Memories of Generic “mac and cheese”- (Or How to Make Your Financial Aid Refund Stretch)

So the reference to the generic “mac and cheese” may not make sense but has a personal connotation for me when it became the staple of my post undergrad life style (at the ridiculously low price of 5 for $1.00 at the local A&P supermarket). Was it nutritious -no. Was it delicious- no. Did it help me make ends meet – absolutely yes! It was just one of the creative strategies and sacrifices one needs to make to insure that you can pay the rent have heat and keep the lights on.

Several YLS students last year talked to me about the need for information, resources and even training on the concept of maintaining a budget while in Law School. (Though I understand the new euphemism for “budget” is “spending plan” because it provides the more positive connotation that you actually get to “spend” something). Either way, I think budgeting is something that many of our students struggle with particularly in their 1L year. In early Fall we will be announcing a workshop series focused on this topic which I would highly encourage all students to attend. (Plus we always provide lunch with our financial aid workshops and a free lunch is one of the best budget deals you can get!) .

But in the meantime I wanted to remind everyone of a few key budgeting challenges you will face and should make accommodations for:

First, as mentioned in my last blog – you are not going to receive any excess financial aid (your refund) until, at the earliest, the first day of the term. There are no exceptions to this federal regulation. That means that you need to come to New Haven (or return to New Haven for our 2Ls and 3Ls) with funds in hand to secure housing, buy furnishings and eat until the refunds come in. That’s also the reason why you want to insure that you have completed every step of the financial aid process (including loan entrance counseling and promissory notes) so that there is no possible reason for the refund to be delayed.

Second, as you may have noticed, our Fall term (September 5th – January 17th) is about a month longer than the Spring term (January 22nd – May 17th). The way that financial aid works by federal regulation is that your funds are disbursed 50% for each term. So if you have the same amount of aid per term and the same amount of charges per term – your refund will be the same each term. But that Fall term refund for living is now going to have to stretch an extra month (including an extra month’s rent). Beware – we had many students last year who sent me panicked emails over the Christmas break (after possibly holiday shopping and spending) because they had run out of Fall term refund monies and had no way to pay their rent due January 1st. Start from the minute you get that refund in September and hold onto 5 months worth of rent (and utilities) to get you to mid January when your spring term funds will then come in.

Third, live within your means. It may be very exciting to move to New Haven and for many students set up their first real apartment, etc. But this is not the time in your life to be worried about how good that apartment looks, what amenities it has and “boy, wouldn’t a home theater system fit perfectly in that corner of the room”. Trust me…you will be spending very little time in that apartment and the majority of your life in your true new permanent address of 127 Wall Street.

Fourth, economize in little ways… do simple things that will save you money:

• Avoid the temptations of eating out – probably the most difficult thing to do in New Haven which is renowned for a diversity of restaurants and culinary delights. But did you know that New Haven is also famous for a variety of great gourmet food trucks clustered all throughout the city (closest “cluster” spot to YLS is the Ingalls Rink on Prospect Street) that provide a much a less expensive albeit “al fresco” dining experience. (Trust me, don’t knock it ‘till you’ve sampled from the “Cheese Truck”). Better yet, shop for food – for many years downtown New Haven did not have any supermarkets and now have two (Stop & Shop on Whalley and Elm City Market – a co-op on Chapel). Frequent the supermarkets so we can insure they can continue to serve city residents. And scout out “free food” opportunities – look for YLS events and university wide events that have the key words of “open to the public” and “reception”.

• Buy used furniture – again you are going to be spending so little time in your apartment that what you need is function over style. There are many consignment stores throughout the greater New Haven area and lots of weekend tag sales in neighborhoods to browse. I will put a plug in here for Universal Hotel Liquidators – a local business that has gained national attention for its creative “green” enterprise and its commitment to recycle gently use hotel furnishings. And if you find yourself drawn to New Haven’s flagship IKEA store on Long Wharf – there is no shame in looking at their “As Is” department where you get the added benefit of less expensive items that are already put together (saving you hours using the obligatory IKEA three inch Allen wrench to assemble your purchase).

• Ask for a Discount – – New Haven is a “college town” and as such, the majority of stores and merchants offer student discounts from the Apple Store to Criterion Cinemas. It never hurts to waive that ID card and ask if they offer a discount. You can use that same ID card to get your entertainment fix by accessing the incredible variety of free lectures, theatre presentations, concerts and film screening that is open to the Yale community and publicized via daily in the Yale Daily News online or available in its print version (copies always available at the York Street entrance of YLS ).

The point of all this is saving money at this juncture of your life will ultimately benefit you down the road. I am not advocating that you have to live like an absolutre spendthrift, because we all need the occassional indulgence and personal reward. But overall If you can economize now, minimize your loan borrowing, minimize your consumer debt and yes make some sacrifices for three relatively short years of Law School, it will put you in a much better financial position when you leave YLS for the rest of your life.

More resources and information on budgeting to come as we move into the academic year. In the meantime – develop an appetite for generic mac and cheese.