Financial Planning Helps Students Avoid Pitfalls
2019 Costs of Attendance | CUNY Lehman College.” College Tuition Compare, www.collegetuitioncompare.com/edu/190637/cuny-lehman-college/tuition/.
by Nelson Fernandez
College is a great investment, but students may undergo financial stress. Before and throughout their college career, students should have a budget plan. Undergraduates of Lehman College face an average annual tuition of $7,210 for New York State residents, and $14,880 on average for out-of-state students.
Students have the option to either request a loan or apply for financial aid through FAFSA if they are eligible. Before making that choice, students discuss with their parents or guardian which option is best for them.
Students may have to work part time in order to afford public transportation and food on campus, and to budget the time to study and complete assignments for classes. Creating a schedule in advance can help students manage these demands, as can a financial budget.
When enrolling in courses for the following semester, students should calculate the costs for each class, including food and round-trip transportation costs. Some students suggest using budget apps to help. “I have a better idea of how I spend my money now that I have this app called Mint which helps me budget,” said Davidia Boykins, a Lehman English major minoring in Biology. “Also, it shows me where I should cut down on spending money.”
According to Lauren Schwahn in NerdWallet, students “don’t have to go through a grueling process, like filling out a spreadsheet every day; you’ll have enough homework. Just set aside some time at least once a month to review your money situation. Budgeting apps and online banking can help make the process more manageable,” (2019).
Still, managing costs can be a struggle for students. Zarin Siddiqua, an English major minoring in education, comes to Lehman all the way from Queens. She explained: “I struggle with food. I’m always buying food because I come all the way from Queens, and I must leave my house early in order to get to school. Sometimes, I will meal prep overnight but that’s only if I’m able to get home from work before 12 in the night and I’m not tired.”
Textbooks can be quite expensive too, especially for science and math courses. Renting out textbooks from the college’s bookstore or from Amazon and Chegg can help save some cash.
Students who apply for FASFA may receive a refund check mid-semester; it is highly recommended that they save it in a bank account. A student bank account includes benefits such as discounts on clothes and accessories via CUNY e-mail.
Steven Roa, a Lehman English major, receives financial assistance and stated, “I save the refund I receive in my savings for future emergencies and for my aspirations. Sometimes I spend money on food. And other times I spend on needs, such as a bike.”
