As a college student, you need to be aware of all your expenses. This way, you can budget your money wisely and avoid spending too much on things that are not really necessary for your education. So what are the costs every college student should know about? Continue reading below to find out!
1. Tuition and other school-related fees
The first thing you need to know about college is how much your education will cost. This will include tuition and other related fees. Take note that such fees vary depending on the college or university you’re enrolling to. The costs for tuition and other fees may also change every semester. Tuition and other school fees may range from $2,000 to more than $20,000 a year. If you want a cheaper college education, you can enroll in community college. However, there are also national institutions or four year colleges which are affordable, particularly for in-state or resident college students. For a two-year public college, total expenses may amount to $14,000. For four-year public colleges, total expenses range from $18,000 to $30,000. For private colleges, a four year course will range from $36,000 to $37,000 (Trends in College Pricing, College Board).
2. Board and lodging
Another expense you need to be familiar with in college is how much your room or dormitory is going cost. Oftentimes, colleges require students to live in campus dorms to get them adjusted to college life. On campus room rates can be arranged through the college on a quarterly or semester basis. Off-campus, apartments may cost as much as $1,200. If you want to save, you can also opt to share a room with friends or classmates or consider working part time to help you augment your expenses. Electricity costs may reach around $125 a month.
Food is obviously something we can’t go without, and is something to factor in our budget as well. Food is cheaper inside the campus, especially if it’s already part of the meal plan. You can spend around $30-$70 a week for food. Just try to cut down on junk food and eat healthy food instead like fruits and vegetables. You get 1150 resident points a semester. Think of that s $1150 to spend at the dining halls and Adele’s. You get 250 Terp Bucks. That’s $250 to spend at the convenience stores, cafes, and delis. Things cost about what they would cost at any food court. Just keep in mind, some food at the convenience store is a little overpriced.
The last thing you want to take into consideration is your supplies to prepare you for school. Whether you need a new laptop, new bedding for your dorm room, or supplies such as a backpack and notebooks, these are all something to take into consideration.
College is an expensive time in an adult’s life. Now would be a great time to sell things you no longer use, have a garage sale, or ask for extra hours at your job to help you save up some last minute money for these expenses above.
This post is contributed by Elizabeth Cutten. Liz manages, FindCollegeCards.com, a place for college students to find their first credit card, as well as find helpful college tips.