Crash course: How to save money while on campus

CUTTING COSTS | Students must stick to what they really need, resist buying whatever they want

Live like a student while you're in school, so you don't have to live like one after you graduate.

That financial advice comes from Mark Kantrowitz, publisher of the online student financial aid information Web site FinAid.

While tuition costs are beyond one's control, there are other expenses students can keep a lid on, and doing so can mean a world of difference for them later in life, financial advice experts and students say.

Kantrowitz advises students to be careful using credit cards.

"If you're using a credit card and you're charging more than you can afford to repay at the end of the month, you are living beyond your means and you need to cut up that credit card and pay off the balance," he said. "It's one thing to be taking out student loans to pay for your education where that's an investment. It's another matter to be spending money because you want something and not because you need something."

Use caution in paying for the educational investment, too, he advised.

Students should rely on educational loans only as a last resort, and they should never borrow more than their expected annual starting salary, Kantrowitz said.

"If you borrow your expected starting salary, you'll be able to repay the debt within the standard 10-year repayment term," he said. "If you borrow more than that, you're probably going to have to go with one of the alternate repayment plans, which stretches out the loan term beyond 10 years, and strictly speaking, do you still want to be repaying your own debts when your children are [enrolling in] college?"

Students need to weigh important college expenses against cheaper alternatives. Some examples:

Thinking of taking a car along?

"Is it a necessity or not?" asked Kantrowitz. "If you're a commuter student and your only way of getting to school is a car, then it's a need. If you're a residential student, a car is a luxury. Students might not consider it a luxury, but it is. It may be fun to go on day trips on weekends, but it's not something you need in order to obtain an education."

You may not need a computer. Universities devote considerable resources to their computer labs, notes the National Endowment for Financial Education in "40 Money Management Tips Every College Student Should Know," available at www.smartaboutmoney.org/40moneytips.

Don't neglect getting health insurance if you're not on your parents' plan. It can run $1,000 per academic year, said Kantrowitz.

"A lot of students think that they're invulnerable, but they're not," he said. "It can be devastating for your academic career if you have a major illness that you didn't anticipate and have to drop out because of it."

The College Board's "Trends in College Pricing" report says Midwestern students on average spend: Room and board: at four-year public universities, $6,800 on campus; $6,244 off campus. Transportation: $832 for campus residents and $1,172 for commuters. Books and supplies: $991. Tuition and fees: $7,374 a year. Other costs (such as clothing, laundry, entertainment, medical, and furnishings): $2,000. Francine Knowles