Although the amount students and their families see listed on a university’s website for tuition is usually the largest single expense of attendance at college, it is not the only fee that students must pay and prepare for prior to attending the university for the semester. Once students have prepared and calculated the total cost of attending the university for the semester, students can prepare for the semester knowing exactly how much they will spend.
Then if for any reason students spend less than they had prepared for in the semester, the difference between what they spent and what they had prepared for can be saved in an account for use by students or their families for expenses in subsequent semesters at the university. Of course, if students actually spend more during the semester for any reason than they had prepared for, the difference indicates a financial problem that students must resolve for themselves as quickly as possible to protect their academic goals at the university.
In addition to the cost of tuition, most colleges have many other expenses such as books, transportation, technology, and other living expenses. If you only have enough money to pay for your tuition, then you will be in big trouble in the middle of the semester. Knowing these expenses will help you budget and avoid any financial problems in the future.
Course Materials and Academic Fees
Textbooks remain a major expense, even when students buy used copies or choose digital versions. Some courses also require access codes, specialized software, laboratory equipment, or online learning platforms. These costs may not be clear until a student receives the syllabus.
Students who are in art, engineering, or science programs often have special supplies, equipment, software, and services that are outside of typical textbook costs. For example, a printing service or online tutoring can become a regular academic budget item for a student in college.
Professional certification or licensing programs also have large course-related costs for materials, training, and testing that are spread out over time. Many of these large fees should be spread over several months or even over several years and should not be unexpected and cause financial distress while a student is in the middle of the college semester.
Before buying textbooks, students should review course requirements carefully and ask whether an older edition, rental, or digital copy will meet the instructor’s expectations. If books and other required materials still create a gap after scholarships, savings, and financial aid have been considered, a private student loan may be one option for covering eligible education expenses. Students should compare interest rates, repayment terms, fees, and cosigner requirements and then borrow only what is necessary.
Technology and Equipment
Many college students bring a laptop to college because many of their assignments are in digital format. These assignments might be written in a word processing program or completed online in a learning management system such as Blackboard. Some students complete online tests and exams on their computers as well.
Students use their computers to communicate with their professors and with classmates as well. A broken computer can be a huge financial problem as well as an academic problem. A student with a broken computer may not be able to complete his or her work on time, which can result in lower grades. In addition, purchasing a new computer can be very expensive.
In addition to computers, students may need to purchase items such as headphones, calculators, external storage, software, and higher internet speeds. It is hard to plan for these items because they come at different times. It is best to set aside a small amount of money each semester for any technology-related expenses that may come up. Also, check to see if your college offers laptop loans, discounted software, and on-campus technical support.
Before your student leaves for college, make sure he or she sets aside a small “Technology Reserve” to take care of any repairs to their laptop or other technology in case they break or if he or she needs to purchase additional technology to complete school work. Sometimes colleges have programs where students can check out laptops for the semester, or where they can get discounted software, or even fix a computer on campus.
Housing Costs Beyond Monthly Rent
In addition to the rent that students pay for off-campus housing, there are many other expenses that are often overlooked by students who have not lived away from home before. These could include a security deposit to be returned when the lease is up, an application fee, and a utility deposit for electricity, gas, water, and trash collection. Also, students will likely have to pay for moving in and for furniture, kitchenware, linens, etc. to make the space they are renting feel like home.
Monthly expenses could change due to higher consumption of electricity and heat in winter. Students also need to pay for internet service and laundry and also for renter’s insurance. If a student is living with roommates, it is wise to draw up a list of who pays for what before moving in.
Transportation and Campus Life
Transportation expenses will depend greatly on where a student resides. Students will have to account for gas, parking permits, public transportation, and the maintenance of their vehicle(s). Some students may also have to pay for flights or bus tickets to return home for the holidays. These costs can be very expensive during peak travel periods.
There are also some hidden extra costs associated with college campuses and getting involved in campus life. Depending on the college or club, many of the extracurricular activities can cost a fair amount. From club memberships to special events to equipment and gear to organize or participate in sports to organizing or participating in professional networking trips or conferences.
It is crucial for the student to include these types of activities and associated costs in their projected budget as they would for other projected expenses in order to avoid thinking of these types of activities as added and unwanted expenses that will drain the student’s finances.
Preparing for the True Cost of College
By taking a realistic look at the cost of attending college and including all costs in your budget, you can help identify potential problems early on before they become a large financial burden that could cause you to be pulled out of school for a semester.
The true cost of college is often more than what is listed as tuition on a college’s website. Students must understand the costs of college and make plans for the whole experience in order to make smart financial decisions, save money, and have money to enjoy in college while staying focused on completing their degree.
