How Much Will College Cost?

When you begin to do the college search it is so exciting! The idea of heading off to a new school with new people, outlooks, scenery and class work is awesome! After discovering your dream school you are ready! You’re ready to sign right up. However, then you check out the price tag and your bubble may deflate slightly. Don’t be discouraged! When you are educated about the process of funding a college education you are half way to being there.

Educate yourself

At this point the most money you’ve thought about spending was 300 bucks for your neighbors 20-year-old car. Now you must realize that higher education may be one of the biggest investments you will ever make. Therefore, it is important to become familiar with the programs and process for paying for your education. It is also important that you know that financial aid is available to help many students meet the cost of higher education. "Taking it Step by Step: Applying for Financial Aid." Essentially, the "ticket price" of a college education involves tuition and fees, books and supplies and miscellaneous expenses. When comparing costs, be certain you are comparing like figures.

How do colleges come up with this price?

Cost of Attendance (or COA)- This is not a campground association. This includes tuition, fees, books as well as an allowance for personal expenses. Most college view books list the total cost of attendance. When gathering information about prospective schools, be certain you have current and complete information about the costs and financial aid programs. Find out exactly what you will be billed. Again, if you don’t know, ask!

Below are the individual costs that make up the Total Cost of Attendance.

Tuition and Fees - Includes the cost of instruction as well as fees for services the college offers including lab costs, phone and computer access, activity fees, etc. Typically, schools will price their courses by the credit. Most classes in a degree program are three credits each.

Books and Supplies - You will be responsible for buying books and other supplies needed for your classes. For example, students in the health sciences can expect to pay for medical equipment while graphic design students will need specialty art supplies.

Miscellaneous - This includes those expenses incurred as a result of attending college. These expenses include room & board, transportation and childcare.

*Your life does not end when you head off to college. You’ll still want to go out to dinner with friends, attend concerts and maybe go somewhere for your Spring Break. Remember to budget for additional expenses to keeping your life fun and enjoyable!

Budgeting for College Students