SayStudent.com

College Related Expenses - How To Control Them

filed: November 03, 2008

With plans to attend college in the near future, you'll be faced with finding money to pay for your schooling. Few families can afford to cover every expense; even full scholarship students have to come up with some funds to pay college related costs.

Controlling College Expenses

There are essentially eight groups of college related expenses you'll have to contend with over the four years that you're in school with some easier to control than others. Let's take a look at what expenses you'll be facing and the steps you can take to manage your costs:

Tuition and Fees –
By far the most expensive part of attending college, you can contain this expense by submitting your Free Application For Student Aid (FAFSA) form to the federal government which will determine what financial aid you'll receive from your college, if any. Your Expected Family Contribution (EFC) will be the exact figure that you'll pay for school related costs minus scholarships and grant money. Examine your Student Aid Report (SAR) closely to make sure that all expenses have been properly identified.

Room and Board –
The second highest expense for college students is room and board, the costs associated with providing a roof over your head and food. College meal plans can save you money and dorm living is cheaper than living nearby, but off campus. For financially strapped families, commuting to a nearby school may be the best option, one that still includes the cost of a car, gas, maintenance, or bus or train transportation costs. An annual mass transit pass is the most cost effective way to pay for bus or train transportation; a food pass to the school cafeteria can also yield significant savings.

Class and Lab Fees –
Beyond tuition, class and lab fees can add up, particularly for science and technology majors. Remember to have these costs figured in when the school determines your EFC. Seek a reevaluation of your EFC is this information is missing. As soon as you're eligible, consider applying for a position as a professor's intern to further offset your costs.

Books and School Supplies –
Going to the college bookstore is an eye opening lesson in what textbooks and related supplies will cost you. Choosing an available used copy will save you money, but for the best savings consider “renting” your books for the semester. Private companies, such as Chegg.com, have sprung up to attract students who are looking to save 65-85% off of the cost of books. At the end of the semester you return your gently used textbooks to Chegg to realize big savings. As far as supplies, any big box retailer can provide the best savings to you, so avoid the campus bookstore completely if you want to save money.

Transportation –
If you commute to school, you'll have to pay for bus or train costs or cover the costs of owing a car including registration, license, insurance, taxes, fees, gas, and maintenance. Your parent's car insurance policy will give you the best savings while ride sharing can help defray some of your other costs.

Personal Expenses –
Whatever personal needs you have will continue to be an expense that needs to be covered while you're in college. Some colleges provide limited healthcare while most family healthcare plans will allow you to stay on mom or dad's policy while you're in school. Don't forget the cost of prescription medicines, eye care, dentist, and personal wellness items.

Special Events –
The joy of college quickly dissipates when there is little time for fun activities. All work and no play will make student life dull and unenjoyable, so budget for a sporting event, tickets to a concert, or other fun activity. Check the bulletin boards nearest the Student Center to learn which events will be held on campus and how much you'll be expected to pay to attend. Consider volunteering some time in exchange for free tickets.

Miscellaneous Expenses –
The great unknown in life are those expenses not expected. You'll need to have a small amount of money on hand to get you through a crisis, but consider a student credit card and/or a VISA or MasterCard gift card to cover those costs as they arise.

Finally, developing and living on some sort of budget will help you navigate through school without having to worry about making ends meet. Certainly, your parents can help you out, but when you're miles away from home and needing immediate help, knowing what to do during those challenging times will help see you through while offering you an education in personal financial management.

For More Information:

• building a college budget
• viewing FREE money aid options