ELFI study shows college meal plans to be a significant portion of college costs

Popular cost-cutting advice to skip meal plans may not be feasible for most students 

KNOXVILLE, Tenn., July 29, 2025 /PRNewswire/ -- A recent study by student loan lender ELFI surveyed current meal plan pricing at 150 colleges and universities nationwide, concluding that 98% of surveyed institutions require freshmen to purchase meal plans. This makes a common cost-cutting strategy – skipping meal plans in favor of home-cooked meals – impractical for many students.

Meal plans can present a significant expense among college-related costs. ELFI found that current plans average $5,600 per academic year, totaling anywhere from $12,000 to $44,000 over four years. Private school meal plans cost 22% more than public school plans on average.

The study also found that college meal plans are considerably more expensive than the standard cost of meals, based on the average range of nutritious, home-prepared food plans measured by the U.S. Department of Agriculture (USDA) for adults ages 19 to 50. On average, student meal plans were 39-49% more expensive than USDA food plans, depending on the sex of the student.

Considering this cost amid recent inflation trends, many financial experts recommend that students prepare their own meals to save money. However, meal plans are typically required for students living on campus, especially for freshmen. As a result, students and families may be budgeting based on outdated or impractical advice and could be blindsided by the true cost of attendance.

"Borrowers come to us with concerns about how to maximize long-term savings while financing their college education," said Ivan Marcinko, ELFI senior vice president and director of operations. "We hope that this study will help families understand that some college costs cannot be mitigated and encourage them to explore financing pathways that accommodate the high cost of college, including meal plans."

College costs are top of mind for many student loan borrowers considering the recently signed "One Bill Big Beautiful Bill" Act, which included various reforms aimed at financial aid and student loan repayment. As grant limits, loan caps and other higher education lending reforms go into effect, students and families may need to make critical decisions about meeting the cost of college with a combination of federal aid, institutional assistance and private lending.

For some students, institutional meal plan assistance programs, waivers or exceptions may be available. ELFI recommends that students contact their college or university to learn more about their options.

ELFI is a division of Tennessee-based SouthEast Bank and offers nationwide student loans. Since launching in 2015, ELFI has offered a range of student loan and refinancing products and services backed by an award-winning team of student loan advisors who work one-to-one with borrowers through the application process from start to finish.

About Education Loan Finance (ELFI)

ELFI is a nationwide student loan provider and refinance program offered by Tennessee-based SouthEast Bank. Since its launch in 2015, ELFI has assisted borrowers with student loan refinancing as well as with undergraduate, graduate and parent private student loans. ELFI makes financing your future simple by offering easy payment options, affordable rates, and flexible terms in an application process that is transparent and secure. Learn more at elfi.com. 

Media Contact

Mary Seward
SouthEast Bank Marketing Manager
mseward@southeastbank.com 
865-352-1262

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SOURCE ELFI