{"id":13036,"date":"2023-03-16T09:00:00","date_gmt":"2023-03-16T15:00:00","guid":{"rendered":"https:\/\/www.lexingtonlaw.com\/blog\/?p=13036"},"modified":"2025-06-06T14:45:02","modified_gmt":"2025-06-06T20:45:02","slug":"college-student-spending-habits","status":"publish","type":"post","link":"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/college-student-spending-habits.html","title":{"rendered":"College student spending habits for 2023"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"570\" height=\"189\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2019\/09\/multiple-students-studying-hero.jpg\" alt=\"Picture that illustrates multiple students studying \" class=\"wp-image-13051\"\/><\/figure>\n\n\n\n<p><em>The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. <\/em><a href=\"https:\/\/www.lexingtonlaw.com\/disclaimer\" target=\"_blank\" rel=\"noreferrer noopener\"><em>See Lexington Law\u2019s editorial disclosure for more information.<\/em><\/a><\/p>\n\n\n\n<p class=\"has-white-color has-text-color has-background has-link-color wp-elements-e6474341422429b9eb61280380fe8f75\" style=\"background-color:#00204f\">Collectively, college students have an estimated spending power of nearly $600 billion.<\/p>\n\n\n\n<p>College students face a crucial point in their financial lives\u2014it\u2019s the time where most take out student loans and apply for their first credit cards. Very often, they graduate with the burden of debt.<\/p>\n\n\n\n<p>According to data from the Education Data Initiative, the cost of college has <a href=\"https:\/\/educationdata.org\/average-cost-of-college\" target=\"_blank\" rel=\"noreferrer noopener\">increased eight times faster<\/a> than wages in the period from 1989 to 2016. As a result of that, student loan debt often sets college students back at the onset of their careers, in turn making it difficult for them to participate fully in the economy or the housing market.<\/p>\n\n\n\n<p>Nonetheless, college students have a significant amount of spending power and use their discretionary income for purchases outside of tuition and related expenses. Read on to get a fuller portrait of the spending habits of college students.<\/p>\n\n\n\n<p>Note: we reference the most updated data available, but sometimes that information is from several years ago\u2014check each individual source for specifics.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a><\/a>Spending power and income<\/h2>\n\n\n\n<p>College students are now <a href=\"https:\/\/www.refuelagency.com\/college-marketing\/\" target=\"_blank\" rel=\"noreferrer noopener\">more than 21 million strong<\/a>, and their purchasing power largely comes down to educational and discretionary spending. While some students receive an allowance from their families, many of them also work seasonal or part-time jobs to supplement their incomes while earning degrees.<\/p>\n\n\n\n<ul>\n<li>Collectively, college students have an estimated spending power of <strong>nearly $600 billion<\/strong>. [Source: <a href=\"https:\/\/www.refuelagency.com\/college-marketing\/\" target=\"_blank\" rel=\"noreferrer noopener\">Refuel Agency<\/a>]<\/li>\n\n\n\n<li><strong>67 percent<\/strong> of college students receive<strong> $2,000 or less<\/strong> from their parents each year. [Source: <a href=\"https:\/\/www.opploans.com\/oppu\/articles\/are-college-millennials-responsible-with-their-parents-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">OppLoans<\/a>]<\/li>\n\n\n\n<li><strong>44 percent<\/strong> of students work every year they are attending college. [Source: <a href=\"https:\/\/www.opploans.com\/oppu\/articles\/are-college-millennials-responsible-with-their-parents-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">OppLoans<\/a>]<\/li>\n\n\n\n<li><strong>86 percent<\/strong> of millennial college students work summer jobs. [Source: <a href=\"https:\/\/www.opploans.com\/oppu\/articles\/are-college-millennials-responsible-with-their-parents-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">OppLoans<\/a>]<\/li>\n\n\n\n<li><strong>More than one-quarter<\/strong> of all college students have full-time jobs, even if they are full-time students. [Source: <a href=\"http:\/\/collegeaffordability.urban.org\/covering-expenses\/working-during-college\/#\/\" target=\"_blank\" rel=\"noreferrer noopener\">Urban Institute<\/a>]<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"594\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/04\/image.png\" alt=\"Collectively, college students have an estimated spending power of nearly $600 billion.\" class=\"wp-image-17483\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/04\/image.png 975w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/04\/image-768x468.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<ul>\n<li>Around <strong>one-third<\/strong> of college students listed as dependents have no income, while <strong>one-third<\/strong> of college students filing their own taxes earn <strong>$20,000 or more<\/strong>. [Source: <a href=\"http:\/\/collegeaffordability.urban.org\/covering-expenses\/working-during-college\/#\/\" target=\"_blank\" rel=\"noreferrer noopener\">Urban Institute<\/a>]<\/li>\n\n\n\n<li><strong>74 percent<\/strong> of millennial college students contribute to funding their education. [Source: <a href=\"https:\/\/www.opploans.com\/oppu\/articles\/are-college-millennials-responsible-with-their-parents-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">OppLoans<\/a>]<\/li>\n\n\n\n<li>Back-to-school spending for college students averaged <strong>$1,200 <\/strong>in 2021. [Source: <a href=\"https:\/\/nrf.com\/insights\/holiday-and-seasonal-trends\/back-to-school\" target=\"_blank\" rel=\"noreferrer noopener\">NRF<\/a>]<\/li>\n\n\n\n<li>Total back-to-school spending for college students was estimated to reach <strong>$71 billion <\/strong>for the start of the 2021&nbsp;\u2013 2022 school year. [Source: <a href=\"https:\/\/nrf.com\/insights\/holiday-and-seasonal-trends\/back-to-school\" target=\"_blank\" rel=\"noreferrer noopener\">NRF<\/a>]<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><a><\/a>Student loans and debt<\/h2>\n\n\n\n<p><a href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-repair\/student-loan-debt-statistics.html\" target=\"_blank\" rel=\"noreferrer noopener\">Student loan debt<\/a> is at the forefront of the news, and many outlets are reporting on the struggles of <a href=\"https:\/\/fortune.com\/2019\/02\/25\/millennials-student-loans-debt\/\" target=\"_blank\" rel=\"noreferrer noopener\">millennials<\/a>, <a href=\"https:\/\/www.apnews.com\/d16f366c50a44b1b84931a7fd953362c\" target=\"_blank\" rel=\"noreferrer noopener\">baby boomers<\/a>, and everyone in between. While the <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/loans\/average-student-loan-debt.html\" target=\"_blank\" rel=\"noreferrer noopener\">average student loan debt<\/a> varies by age, state, and gender, the overall average is now around $37,000 per borrower. Other everyday costs like food and housing also contribute to the list of expenses college students need to cover while taking classes.<\/p>\n\n\n\n<p>We found that most Americans <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/news\/college-financing-survey.html\" target=\"_blank\" rel=\"noreferrer noopener\">would rather attend an affordable college<\/a> than a highly ranked school. This shows that college students are highly aware of the costs of attending college and the financial sacrifices they may need to make. Read on to learn about the impact of college student debt.<\/p>\n\n\n\n<ul>\n<li>Total student debt is <strong>more than $1.5 trillion <\/strong>as of January 2022. [Source: <a href=\"https:\/\/studentaid.gov\/data-center\/student\/portfolio\" target=\"_blank\" rel=\"noreferrer noopener\">U.S. Department of Education<\/a>]<\/li>\n\n\n\n<li>Total student debt has increased by <strong>more than $500 billion <\/strong>in the past ten years. [Source: <a href=\"https:\/\/studentaid.gov\/data-center\/student\/portfolio\" target=\"_blank\" rel=\"noreferrer noopener\">U.S. Department of Education<\/a>]<\/li>\n\n\n\n<li>Student loan borrowers carried an average student loan debt of <strong>$37,113<\/strong> in 2022. [Source: <a href=\"https:\/\/educationdata.org\/student-loan-debt-statistics\" target=\"_blank\" rel=\"noreferrer noopener\">Education Data Initiative<\/a>]<\/li>\n\n\n\n<li>The average monthly student loan payment for those with a Bachelor\u2019s degree is <strong>$448<\/strong> in 2022. [Source: <a href=\"https:\/\/educationdata.org\/average-student-loan-payment\" target=\"_blank\" rel=\"noreferrer noopener\">Education Data Initiative<\/a>]<\/li>\n\n\n\n<li>There are <strong>45 million <\/strong>student loan borrowers as of January 2022. [Source: <a href=\"https:\/\/studentaid.gov\/data-center\/student\/portfolio\" target=\"_blank\" rel=\"noreferrer noopener\">U.S. Department of Education<\/a>]<\/li>\n\n\n\n<li><strong>More than 3 million <\/strong>student loan borrowers owe <strong>$100,000<\/strong> or more as of January 2022. [Source: <a href=\"https:\/\/studentaid.gov\/data-center\/student\/portfolio\" target=\"_blank\" rel=\"noreferrer noopener\">U.S. Department of Education<\/a>]<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"521\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/04\/image-1.png\" alt=\"Upon graduation, 70 percent of college students have education debt\" class=\"wp-image-17484\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/04\/image-1.png 975w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/04\/image-1-768x410.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<ul>\n<li>Each year, <strong>30 to 40 percent<\/strong> of undergraduate students take out loans. [Source: <a href=\"http:\/\/collegeaffordability.urban.org\/covering-expenses\/borrowing\/\" target=\"_blank\" rel=\"noreferrer noopener\">Urban Institute<\/a>]<\/li>\n\n\n\n<li>Private student loan debt per borrower is on average <strong>$17,228 higher<\/strong> than federal student loan debt per borrower. [Source: <a href=\"https:\/\/educationdata.org\/average-student-loan-payment\" target=\"_blank\" rel=\"noreferrer noopener\">Education Data Initiative<\/a>]<\/li>\n\n\n\n<li><strong>Nearly 4 of every 5<\/strong> students report the high cost of education as the primary issue impacting them. [Source: <a href=\"https:\/\/www.chegg.com\/wp-content\/press-uploads\/chegg-stateofthestudent_2019-1.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Chegg<\/a>]<\/li>\n\n\n\n<li>Over <strong>50 percent<\/strong> of students said mental health was a primary concern throughout school due to financial strain and academic pressure. [Source: <a href=\"https:\/\/www.chegg.com\/wp-content\/press-uploads\/chegg-stateofthestudent_2019-1.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Chegg<\/a>]<\/li>\n\n\n\n<li>Women hold <strong>nearly two-thirds<\/strong> of student debt in the country. [Source: <a href=\"https:\/\/www.aauw.org\/research\/deeper-in-debt\/\" target=\"_blank\" rel=\"noreferrer noopener\">AAUW<\/a>]<\/li>\n\n\n\n<li>The cost of a college education has <strong>increased by 103 percent<\/strong> since 1987.&nbsp; [Source: <a href=\"https:\/\/www.aauw.org\/research\/deeper-in-debt\/\" target=\"_blank\" rel=\"noreferrer noopener\">AAUW<\/a>]<\/li>\n\n\n\n<li>Upon graduation, <strong>70 percent <\/strong>of college students receiving bachelor\u2019s degrees will have education debt. [Source: <a href=\"http:\/\/collegeaffordability.urban.org\/covering-expenses\/borrowing\/#\/\" target=\"_blank\" rel=\"noreferrer noopener\">Urban Institute<\/a>]<\/li>\n\n\n\n<li><strong>91 percent<\/strong> of millennial college students said they spend money responsibly. [Source: <a href=\"https:\/\/www.opploans.com\/oppu\/articles\/are-college-millennials-responsible-with-their-parents-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">OppLoans<\/a>]<\/li>\n\n\n\n<li>For millennial college students who received spending money from their parents, <strong>45 percent <\/strong>report spending it \u201cvery responsibly,\u201d but just <strong>18 percent<\/strong> believed their parents would agree. [Source: <a href=\"https:\/\/www.opploans.com\/oppu\/articles\/are-college-millennials-responsible-with-their-parents-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">OppLoans<\/a>]<\/li>\n\n\n\n<li><strong>50 percent<\/strong> of low income families are worried about their ability to afford upcoming tuition payments compared to <strong>30 percent<\/strong> of families overall. [Source: <a href=\"https:\/\/www.prnewswire.com\/news-releases\/deloitte-covid-19-charts-uncertain-course-for-back-to-school-back-to-college-season-301090016.html\" target=\"_blank\" rel=\"noreferrer noopener\">PR Newswire via Deloitte<\/a>]<\/li>\n\n\n\n<li><strong>58 percent<\/strong> of families have a plan for how they\u2019ll pay for their children\u2019s college tuition. [Source: <a href=\"https:\/\/www.salliemae.com\/about\/leading-research\/how-america-pays-for-college\/\" target=\"_blank\" rel=\"noreferrer noopener\">Sallie Mae<\/a>]<\/li>\n\n\n\n<li><strong>20 percent<\/strong> of parents borrow money to cover their children\u2019s tuition. [Source: <a href=\"https:\/\/www.salliemae.com\/about\/leading-research\/how-america-pays-for-college\/\" target=\"_blank\" rel=\"noreferrer noopener\">Sallie Mae<\/a>]<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><a><\/a>Tuition costs<\/h2>\n\n\n\n<p>Tuition costs have risen sharply in the past 60 years, and students have to find ways to deal with these rising costs. While costs vary between in-state and out-of-state schools as well as between public and private institutions, overall costs are extremely burdensome for anyone attending a four-year college. [Source: <a href=\"https:\/\/educationdata.org\/average-cost-of-college\" target=\"_blank\" rel=\"noreferrer noopener\">Education Data Initiative<\/a>]<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a><\/a>In-state public school total expenses (4 year)<\/h3>\n\n\n\n<ul>\n<li>Total tuition: <strong>$37,396<\/strong><\/li>\n\n\n\n<li>Total additional expenses: <strong>$64,552<\/strong><\/li>\n\n\n\n<li>Total cost:<strong> $101,948<\/strong><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><a><\/a>Out-of-state public schools (4 year)<\/h3>\n\n\n\n<ul>\n<li>Total tuition:<strong> $108,092<\/strong><\/li>\n\n\n\n<li>Total additional expenses: <strong>$64,552<\/strong><\/li>\n\n\n\n<li>Total cost: <strong>$172,644<\/strong><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><a><\/a>Private schools (4 year)<\/h3>\n\n\n\n<ul>\n<li>Total tuition: <strong>$143,228<\/strong><\/li>\n\n\n\n<li>Total additional expenses: <strong>$69,640<\/strong><\/li>\n\n\n\n<li>Total cost: <strong>$212,868<\/strong><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><a><\/a>Food and groceries<\/h2>\n\n\n\n<p>College students spend <a href=\"https:\/\/educationdata.org\/average-monthly-food-spend-college-student#:~:text=The%20average%20cost%20of%20food,plan%20averages%20%24563%20a%20month.\" target=\"_blank\" rel=\"noreferrer noopener\">an average of $547 each month<\/a> on food, including groceries, restaurants and meal delivery services. The rise of social media and the <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/finance\/the-psychology-of-status-purchases.html\" target=\"_blank\" rel=\"noreferrer noopener\">need to purchase things for status<\/a> are a couple factors that encourage students to splurge on Instagram-worthy food. Here\u2019s the lowdown on how students allocate spending for food in 2022.<\/p>\n\n\n\n<ul>\n<li>College students spend <strong>nearly $40 billion <\/strong>annually on food. [Source: <a href=\"https:\/\/www.refuelagency.com\/college-explorer\/\" target=\"_blank\" rel=\"noreferrer noopener\">Refuel Agency<\/a>]<\/li>\n\n\n\n<li>Campus meal plans cost an average of <strong>$563 <\/strong>each month. [Source: <a href=\"https:\/\/educationdata.org\/average-monthly-food-spend-college-student#:~:text=The%20average%20cost%20of%20food,plan%20averages%20%24563%20a%20month.\" target=\"_blank\" rel=\"noreferrer noopener\">Education Data Initiative<\/a>]<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"521\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/04\/image-2.png\" alt=\"The average cost of food for college students is $547 a month\" class=\"wp-image-17485\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/04\/image-2.png 975w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/04\/image-2-768x410.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<ul>\n<li>For millennial college students receiving money from their parents, <strong>76 percent<\/strong> say they mainly spend it on eating out. [Source: <a href=\"https:\/\/www.opploans.com\/oppu\/articles\/are-college-millennials-responsible-with-their-parents-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">OppLoans<\/a>]<\/li>\n\n\n\n<li><strong>53 percent<\/strong> of millennial college students who receive spending money from their parents say they spend it on drinks and snacks. [Source: <a href=\"https:\/\/www.opploans.com\/oppu\/articles\/are-college-millennials-responsible-with-their-parents-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">OppLoans<\/a>]<\/li>\n\n\n\n<li>The highest monthly average grocery budget is for college students in Hawaii, totaling <strong>$430 <\/strong>each month. [Source: <a href=\"https:\/\/educationdata.org\/average-monthly-food-spend-college-student#:~:text=The%20average%20cost%20of%20food,plan%20averages%20%24563%20a%20month.\" target=\"_blank\" rel=\"noreferrer noopener\">Education Data Initiative<\/a>]<\/li>\n\n\n\n<li>The state with the lowest average college student grocery budget is New Hampshire at just <strong>$56<\/strong>. [Source: <a href=\"https:\/\/educationdata.org\/average-monthly-food-spend-college-student#:~:text=The%20average%20cost%20of%20food,plan%20averages%20%24563%20a%20month.\" target=\"_blank\" rel=\"noreferrer noopener\">Education Data Initiative<\/a>]<\/li>\n\n\n\n<li>The average college student spends <strong>$342 <\/strong>eating off campus every month. [Source: <a href=\"https:\/\/educationdata.org\/average-monthly-food-spend-college-student#:~:text=The%20average%20cost%20of%20food,plan%20averages%20%24563%20a%20month.\" target=\"_blank\" rel=\"noreferrer noopener\">Education Data Initiative<\/a>]<\/li>\n\n\n\n<li>On average college students spend <strong>$42 <\/strong>every month on alcohol. [Source: <a href=\"https:\/\/educationdata.org\/average-monthly-food-spend-college-student#:~:text=The%20average%20cost%20of%20food,plan%20averages%20%24563%20a%20month.\" target=\"_blank\" rel=\"noreferrer noopener\">Education Data Initiative<\/a>]<\/li>\n\n\n\n<li>College students spend <strong>nearly $100 <\/strong>each month on coffee. [Source: <a href=\"https:\/\/educationdata.org\/average-monthly-food-spend-college-student#:~:text=The%20average%20cost%20of%20food,plan%20averages%20%24563%20a%20month.\" target=\"_blank\" rel=\"noreferrer noopener\">Education Data Initiative<\/a>]<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><a><\/a>Books and school supplies<\/h2>\n\n\n\n<p>While the amount of course materials students are purchasing hasn\u2019t changed, the cost of them is on the downward trend thanks to more affordable options like renting and digital copies. Read on to see different highlights of college student spending on course materials.<\/p>\n\n\n\n<ul>\n<li>Average spending on course materials has decreased <strong>41 percent <\/strong>since 2007. [Source: <a href=\"https:\/\/www.oncampusresearch.org\/\" target=\"_blank\" rel=\"noreferrer noopener\">On Campus Research<\/a>]<\/li>\n\n\n\n<li>College students expect to spend <strong>$18.1 billion <\/strong>collectively on electronics for school, which is more than any other category. [Source: <a href=\"https:\/\/nrf.com\/insights\/holiday-and-seasonal-trends\/back-to-school\" target=\"_blank\" rel=\"noreferrer noopener\">National Retail Federation<\/a>]<\/li>\n\n\n\n<li>Students acquire an average of <strong>7.7 <\/strong>required materials for the academic school year. [Source: <a href=\"https:\/\/www.oncampusresearch.org\/\" target=\"_blank\" rel=\"noreferrer noopener\">On Campus Research<\/a>]<\/li>\n\n\n\n<li><strong>40 percent<\/strong> of students choose not to purchase at least one of their assigned textbooks due to its high cost. [Source: <a href=\"https:\/\/downloads.flatworldknowledge.com\/reports\/flatworld_textbook_costs_2019-03.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">FlatWorld Knowledge<\/a>]<\/li>\n\n\n\n<li><strong>26 percent<\/strong> of college students use free methods to obtain course materials. [Source: <a href=\"https:\/\/www.oncampusresearch.org\/student-watch\" target=\"_blank\" rel=\"noreferrer noopener\">On Campus Research<\/a>]<\/li>\n\n\n\n<li><strong>49 percent <\/strong>of students opt to purchase used textbooks instead of buying them new. [Source: <a href=\"https:\/\/downloads.flatworldknowledge.com\/reports\/flatworld_textbook_costs_2019-03.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">FlatWorld Knowledge<\/a>]<\/li>\n\n\n\n<li><strong>47 percent<\/strong> of students who purchased at least one used textbook said they chose an older version of it for the sake of affordability. [Source: <a href=\"https:\/\/downloads.flatworldknowledge.com\/reports\/flatworld_textbook_costs_2019-03.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">FlatWorld Knowledge<\/a>]<\/li>\n\n\n\n<li><strong>30 percent<\/strong> of students said they didn\u2019t buy any digital versions of their assigned textbooks. [Source: <a href=\"https:\/\/downloads.flatworldknowledge.com\/reports\/flatworld_textbook_costs_2019-03.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">FlatWorld Knowledge<\/a>]<\/li>\n\n\n\n<li><strong>65 percent<\/strong> of students who opted for digital textbooks purchased them individually, while <strong>29 percent<\/strong> reported purchasing them through a subscription. [Source: <a href=\"https:\/\/downloads.flatworldknowledge.com\/reports\/flatworld_textbook_costs_2019-03.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">FlatWorld Knowledge<\/a>]<\/li>\n\n\n\n<li><strong>58 percent<\/strong> of students bought at least one assigned textbook on Amazon. [Source: <a href=\"https:\/\/downloads.flatworldknowledge.com\/reports\/flatworld_textbook_costs_2019-03.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">FlatWorld Knowledge<\/a>]<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><a><\/a>Clothing and personal care<\/h2>\n\n\n\n<p>College students are estimated to spend <a href=\"https:\/\/nrf.com\/insights\/holiday-and-seasonal-trends\/back-to-school\" target=\"_blank\" rel=\"noreferrer noopener\">nearly $10 billion<\/a> on clothing for the 2021-2022 school year. The rising trend of natural, eco-friendly products is one factor that is possibly driving purchases up in this sector. Take a look at the stats below to learn how much money college students sacrifice for clothing and personal care.<\/p>\n\n\n\n<ul>\n<li>Individual college students anticipated spending around $158.98 on clothing and accessories for the 2021 school year. [Source: <a href=\"https:\/\/nrf.com\/insights\/holiday-and-seasonal-trends\/back-to-school\" target=\"_blank\" rel=\"noreferrer noopener\">National Retail Federation<\/a>]<\/li>\n\n\n\n<li><strong>59 percent<\/strong> of millennial college students who received spending money from their parents said they would primarily spend it on clothes. [Source: <a href=\"https:\/\/www.opploans.com\/oppu\/articles\/are-college-millennials-responsible-with-their-parents-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">OppLoans<\/a>]<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"808\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/04\/image-3.png\" alt=\"Graphic that illustrates the average back to school spending for college students\" class=\"wp-image-17486\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/04\/image-3.png 975w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/04\/image-3-768x636.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<p>Take a look at what individual college students planned to spend on average during the 2021 \u2013 2022 back-to-school shopping season:<\/p>\n\n\n\n<ul>\n<li>Electronics: $306.41<\/li>\n\n\n\n<li>Furnishings: $164.38<\/li>\n\n\n\n<li>Clothes: $158.98<\/li>\n\n\n\n<li>School supplies: $83.56<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><a><\/a>Housing costs<\/h2>\n\n\n\n<p>College students have many different options for housing during their time at school, including on and off-campus housing. The average cost of room and board <a href=\"https:\/\/educationdata.org\/average-cost-of-college\" target=\"_blank\" rel=\"noreferrer noopener\">has increased sharply in the past 60 years<\/a>, and students now have to contend with finding ways to pay for housing in order to attend school at all.<\/p>\n\n\n\n<ul>\n<li>Students living on campus at four-year public schools pay an average of <strong>$11,303 <\/strong>each year for housing. [Source: <a href=\"https:\/\/educationdata.org\/average-cost-of-college\" target=\"_blank\" rel=\"noreferrer noopener\">Education Data Initiative<\/a>]<\/li>\n\n\n\n<li>Students at four-year public schools living off campus pay an average of <strong>$10,631 <\/strong>each year. [Source: <a href=\"https:\/\/educationdata.org\/average-cost-of-college\" target=\"_blank\" rel=\"noreferrer noopener\">Education Data Initiative<\/a>]<\/li>\n\n\n\n<li>Around <strong>seven to 12 percent<\/strong> of the total U.S. rental housing market is taken up by student housing rentals. [Source: <a href=\"https:\/\/www.nmhc.org\/globalassets\/research--insight\/research-reports\/student-housing\/student-housing-research-report-final.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">NHMC Research Foundation<\/a>]<\/li>\n\n\n\n<li>The average cost of rent for student housing is <strong>$987<\/strong> per month at public universities and <strong>$1,121 <\/strong>per month at private universities. [Source: <a href=\"https:\/\/www.debt.org\/students\/dorm-vs-apartment\/\" target=\"_blank\" rel=\"noreferrer noopener\">Debt.org<\/a>]<\/li>\n\n\n\n<li>Students living in a two-bedroom apartment pay an average of <strong>$1,178<\/strong> each month for rent in addition to <strong>$162 <\/strong>each month for electricity and internet service. [Source: <a href=\"https:\/\/www.debt.org\/students\/dorm-vs-apartment\/\" target=\"_blank\" rel=\"noreferrer noopener\">Debt.org<\/a>]<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"600\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/04\/image-4.png\" alt=\"At four year colleges, the average cost to live on campus is $11,303, while those living off campus pay an average of $10,631.\" class=\"wp-image-17487\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/04\/image-4.png 975w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/04\/image-4-768x473.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<ul>\n<li>More than <strong>70 percent<\/strong> of college students say the high cost of living is their main concern at school. [Source: <a href=\"https:\/\/www.chegg.com\/wp-content\/press-uploads\/chegg-stateofthestudent_2019-1.pdf\">Chegg<\/a>]<\/li>\n<\/ul>\n\n\n\n<p>The financial choices college students make can follow them for years after graduation. We\u2019re all aware of the student loan crisis, but other financial decisions like late payments and maxed out cards can also take a significant toll if not immediately addressed. It can get particularly overwhelming if you haven\u2019t checked your credit report in a while and feel unsure about what\u2019s on it.<\/p>\n\n\n\n<p>You should regularly check your credit report to ensure all of your information is accurate and fairly reported. If you need help tackling inaccurate negative items you find on your credit report, you can get in touch with the team at Lexington Law to learn about how <a href=\"https:\/\/www.lexingtonlaw.com\/credit-repair-services\" target=\"_blank\" rel=\"noreferrer noopener\">credit repair<\/a> might be able to help clean up your credit report.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-related-links\">Related Links<\/h2>\n\n\n\n<ul>\n<li><a href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/american-spending-habits.html\" target=\"_blank\" rel=\"noreferrer noopener\">American spending habits<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/baby-boomer-spending-habits.html\" target=\"_blank\" rel=\"noreferrer noopener\">Baby boomer spending habits<\/a><\/li>\n\n\n\n<li><a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/teen-spending-habits.html\" target=\"_blank\" rel=\"noreferrer noopener\">Teen spending habits<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/generation-z-spending-habits.html\" target=\"_blank\" rel=\"noreferrer noopener\">Gen Z spending habits<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/millennial-spending-habits.html\" target=\"_blank\" rel=\"noreferrer noopener\">Millennial spending habits<\/a><\/li>\n<\/ul>\n\n\n\n<p><a href=\"https:\/\/lexingtonlaw.com\/disclaimer\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\"><strong><em>Note:<\/em><\/strong><\/a><em> Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Learn what else college students are spending money on aside from tuition money. Here are statistics for 2023.<\/p>\n","protected":false},"author":63,"featured_media":13051,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[516],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.1 (Yoast SEO v18.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>College Student Spending Habits for 2023 | Lexington Law<\/title>\n<meta name=\"description\" content=\"Learn what else college students are spending money on aside from tuition money. 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