What You Need To Know About College Expenses

Going to college is one of the most important life experiences your child will ever have. It will be a time to create memories, gain new perspectives about the world, acquire new skills, and decide how to spend the rest of life. While it will clearly be a period of important growth, it will not be without cost. You will need a good plan and a very clear idea of all the expenses.

Tuition and Other Fees

• Tuition. Depending on the type of college and whether it is a 2-year or 4-year college, or private or state-funded, tuition can range between $3,500 and $35,000 per year or more.
• Lab fees. Some courses demand extra fees: lab equipment fees for classes in chemistry or biology or studio fees for art courses.

Living Expenses

• Housing. Room and board can cost anywhere around $7,000 or more per year depending on whether your child will be in a dorm or off-campus apartment. If your child plans to stay home for college, however, you can shave several thousand dollars off your budget.
• Personal needs. Add the necessary cost of food, utility bills, clothing, healthcare, a cell phone plan, and other living expenses for the year and your budget quickly mushrooms several thousand dollars more.
• Entertainment/Extracurricular activities. Your college student will no doubt want to take part in sports or hobby-oriented clubs. Count the cost of entertainment, musicals, museums, and movies, and the totals quickly add up.

Books and Tools

• Books. College books are notoriously expensive, especially the dense, heavy hardcover texts your child will be using for courses like physics, biology, and calculus. Books can cost as much as $500 per semester, so plan for roughly $1000 or more per year. Many parents cut book costs by using services like CampusBooks, which allows them to compare prices from different vendors and then rent or buy new or used books at discounted prices.
• Computer. Your college student can use the school’s computer lab, but in that case he may have to contend with waiting lines and operating hours. A personal computer will allow flexibility to get the work done at any time. Whether you plan to invest in a desktop or laptop, the cost can range from $200 to $2,000.
• Supplies. Count the supplemental cost of supplies like pens, pencils, bags, folders, and organizers.

Travel

• Moving and visits. The cost of moving to campus and back home each year can seem daunting for some parents, especially if the school is clear across the country. If you plan to visit, consider the cost of plane tickets and typical travel expenses like food and hotel accommodations.
• Transportation. Your student will need cash for trains, buses, and taxis for getting around. This can quickly amount to over $1,000 per year.

The cost of your child’s higher education is an enormous investment; it requires a solid plan and some resourceful and creative thinking. It may mean taking out an extra mortgage on the house or the support of other family members. Look into scholarships and grants, and talk to your child about how you can all work together to make this great experience a manageable one.