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Going to college is a costly proposition. On top of tuition and fees, you’ll also need to come up with funds for food, housing, and other living expenses. It can be helpful to develop a rough estimate of what expenses you can expect in college well before you head off to campus and come with a monthly student budget.
The question is, how much money do college students spend per month?
The answer will depend on several factors, including location, extracurricular activities, whether you’re commuting or living on campus, and lifestyle preferences. According to the College Board, students can expect to spend around $3,016 a month (or $27,140 for a nine-month period) on living expenses for the 2025-26 school year.
To break that number down, let’s take a closer look at how much college students spend on food, housing, and other expenses.
Key Points
• College students spend an average of $3,016 per month on living expenses, including housing, food, transportation, and personal costs.
• Food averages around $670 per month, split between ~$410 eating off-campus and ~$260 on groceries; campus meal plans average $570 monthly.
• Housing costs vary widely: dorm rates can range from $9,254 (triple) to $16,504 (single) annually.
• Transportation costs differ by location and living arrangement, but can range from $1,050 to $1,786 per academic year.
• Miscellaneous spending (entertainment, internet, phone, health, travel, etc.) can significantly impact budgets, though discounts and campus resources can help reduce costs.
Financial Considerations for College Students
The first step towards creating a college student monthly budget is to complete the Free Application for Federal Student Aid (FAFSA®). This will give you access to federal financial aid, including grants, scholarships, work-study, and federal student loans. Colleges may also use the FAFSA when allocating their own scholarships and grant awards to students.
Financial aid is intended to be used for college-related expenses, such as tuition and fees, textbooks and supplies, and room and board. However, it may not fully cover the cost of attending college. To cover any gaps in funding, you may need to tap multiple sources of money, such as savings, summer jobs, and taking out private student loans.
To help students figure out exactly how much money they’ll need for college, schools typically post the average cost of attendance on their websites. These listings will usually include the average cost of housing, food, books/supplies, transportation, and personal expenses for students attending that school.
What Do College Students Spend Money On?
Budgeting in college will look different for every student. Some college costs will get paid up front (like tuition, fees and, in some cases, room and board), while other expenses will need to be paid on a monthly or daily basis. To estimate how much spending money you’ll need, let’s take a closer look at what college students spend money on each month, and how much they typically spend in each category.
Food
Food eats up about 30% of a college student’s monthly budget, according to the College Board. To build out a college student food budget, you’ll need to consider whether you’ll be on the school’s food plan, if you’ll do some cooking, and how often you’ll likely eat out.
On average, college students spend $672 on food per month, according to the Education Data Initiative. To break that total down further, students spend, on average, $410 a month eating off-campus and about $263 a month on groceries for cooking meals at home.
College students can choose to pay for a meal plan that provides an allotted number of meals from campus dining halls or restaurants. (Freshmen are often required to purchase a meal plan). Meal plans have the benefit of being a fixed and predictable cost. The average meal plan costs $570 a month.
Housing
How much do college students spend per month on housing? Monthly housing costs will vary depending on location and whether a student lives on or off campus.
According to the College Board’s 2024 Trends in College Pricing Report, average room and board ranged from $10,390 at public two-year institutions to $15,250 at private four-year institutions for the 2024-2025 academic year. Note that room and board includes both housing and food costs, so let’s unpack the housing portion further.
The cost of living in a dorm or residence hall usually varies based on the occupancy per bedroom and number of people in a suite or apartment. You can expect to pay more for a single bedroom than a double or triple that you’ll share with other students. For example, the cost of a single occupancy room at UCLA is $16,504 for the 2025-2026 academic year; living in a double or triple cost $12,498 and $9,254, respectively.
How much students spend on off-campus housing is influenced by the cost of living by state and city, and whether they’ll live alone or with roommates. The average monthly housing rental costs in California range from $1,599 (for a studio) to $2,304 (for a three- bedroom apartment) per month, while the average cost for Pennsylvania is between $988 (for a studio) and $1,352 (for a three-bedroom apartment) per month.
Transportation
From getting to class to traveling home for holidays and breaks, students need to factor transportation costs into their monthly budget. How much should college students spend a month on transportation?
If you’ll be living on campus, you likely won’t need to spend a lot, since classes may be within walking distance and colleges typically provide some form of transit services, like shuttle buses, to connect academic buildings. Students living off campus may require a car to get to class, which can significantly add to transportation costs. Filling up at the pump alone can cost $130 to $200 a month for the average driver in the U.S.
Transportation costs will also vary by where you go to school — and how far away it is from home. At the University of North Carolina at Chapel Hill, for example, students (including those living on and off campus) spend an average of $1,050 per academic year on transportation. At the University of Texas at Austin, student transportation costs run $1,786 per academic year on average.
Recommended: The Financial Benefits of Community College
Miscellaneous
Your monthly college expenses will likely go beyond the big categories, like food, housing, and transportation. Some possible miscellaneous costs you may want to include in your college budget:
• Entertainment (e.g, going to the movies, concert tickets)
• Cell phone plan
• Cable/internet
• Prescriptions/medical expenses
• Clothing
• Gym membership
• Hobbies
• Personal grooming
• Gifts for friends/family
• Travel for fun (such as weekend/spring break trips with friends)
To keep your miscellaneous and personal costs from getting too high, you’ll want to keep an eye out for student discounts and take advantage of free activities offered through your college.
Is College Worth It?
There are many reasons to go to college — exploring career paths, growing your social network, having fun, and learning life skills — but the return on investment (ROI) is a key consideration when comparing schools and programs. To determine your ROI, you’ll need to look at the cost of going to college and its impact on your potential future earnings.
For the 2025-2026 academic year, the average cost of tuition and fees for a public four-year college was $11,371 as an in-state student and $25,415 for out-of-state students. Meanwhile, the average sticker price for attending a private four-year college was $44,961.
When you multiply annual college costs by four years, the final tally is no small sum. And while graduates with bachelor’s degrees typically earn more than those without, you likely won’t recoup your investment right away. So is college worth it?
According to an April 2025 analysis by the Federal Reserve Bank of New York, the ROI of a college education was 12.5% in 2024, which more than meets the definition of a sound investment. In recent years, the median college graduate earned about $80,000, compared to $47,000 for the median worker with only a high school diploma, a difference of $33,000. Over a person’s entire working life (which may be 40-plus years), that premium adds up to a benefit well in excess of the cost of college.
In short, college may well be worth it.
Pros and Cons of Going to College Online
Online college and virtual learning opportunities have become increasingly common. On a per credit basis, online college tuition isn’t always cheaper. However, a virtual college student’s monthly budget often has lower expenses for room and board than students who live on or close to campus.
Here’s a look at some potential advantages and drawbacks to going to college online.
Pros
• Flexible schedule: Classes are often designed to accommodate students with work or family responsibilities.
• Convenience: Students can learn from anywhere — no commuting or relocating required.
• Lower living expenses: When attending college virtually, you can live anywhere (even at home), which can save money on housing.
Cons
• Fewer majors available: Degree programs and majors that require hands-on learning like lab exercises are unlikely to be offered online.
• Limited networking: Virtual students have less opportunities to engage with professors and classmates.
• Increased screen time: A greater reliance on technology for lectures and coursework can mean a lot of time spent in front of a computer.
How Can I Increase My Chances of Getting a Job After College?
You can increase your chances of getting a great job after college by preparing for the job hunt well before graduation.
One key strategy is to complete a college internship either during the semester or over the summer. This can provide valuable work experience while allowing you to try out different careers and job sectors. Internships are typically part-time commitments during the academic year and may be full-time during summer break. Some internships are paid, while others count as college credit. Applying and interviewing for an internship is also an opportunity to hone your interview skills before entering the post-grad job market.
You can also better your chances of getting a good job after college by taking advantage of on-campus resources. College career services offices can often provide job leads, networking opportunities with alumni and employers, and assistance preparing for interviews. It’s also a good idea to ask a professor for a letter of recommendation — a common requirement for job applications — while still enrolled in school.
The Takeaway
A college student’s monthly budget will depend on multiple factors, including geographic location, whether they live on or off campus, the type of institution, and personal habits. After tuition and fees, housing and food often represent the largest budget categories for college students. Covering the cost of college often involves tapping a mix of funding sources, including scholarships, grants, savings, and loans.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
FAQ
What is the 50/30/20 rule in college?
The 50/30/20 rule is a budgeting guideline that suggests allocating 50% of your income to needs (like housing and food), 30% to wants (like entertainment and dining out), and 20% to savings and debt repayment. For college students, this rule can be a helpful framework, though the percentages may need to be adjusted based on circumstances, such as whether tuition and housing are already covered by financial aid or family contributions.
Is $500 a month enough for a college student?
It depends on what costs are already covered. On average, college students spend $3,016 per month on living expenses, including housing, food, and other personal costs. If housing is already covered, $500 may be enough to cover food (off a meal plan), but you may be limited in how often you can eat out.
Is it possible to make $2,000 a month in college?
Making $2,000 a month in college is possible, but it depends on several factors like the availability of part-time jobs, internship opportunities, and the student’s course load. Many students balance their studies with part-time work or paid internships to cover expenses. The average income for a college student working part-time can vary significantly by location and the type of work.
What is a realistic grocery budget for a college student?
On average, college students spend about $263 a month on groceries for cooking meals at home. However, this can vary based on individual dietary habits, whether they have any type of meal plan, and the cost of groceries in their location.
Photo credit: iStock/martin-dm
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