Transcript of The Average Marist House A look into the spending of college students as affected by the current...
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- The Average Marist House A look into the spending of college
students as affected by the current economy Communication
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- 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.
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- An average Marist household in Gartlands sophomore 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.
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- 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.
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- Resident # 1 One residents 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 residents family.
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- Resident #1 This residents 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.
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- Resident #2 This residents 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,
shed consider her family middle class. She'd say theyre comfortable
and have enough money to pay for the necessary things and still
have some to enjoy. The recession didnt 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 residents father works for.
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- 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 theyre cheap or pricy) like the Coach and generic
clutches, and Chanel and NYC face powders.
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- 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 residents parents careers.
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- Resident #3 Though this resident doesnt 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
isnt 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 Victorias Secret perfume were all
gifts.
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- Resident #4 This residents 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.
Hes 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 residents
parents jobs.
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- Resident #4 Though this resident isnt 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.
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- Resident #5 The next residents 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 fathers high
salary. A branch of Northwestern Mutual Financial Network, where
the residents father is a District Manager and financial
advisor.
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- Resident #5 This resident, though her family makes a lot of
money, understands the value of it. She doesnt 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.
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- Resident #6 The final residents 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 residents father is President and CEO.
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- 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.
- Slide 18
- 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.
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- 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