For Release: 10/2/2006Contact: Eric Solomon, 202.659.2258
Textbooks, food and socializing expenses much higher than expected
Lincoln, Neb., October 2, 2006 – New college freshmen say they are surprised by how much they spent during their first week of college, according to a survey conducted by education planning and finance company Nelnet. The number-one item that cost more than expected? Textbooks, said 81 percent of students. In addition, 21 percent of students said unexpected costs associated with socializing and 23 percent of students said unexpected costs associated with meals.
Four out of every ten respondents said they spent more than $200 on things other than tuition, room and board during their first week at college.
"Time and again we have found students are unprepared for some of the costs of textbooks and their lifestyle needs when they leave home and go to college," said Craig Cornell, Director of Enrollment Services for Nelnet. "Parents are encouraged to help their children plan for, prepare and budget for these expenses so that they don’t end up calling home for money every few days. The financial aid and admissions offices have good data on the 'cost of attendance' that they use to derive financial aid awards. I would contact them and read their materials to see what they have determined to be the costs students incur outside of their tuition bills."
Sixty percent of respondents said they planned to get a part-time job to earn extra spending money, though by the third week of school, only 35 percent of students actually had a part-time job.
Cornell, who worked as a financial aid officer for over a decade before joining Nelnet, was not surprised by this finding. "Students always have great intentions of getting a job and paying their way before they start college, but then the rigors of schoolwork and opportunities at the college often pull on their available time, limiting the amount of work they can do. Effective time management becomes a very needed skill for students to be most successful."
When asked how they try to save money, 81 percent cited buying used text books. Sixty-four percent of students said they try to limit the number of times they go out with friends each week. Nearly a third of respondents use coupons and bargain shop online, while 20 percent say they eat only inexpensive food.
The survey was conducted by Nelnet in cooperation with Peterson’s during the week of September 17. All survey respondents are college freshmen.
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About Nelnet
Nelnet is one of the leading education finance companies in the United States and is focused on providing quality products and services to students and schools nationwide. Nelnet ranks among the nation's leaders in terms of total net student loan assets with $22.4 billion as of June 30, 2006. Headquartered in Lincoln, Nebraska, Nelnet originates, consolidates, securitizes, holds, and services student loans, principally loans originated under the Federal Family Education Loan Program of the U.S. Department of Education.
Additional information is available at www.nelnet.com.
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