Soon it’ll be spring break, an opportunity for fun, travel, and memories. Many college students consider it a right of passage, and many families want them to enjoy it.
But spring break can be expensive. College students spend well over $1 billion on it every year. But using government loans to pay for it will, even at today’s record low interest rates, cost at least $19.78 in interest for every $100 spent.
There’s still a lot of school left after spring break. So help your spring breaker be tough-minded and disciplined about spending decisions. For example:
- Travel: The farther away the destination, the costlier the travel — especially if it involves high March air fares. For example, one major airline’s coach fares show a mid-March round trip Denver to Cancun (2,693 miles) costing $2,333 while its airfare from Denver to San Diego (1,078 miles) is $859.
- Lodging: The more friends your student bunks with, the lower the cost for shelter, especially if they’re splitting the cost of a short-term rental house instead of hotel rooms.
- Food and Beverages: Renters can prepare some of their own meals instead of eating out. And caution your student not leave an open tab anywhere. It’s also important to scrutinize meal and bar bills to avoid accidental or “moocher” charges.
- Purchases: Clothing, swimsuits, footwear, etc. — urge your student to pack it, not buy it there at inflated prices. He or she should also take that student ID because it may generate some discounts.
More and more students are also saving by skipping those stereotypical beech and ski trips. Satisfying but much less expensive activities are out there. For example:
- Your student can get some friends together for camping or an amusement park visit.
- Volunteering can create lifelong memories while helping make the world a better place.
- Spoil your student with his or her own comfortable bed and favorite meals while he or she comes home to enhance career prospects through job shadowing, searching out summer internships, or applying for post-graduation employment.
- Some businesses need to fill hours forgone by spring breaking employees. Working to earn a few hundred dollars can help reduce current debt or future borrowing.
Spring break can be a great time — if your student can avoid overspending that generates a self-inflicted wound leading to a ramen noodle diet until finals end.
You can contact College Affordability Solutions at (512) 366-5354 or firstname.lastname@example.org.