The document summarizes the financial situations and spending habits of 6 students living together in an on-campus house at Marist College. It describes each student's family background, including parents' jobs and how the economy has impacted them. It then discusses how each student handles money based on their family situation, whether they work, and what brands and items they tend to purchase. Overall, the students come from a range of financial backgrounds from middle to upper class and have different levels of financial support from their families, but all must learn to budget as college students.

1. The Average Marist House A look into the spending of college students as affected by the current economy Communication 255L_111

2. At Marist College in Poughkeepsie, NY, 48% of students are in-state, while 52% are out of state. 56% of students are women, while 44% are men. The tuition for one year, including housing, is approximately $40,000. The maximum academic scholarship given is $12,000 per year. 77% of students have their aid needs met, and the average need-based loan is $3,507. The Marist College Student Center in Poughkeepsie.

3. An average Marist household in Gartland’ssophomore housing complex is made up of six students of the same sex living in double rooms. In one house, there are six girls from different families and different homes that all became best friends their freshman year of college. Gartland Complex along the Hudson River.

4. The familial financial situations of the residents have given them each different limitations and advantages regarding the handling of their money here at Marist. On-campus jobs, shopping, and social activities are all factors that are affected by our monetary situations. Each factor is encountered regularly as a student living in Gartland, and they all have to handle them differently. The residents of the Gartland house being discussed.

5. Resident # 1 One resident’s father lost his high-paying job as the COO of a growing lumber distribution company one week before she graduated high school as a class scholar and had already committed to coming to Marist, whose financial aid package and academic scholarships were not quite as generous as other colleges she was accepted by. Her mother is a preschool teacher, making a middle class salary. Her father was unemployed for the majority of her first year, turning their upper middle class standing to middle class, and though he now has a job, he is making about half of what he was. A photo representing the decline in the economy that affected the resident’s family.

6. Resident #1 This resident’s financial situations at home due to the economy has caused her to spend differently while at college and will have many more loans than originally anticipated. She works as a multicultural writing tutor and study session-leader a few hours a week between classes and activities so she has a little pocket money week to week but still finds that the cost of groceries and finding fun things to do on the weekends goes way over her weekly paycheck. She is not a brand-name-shopper and finds herself being very thrifty and hunting for the bargains when she must indulge in a shopping trip. Examples of the inexpensive clothing and generic groceries the resident tends to shop for.

7. Resident #2 This resident’s father is the Commissioner of Assessment and Taxation of the City of Albany, and her mom is an office manager at Albany Neuropsychological Associates. Overall, she’d consider her family middle class. She'd say they’re comfortable and have enough money to pay for the necessary things and still have some to enjoy. The recession didn’t hit them directly, but they still have to balance their money properly to remain at a stable level to avoid being affected. The official seal of the city of Albany, which the resident’s father works for.

8. Resident #2 This resident said, “I'm fortunate enough that my parents are paying for my college tuition, and they have no problem being financially responsible for my education, but I don't think they should be responsible for my social life on campus. Any money I spend is money I have saved up from working over the summer so I understand that I have to make decisions on what I choose as top priorities to spend my money on.” This resident is brand loyal to foods, like her cereal and coffee, but she chooses whatever works and looks best when it comes to makeup, clothes, and accessories (whether they’re cheap or pricy) like the Coach and generic clutches, and Chanel and NYC face powders.

9. Resident #3 This next resident describes her financial situation as follows:“My mom is currently an elementary school teacher, a stable job. I would consider her to be more upper-middle class. She is keeping up with payments without too much obvious strain from the economy. My dad is laid off due to his work. He cooks at a country club, so it is a seasonal lay off. The economy has hit him a little harder, but he is getting by.” Preschool blocks and a chef hat representing the resident’s parents’ careers.

10. Resident #3 Though this resident doesn’t work on campus currently, she is in the process of becoming an RA next year to drop tuition costs significantly. She finds herself passing up social events because of money from time to time. She prides herself in being a deal shopper and finds that sometimes, as a college student, those skills are even more essential. She can get money from her family when needed, mostly for essentials like groceries and gas, but it is not just handed to her. This resident isn’t brand loyal and buys what is cheap, like the pastas, body mist, and brown sweater shown above. Her name brand clothes and perfumes, like the AE vest and Victoria’s Secret perfume were all gifts.

11. Resident #4 This resident’s mother works as the primary bread winner as Director of Pharmacy & Nutrition at a hospital because her dad is a Navy veteran and recently injured his hand working one of his side jobs in a factory, and so he had to quit. He’s received 5-7 surgeries in the past year, but the resident says that her mother is making enough to support the family. This resident has a job at Marist Poll on campus, and though she was supposed to get work study for $1,000 dollars, she is barely working enough to make half of that by the end of the year. A hospital room and U.S. Navy seal, representing the resident’s parents’ jobs.

12. Resident #4 Though this resident isn’t making much weekly, she has enough to get by to allow her to go out when she pleases. She said, “If I work for my money I have it. My parents have always had me know the value of hard work and spending money on the right things.” She makes her own money to spend, but her parents give her money when she gets a bit too low. She does admit, however, to splurging every now and again on an expensive item from a high-end brand, but she typically tries to spend conservatively. A collection of inexpensive makeup and generic groceries purchased by the resident, as well as her splurges, the Coach brand shoes and Sephora makeup.

13. Resident #5 The next resident’s father is the District Manager of the Albany branch of Northwestern Mutual Financial Network. He is also a financial advisor and wealth management advisor. Her mother has been unemployed since she had kids. She would consider her family upper class because of the savings plans that are installed for all members of her family and because of the property that they rent to other people in addition to her father’s high salary. A branch of Northwestern Mutual Financial Network, where the resident’s father is a District Manager and financial advisor.

14. Resident #5 This resident, though her family makes a lot of money, understands the value of it. She doesn’t shop that much, but when she does, she tries to be budget-conscious. She regularly gets money from her parents for groceries, gas, and tanning. She feels absolutely financially stable because her parents take care of her necessities and a few extras, but she can budget her own money effectively as well. This resident does not shop often, but she values her more pricy name brand items, like her Guess bag, Biosilk hair product, and Nike sneakers above but also can shop less expensive brands like Dove when necessary.

15. Resident #6 The final resident’s father is President and CEO of H.J.Advisors. Her dad resigned his position at Goldman Sachs and retired but remains the head of H.J. Advisors. They do have substantial discretionary income to spend, and this resident represents the highest income in the house. She would describe her family as upper class. They do watch their money, but they do have freedom to spend it as they wish. The logo for Hugh Johnson (H.J.) Advisors, where the resident’s father is President and CEO.

16. Resident #6 At school, this resident claims that she is willing to shop generic or less popular brand names but finds herself being more brand loyal than others to certain items. She does get money from her parents about every week to every other week. She says, “Yes, I do probably have more money than the average college student, but a lot of that is spent on other people. Also, I have two credit cards, both in my parents’ names, which I use for gas and groceries.” She can spend freely but still tries to be responsible as a college student. A collection of high end and brand name items purchased by the resident that she considers her prized possessions, including her four pairs of Ray Bans sunglasses, iPod touch, keys to her Volkswagen Tiguan, Chanel perfume, Bobbi Brown makeup, and her favorite brand name apple juice, just for fun.

17. The descriptions of each housemate in E6 exhibit the differences from middle class to upper class in regards to college living. The spending habits depended mostly on financial situations and personal preferences while shopping, but each person found what worked best for them as a college student. Finances can make or break the college experience at times, but it really comes down to personal budgets and awareness of spending.

18. Photo Credits All photos besides picture of residents and pictures of members’ belongings, which belong to the author, are from: http://farm1.static.flickr.com/105/252577725_7143776aec.jpg http://farm5.static.flickr.com/4145/5183891098_2ce7b5740f.jpg http://seshdotcom.files.wordpress.com/2008/03/recession1.jpg http://www.albanyny.org/_images_content/city_seals/best_color.jpg http://umcmemorial.com/files/Gallery/Preschool.jpg http://www.ilovefoodtrucks.com/wp-content/uploads/2010/07/chef-hat.jpeg http://blogs.nature.com/nm/spoonful/hospital%2520bed.jpg http://cdawgownd.files.wordpress.com/2008/11/navy1.jpg http://images.businessweek.com/ss/09/12/1210_best_internship_companies/image/023_northwestern_mutual.jpg