The Hidden Costs of a College Education
November 8th, 2007You’ve applied and been accepted to college. You’ve even received a great package of materials that includes all the financial information you need – tuition, room and board and student fees. But no matter how clear the numbers seem to be in black and white, it’s important to budget for some of the hidden costs of a college education!
Many room and board plans contain a set number of meals per week. But it’s important to pay attention to the fine print! Many cafeterias have reduced hours on the weekend – causing you to have to supplement your meals even when you’re not going out for the evening. And don’t forget to budget in money for snacks and quick meals when even the short trip to the cafeteria sounds like an eternity.
Other hidden costs include books and resource materials. Most colleges or universities give an estimate of how much it costs for a semester’s worth of books – don’t depend on that to be the amount you owe! Try to get the reading lists as early as possible and check online for bargains and secondhand books – because it’s not uncommon for the campus bookstore to sell out early, leaving you having to pay full price. And many school libraries charge by the page if you need copies made – even if you can’t check the book out of the library! And if you’re doing a slick presentation for a business class and having it bound at the local copy shop, you could be spending more than you might think.
It’s the little things that get you! Find out about the small costs at your college campus. How much will you be spending for laundry? Is there metered parking? Will you be grabbing a cup of coffee or a soda on the way to class? These small expenses can add up faster than you might think!
Finally, don’t forget to budget in travel costs! Whether you’re going to school an hour away by car or half a day by plane, chances are that you’re going to want to visit home – and between airfare and gas prices, you could be paying a pretty penny. Make sure you know ahead of time how often you’ll be visiting your family – every weekend, every month or once a semester. Of course, you might be able to factor in reduced laundry cost when you do!
Going away to college is a fantastic experience – and one that’s a lot less stressful if you over-budget for all the possible expenses. So as you’re packing for your first days at school, make sure to pack a little extra cash. But try to leave those credit cards at home!
