Start-up costs. Make sure you come to school with money for basic starting expenses such as setting up your phone service, utilities, buying furniture, etc. This is important because you will not be able to access your financial aid until the first day of class. Also, if you have a work-study job, your first paycheck will not be available for at least two (and up to four) weeks, depending on when you start working.

Reliable roommates. Living with a roommate can be cheaper than living alone. If you do plan on living with others, financial matters become easier if everyone's name is on the lease as well as on all the utilities. You could get "stuck" with too much responsibility (and liability) if everything is listed under your name only. Also, make sure any roommates you choose to live with understand how they will be able to pay their share of the expenses.

Timing. Remember that your financial aid is based on a nine month schedule; however, most leases ask you to commit to twelve months, so you will probably have to pay for a few months without the use of financial aid. You will have to make a choice between budgeting yourself so that you are able to live in the apartment over the summer, or finding a subletter. Also, your lease may start in August, but you don't plan to come to school until September. Because the school year doesn't start until close to October, you'll have to pay two months rent before you can use any available financial aid.

Money. If you wish to access your financial aid through a cash advance, your financial aid (excluding Federal Work-Study or other work) must exceed billed expenses on your account and all application materials and other requested documents must be on file in the Financial Aid Office. If we do not have your loan application on file, for example, you cannot advance against that loan because there is no guarantee you will apply for the funds. Generally, only forms of aid that can be used for expenses other than tuition and fees can be advanced. These include (most commonly) Northwestern Scholarship, the NU Loan, Federal PLUS, Stafford and Perkins loans and Federal SEOG and Pell grants. Forms of aid intended to meet tuition fees only cannot be advanced against. These include (most commonly) state scholarships and grants, and athletic or merit scholarships. You may not advance against Federal Work-Study earnings. A financial aid counselor will let you know what form of aid your cash advance is against.

When deciding to live off-campus, you must be aware that the responsibilities of maintaining a house or apartment and adhering to a budget require discipline and management skills different than those needed when living in University housing. Many students feel that living off-campus can provide economic benefits because they can control how much they are paying for room and board, but off-campus living does provide its own set of challenges that you must carefully consider before deciding to sign a lease. Money matters become more sensitive and time dependent as your spending patterns adjust from quarterly to monthly budgeting. Dealing with landlords and management companies, paying various utility bills (gas, electric, telephone, etc.), and grocery shopping and cooking meals all mean that active planning and communication becomes vital. Depending on your living arrangements and the reliability of your roommates, getting everyone to pay his or her fair share of the expenses on time can also be quite a challenge.

Off-campus living can be difficult for many and is not always the best option for a student. You must carefully evaluate how you will personally respond to the challenges of living off-campus and shop around for an affordable place to live. Develop a cost plan of reasonable off-campus expenses and compare it to on-campus room and board rates. Use the Off-Campus Housing Office as a resource when looking into off-campus arrangements. They provide listings of available residences, maps, transportation information, newspaper ads, and counseling assistance.

If you have additional questions or concerns regarding living off-campus and your financial aid, please contact a counselor in our office.