Signing up for college education is one of the best investments a person can make for his future. With a college education, the social and educational horizons are expanded, allowing individuals to fully realize their full potential. But just like other investments, college education comes at a cost. As a student, it is important to know and understand the costs involved in attending college and getting a diploma. Here are some of the college and university expenses that an average student will face.
College tuition and school-related expenses
If you are just planning to send out college applications and drawing the budget, prepare yourself. College education is an expensive proposition, something that requires careful research and preparation. According to Forbes, the most expensive college education can fetch as much as $68,000 yearly for an elite private college. The magazine estimated that if a student is going to attend college starting 2018, he may end up paying $334,000 to complete a four-year college degree. On average, colleges and universities in the United States will require more than $28,000 a year, which is still a huge amount for the average student. And since the cost of tuition is not expected to go down anytime soon, students and their parents are left with no choice but to find ways on how to fund their education.
For many college students, the solution comes in the form of financial aid and student loans. Student loans are available in the US, but this type of financial aid comes with some criticisms primarily the adoption of insensitive interest rates. This has led many enterprising students to consider other strategies to augment the approved loans, like joining paid survey programs and other online jobs. Virtual jobs and answering surveys appeal to college students since these can be done remotely and can be done any time.
Living expenses during college
Aside from tuition, students also need to include accommodation and food expenses into the budget. Students have the option to stay in dorms, which offer cheap or subsidized accommodations, but usually these accommodations work on a first-come, first-served basis and may not accommodate everyone. So the option for other students is to look for private accommodations which can be a significant expense in college.
Food is another critical expense in a college student’s budget. This expense will shoot up if a student has a special dietary requirement.
Other college expenses to consider
Phone, internet, clothes and entertainment are other top expenses that will crop up during college. For most students, internet and smartphones are needed for communication and even school work. Entertainment may refer to movie night outs and monthly internet fees that the student may incur throughout the semester. All these are critical college expenses that should be included in the planning and budgeting phase. There’s no escaping these expenses, and the best thing a student can is to prepare for these expenses. Preparation can come in many forms- you can set up a savings account, draft a budget that will guide you every semester, or even look for a part-time job to help you address emergency expenses during college.