There are lots of statistics out there about the costs of college and the rate at which college tuition is increasing every year. We generally plan and save to try to cover the costs of college tuition, which are the most substantial cost faced by future college students and their parents. However, there is a long list of other costs that most people don’t think about until they arrive on campus and a failure to plan for these costs can lead to financial problems for college students that follow them through life beyond graduation day.
Understanding the costs above and beyond tuition for college students and how to navigate these costs can make a big difference in the college experience for most students. Many students work part time as students to cover some of these costs that are impossible to avoid.
Textbooks: If you’ve visited a University bookstore, you’re familiar with the high prices of college textbooks. Technology has made it possible for students to find some books online that have been used by other college students on other campuses but some professors only want the most recent editions of textbooks used. One of the wisest financial decisions that a student can make is to buy used books and sell them after the course is complete. You may also be able to share a textbook with another student for some classes. The costs of textbooks can be substantially reduced if you plan ahead, buy used, and sell your books to future students.
Technology: The average incoming college freshman will spend just under $500 on electronics and technology before setting foot in a classroom. This includes items like a television, alarm clock, DVD player, and other gadgets that students don’t like to live without. If your university requires a laptop, your spending will be much higher. Look for retailers that offer student discounts on as many of these items as possible.
Insurance: Many health insurance plans allow parents to keep their college-aged children on the plan as dependents until a certain age. If that’s not an option, most college health plans will cost between $1200 and $1500 each year. Some homeowner’s policies also cover losses for children away at college–something worth looking into. For auto insurance, it usually depends on who the owner of the car is according to the title. If you want to keep your child on your family’s auto policy, keep the title in the name of the parents.
Furniture: College students don’t need five-star accommodations, but they do need places to sleep, study, and relax. The average student will spend about $300 on furnishings heading into college. A good way to reduce these costs is to find housing that comes fully furnished. If that type of housing isn’t available, consider buying used furniture to save some money.
Transportation: Getting around can be a substantial cost for college students. Owning a car at school means paying for insurance, gas, and maintenance on the vehicle. Many colleges offer housing close to campus that make owning a car less of a necessity. Learn to use public transportation if it’s available and you’ll find your transportation expenses to be much more manageable than if you own a car.
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