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August 19, 2008 |
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The hidden costs of school |
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Think tuition is high enough already? Just wait for all the unexpected 'extras' you'll have to cover. But some experienced students and parents know clever ways to save. |
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Tuition bills for the fall semester arrive this month, and those would seem to be shock enough for a parent's finances. |
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But, as incoming students and their families are about to learn, there are plenty of other, hidden costs that can seriously boost the post-secondary spending tab.
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Here's a list compiled by one poster on a U.S. message board who is sending a daughter to school in Texas: |
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* Dorm-room fridge and microwave rental: $225. |
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* Carpet for dorm room: $175. |
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* Sheets "guaranteed" to fit longer dorm mattress: $70. |
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* Mandatory new-student conference (with parents): $350 for one night's hotel, three restaurant meals, gas, T-shirt and parking. |
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* Fish camp (four-day new-student orientation): $155. |
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* Parking pass: $200. |
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* Football game pass: $200. |
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So: $1,375 out of pocket before a single class is attended. |
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"Okay, these were all the unexpected extras so far," wrote the poster, "SLGO." "Obviously her tuition, books, dorm, meals, and lap top computer are all on top of that." |
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Other posters said the costs SLGO lists are just the tip of an iceberg that extends from book bills to Saturday night pizza runs to tickets home. |
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"When you're trying to wrap your brain around the costs of a college education," said Lynn O'Shaughnessy, the author of "The College Solution: A Guide for Everyone Looking for the Right School at the Right Price," "don't overlook all the other expenses that can significantly hike the costs." |
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Tuition is only the start
Some school expenses are clearly spelled out, such as the aforementioned tuition and bills for room and board. You also should be able to get a list of mandatory fees (which are numerous and ever-growing), or at least the total you're expected to pay, by contacting the school. |
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Other expenses, though, can be hard to predict. Books, insurance, electronics, even dorm furnishings can set you back thousands if you're not careful. |
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To help you come up with a budget, I've included some average spending figures from the U.S. National Retail Federation, the College Board's Annual Survey of Colleges and my own research. I've also included ways to save, including some tips from college students and parents who post on the Your Money message board. |
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U.S. students and their parents are trimming back-to-school spending by about 6% to an average of $599.38 this year, according to the U.S. National Retail Federation. (The averages spent in each column add up to higher numbers because not all consumers purchased items in each category.) |
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