Direct and indirect costs
There is more to college expenses than just tuition and housing bills. When you estimate how much college will cost, consider the direct and indirect costs.
Everything from books to supplies to trips back home adds to the overall price.
To estimate how much college costs, look at the direct and indirect costs.
Direct costs
- Tuition: If your child has selected a state school, the tuition (cost of classes) will depend on his or her residency status. The difference between in-state and out-of-state tuition can be thousands of dollars a year. Some schools base tuition on the number of credit hours taken in an academic period. Others rely on enrollment status (full time versus part time). Get details from the financial aid or admissions office.
- Fees: Most schools charge set fees for services such as activities or athletic facilities. Such fees usually appear on the tuition bill whether your child uses these services or not.
- On-campus room and board: Your child may choose to live on campus and eat in dining facilities. Meal plans prices can vary significantly.
Indirect costs
- Books and supplies: Textbook costs are similar from school to school, but they vary greatly depending on the courses taken. Students can save by buying used books, buying online, or sharing with classmates. Some classes require more supplies than others; others have printing, copying, or computer costs.
- Computers: Many schools require students to have a personal computer. Check the admissions requirements to determine whether a basic PC will do or a more expensive laptop is required. Remember to add the costs of software, a printer, and — if your child lives off campus — connection to the Internet.
- Off-campus room and board: This category includes rent, furnishings, utilities, and meals. If you haven’t taught your child how to cook, now is the time! Even if your child lives at home, there will be expenses related to food and commuting.
- Transportation: If your student will commute to school, factor in the cost of public transportation, gas, car insurance, maintenance, and parking fees. Some schools provide free parking, while others require a paid permit. If the school is far away, don’t forget the cost of air travel to get home on breaks and holidays. Your child can lower these costs by carpooling and by shopping around for student rates on airfare.
- Personal expenses: Students have lots of small personal expenses that add up and can make a huge difference in this category. Consider clothing, laundry, haircuts, cell phone, and entertainment. Teach your child to maintain a written budget since these expenses can easily spiral out of control.
- Other costs: Count on extra expenses such as lab fees for science courses, fees for course changes, and expenses for participating in athletics or joining a sorority or fraternity. Try to keep a little extra money in the budget to cover emergencies.
Determining the cost of college
Now that you know what goes in your bill, see how much a college could actually cost.
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