Each week, we are sharing a financial wellness tip to help you make the connection between financial management decisions, your overall wellness, and student success. Money touches every aspect of our lives, and a lack of financial literacy can cause unnecessary stress and negatively impact our mental and physical health.
Off-Campus Housing and Financial Aid
Many students ask the Office of Financial Aid and Scholarships
about how living off campus can impact financial aid. Unless you are local to Rochester and decide to live at home, your RIT scholarship and federal aid will not change. Continued eligibility for institutional need-based aid is dependent on the new FAFSA
each year.
It is best to file your FAFSA prior to making decisions on what you can afford - especially decisions about living on- or off-campus and meal plans. The FAFSA opens on Oct. 1 annually, and students who have already completed a FAFSA can simply choose to renew it - many of the (nonfinancial) questions will be prefilled for you. You just need to update any information that has changed since last year, including the financial questions.
Here are some things to consider if you're thinking about living off-campus next year:
- Is there a security deposit and when is it due?
- How long is the lease for? (A lease is a binding contract and is typically for 12 months, not the length of the academic year like on-campus housing contracts)
- Are utilities (heat, gas/electric, water, cable/internet) included?
- Are there any additional fees for parking, trash or pets?
- When is rent due? (It doesn’t always align with financial aid or periods when you are not enrolled)
- Do I still need to budget for a RIT dining plan?
- What if I decide to study abroad or have a required co-op outside of the Rochester area? Can I sublet or is there a discount if for some unforeseen reason I am unable to return to RIT?
Research the answers to these questions, discuss with your family if they are assisting you financially, and be sure to fully read any lease agreements before committing with your signature. Consult with your Financial Aid counselor
if you have any questions about how your housing choices will impact your financial aid.
Don’t forget to check out the Financial Literacy website,
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