If you live on campus, you use it every day. But with the confusing discounts and options in plans, do you really know how much you’re paying? Or if you’re getting a good deal?
We asked directors at Residential Programs and Services to help us figure it all out.
How I-Bucks actually work
1. You choose a plan
$3,000 for the standard plan
$3,500 for a plus plan
$4,000 for a max planThese plans are the most commonly purchased available.
2. RPS takes out $1,800 for “overhead costs.” Overhead includes the cost of running RPS and all of its facilities.
3. The remainder of your money turns into “I-Bucks.”
1,200 I-Bucks for the standard plan
1,700 I-Bucks for the plus plan
2,200 I-Bucks for the max plan4. You see a sticker price for an item at a RPS facility. RPS maks up the cost of food by 60 percent to cover overhead cost.
5. RPS gives you a 60 percent discount because you already paid the overhead charge.
6. The 60 percent discount doesn’t make?its way to your pocket because you are only being refunded for overhead costs you already paid for.
7. After you spend 1,200 I-Bucks, you actually begin to receive the 60 percent off each item.
This is because the total discounts you have received equal the overhead costs you already paid in step 2.
8. Even if you add more I-Bucks, you will not be charged any more overhead costs.
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How to save money on your meal plan
1. Buy a smaller meal plan, then add more if you need it.
When you buy a meal plan, up to 60 percent of your money is going toward “overhead” cost (see chart). But if you add I-Bucks to an existing plan, you don’t have to pay that additional cost.
2. Avoid constantly going to the C-store.
When RPS buys items from retailers, they don’t buy as many as big retailers do. This means retailers sell the items to RPS at a higher price. Therefore, you pay a higher price at the register.
This is especially true for items like cleaning supplies, paper goods and large packs of soda.
3. Go to the all-you-can-eat dining halls...
...then eat a lot. Landes Dining Room at Read and Edmonson Dining Room at Collins allow students to pay one entry fee, then eat all they want. Bob Tegeler, associate director of RPS Dining Services, said these places offer students the most bang for their buck.
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C-stores: how much is convenience really costing you?
There’s no arguing how useful food on the go is. On average, students spend 35 to 38 percent of their I-Bucks on C-store items. But after comparing the prices at the C-store to those at other local retailers,?you might realize how much money a short walk (or bus ride) could save you.
Bottled water
C-store: $1.90
Village Pantry: $1.29
Kroger: $1.59Kellogg’s Froot Loops
C-Store: $5.29
Village Pantry: $5.49
Kroger: $3.69White Bread
C-Store: $2.99
Village Pantry: $2.69
Kroger: $1.99Tostino’s Pizza Rolls
C-Store: $3.59
Village Pantry: $2.99
Kroger: $2.49Coca Cola 12-pack
C-Store: $9.89
Village Pantry: $4.99
Kroger: $5.29
