodation contracts usually last around 40 weeks and end during the summer. For private hosts, it usually takes about 44-45 weeks. However, you may have to pay for accommodation during the six-month or Christmas holidays (whether it’s occupied or not).
Do You Need A Guarantor For Student Accommodation?
It depends on your landlord. Even if you are the one paying rent, having a co-signer on your tenancy agreement will give your landlord peace of mind. This is especially true if you have a less-than-stellar credit score. A parent or trusted relative will usually make the best guarantor, so if you doubt your financial situation, look for someone with good credit to co-sign.
Modern-day students can afford housing, but students must do their research before choosing where they want to live. Housing can be expensive, but with these tips, students can just be able to afford it.