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If you’re getting ready to head off to college – or if you’re sending your son or daughter away to school – prepare yourself ahead of time and budget for all of the expenses college students typically face. Below is a list of expenses so help you prioritize your budget. Educational Expenses Tuition. Tuition is the single largest expense in a student’s college life, ranging from a few thousand dollars per year for an in-state college to at least $30,000 for a private college. Most schools require you to pay at least half of the tuition before the semester starts. Class Fees. There are many classes which require extra fees for labs or equipment. Check with the school to see if any of your classes fall in this category. Textbooks. The cost of textbooks will vary depending on the course and on where you choose to get your books. If you pick up your books from your college bookstore, estimate a book budget of about $500, as some textbooks can cost as much as $200 a piece. However, if you choose to rent your college textbooks instead, you could save hundreds of dollars every semester. By renting textbooks, your book budget falls from $500 to about $150 to $200 a semester. Computer. Every student needs an up-to-date computer and printer, no matter what degree they’re perusing. Some courses may even require specific software. It’s true that computer labs are available to all students, but space and time are limited. When your grade depends on emailing your professor a paper by a certain time, you can’t risk there not being enough room for you in a computer lab. Go the safe route and get your own equipment. Supplies. Every student needs a constant supply of pens, pencils, notebook paper, binders, backpacks, highlighters and various other essential school supplies. Living Expenses Housing. Housing is the second largest expense in a student’s college life and will vary depending on location. Most colleges have on- and off-campus residences with a wide range of prices to suit most budgets. Keep in mind that not only will there be a rental fee, but most college residences also require the student to pay utility bills. Food. Most college offer their students a prepaid meal card for getting food on campus, but it’s still a good idea to budget for weekly groceries and off-campus meals. This is especially true for students with special dietary needs. Laundry. Most college residences will have coin-op laundry rooms, and students will need to buy their own soap and fabric softeners. Keep in mind that these items are cheaper at a grocery store than from dispensers in the laundry room. Cell Phone. Every student should have a cell phone. If you’re attending a school far from home, you could be making a lot of long-distance calls. Internet. Every student needs Internet access. While this will cost you an extra monthly fee for dial-up service or to use the school’s wireless network, having Internet access is essential to doing your homework, research, emailing assignments to your professors, etc. Medical/Dental Expenses. The cost of insurance is usually included in the tuition, but you can opt out of these plans if you already have insurance, whether it’s your own or passed down from your parents. Miscellaneous Expenses Entertainment. Students need a little down time through all the weeks of hard-core studying. Budget for movies, restaurants and other activities throughout the semester. Parking/Transportation. If you have a car, you’ll need to budget for insurance, gas and parking at your school. College parking passes vary, but you can usually expect it to be over $50 for one semester. Taking public transit is most often less expensive, as many public systems offer student discounts. Clothing. Plan on changes in climate and temperature, seasons and the fashion culture of the school you are attending. LendingTree. “College expenses checklist.” Saving for College. 9 Sep. 2009 [http://www.lendingtree.com/].
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