The cost of attending college goes well beyond tuition. Other costs
include housing, a food plan, books, transportation, and personal
expenses. Be sure to consider all costs when setting a budget for your
students' education.Use the total cost of schools you're considering to estimate how much you will pay to attend school for one year. Request a cost summary from each school to make sure you're including all information.
Factors to Consider:- Tuition and fees
- Housing
- Food plan
- Books and supplies
- Personal expenses (laundry, medical, disability expenses)
- Transportation
- Activity fees
- Cell phone plan
- Long distance phone card
- Credit cards
According to College Board, the average tuition rate at a four-year public college for the 2003–2004 academic year is approximately $4,694, while the annual cost at a four-year private college averages $19,710.You can assume a yearly increase of six to seven percent in order to estimate costs for future college expenses.
Helpful Hints
- Don't miss out on financial aid opportunities by missing deadlines. The earlier you complete applications and forms, the better the chance your need will be met.
- Keep a copy of all completed forms and applications.
- Respond to all schools' inquiries promptly and accurately. An incomplete file could result in a reduction or loss of aid.
- Keep in touch with the financial aid office at all schools you are considering. Notify them immediately if there is a change in your family's financial situation.
- You will need to reapply for financial aid and some scholarships each year.
- You should be cautious when applying for and using credit cards.
- You can save money by sticking to a prepaid food plan and not eating at fast food restaurants.
- Buy used textbooks or ask to borrow books from students who have previously taken the course.
