Calculating the True Cost of Higher Education
The ability to pay for college is a crucial factor that you should consider before enrolling. Examine all the higher education costs from tuition, books, and supplies to personal expenses. It is essential to figure out ways to bring the total amount down by prioritizing the basic needs, finding deals, and applying for financial assistance.
Tuition
Tuition refers to the charges that colleges require students to pay for the services or instruction offered. It forms one of the largest sources of revenue for learning institutions. Colleges charge these fees either per quarter or semester, and they vary for every institution, so visits online platforms like CollegeData to gather information while you weigh your options.
You will pay nearly double the tuition fees to attend a private university than a public one. The charges will vary based on factors like the state, the duration of your course, and the type of college you wish to attend. Students in public universities also pay varying fees depending on whether they are in-state-residents or out-of-state students.
The average costs for the academic years 2019/20 amounted to $ 36,880 for private institutions, $26,820 for out-of-state residents and $10,440 for in-state residents. Private colleges cost more because they rely on student fees to keep their institutions operational while public ones get funding from the government. In-state residents also pay less because their tax dollars finance the state.
Campus Fees
These are usually included in the tuition fees to cover specific services like campus transportation, library, athletic facilities, library, and student government. Some universities charge more campus fees than others.
Students attending the University of California, Irvine, pay a “campus spirit fee,” which goes to assist the spirit programs and athletics in the school. Additionally, the school also charges a “green initiative fee” to fund the campus’s quest to lower its carbon footprint.
Room and Board
If you choose to live on campus, you will need to pay for the room, which often comes with a desk, bed, chair, and a place to store your clothes. It also includes water, heat, electricity, and even WiFi. Besides accommodation, the school may also provide a meal plan, which refers to the school’s estimated costs of food for the time you will spend in school.
Room and board charges vary from one institution to another; some colleges offer off-campus living estimates. Some schools offer various types of meal plans, and some have a single dining hall, while others provide more than one. You may also receive a certain amount of university dollars/ finite points every semester.
The amount of money you will pay will depend on the housing plan you choose and the type of university you attend. For the 2019-2020 academic year, the average room and board costs were $11,510 at public universities and $12,990 at private universities. The charges are the same for in-state and out-of-state students.
Books and Supplies
The prices of college textbooks have seen an 82% rise from 2002 to 2013. The figures amount to about three times the inflation rates. You will likely spend $1240 yearly purchasing books in both private and public colleges as one textbook may cost you about $200 on one college book.
Many students choose not to purchase the assigned books due to high costs, even with the knowledge that the decision may lead to lower grades. The inability to buy books also leads to students taking fewer courses to avoid additional costs.
You can minimize these expenses by purchasing second-hand books, borrowing from the library, and buying digital or loose-leaf copies. While a Campbell Biology, 11th edition costs over $200, you can find the digital copy at about $120, and a loose-leaf will cost you about $165. You can also make use of the open educational resources (OER), inquire whether your school gives book discounts for students, sign-up for membership services, utilize buyback offers, or rent digital books.
Transportation
Living within campus reduces the transport expenses while you are away in college because you can walk from your dorm to various school locations. You can also choose to walk to the nearby shopping mall and other places, depending on their distance from the campus. However, you will need to pay to travel back home during holidays and if you choose to go on vacation.
Living off-campus means you will incur transport for your commute to and from school. Owning a car also comes with additional expenses such as parking, gas, insurance, and maintenance. Your school may provide an estimate for the average amount of money you will likely spend on transport to assist you in planning your expenses.
Personal expenses
By living in the dorms, you will receive many essential commodities. However, you will need to make payments for items like food, entertainment, clothing, and other personal items. Do not underestimate the costs of toiletries, cosmetics, laundry, and groceries, so make sure you allocate these expenses a reasonable amount of money when creating a budget.
You may also have to cover health insurance, medications, and phone plan. You may also need to furnish your room, pay for activities like concerts, sports, fraternity/sorority fees, and computer-related expenses like software purchases. All these items may cost up to $2000 every year.
How to Pay for College
There are several ways to access money to pay for college, including securing a scholarship and getting financial aid. Savings and income form a small portion of how parents pay for their children’s college education. Grants and scholarships accounted for 31% of the ways of covering college expenses in 2018-19.
Forms of Financial aid
It is available on a merit or need basis and comes in various forms; grants, scholarships, private or federal loans, and work-study. The amount of money you receive depends on the guidelines laid down by institutions, state, and the federal government. The money covers enormous expenses such as transportation, books, tuition, room and board, and books.
You can apply for financial aid by filing the Free Application for Federal Student Aid (FASFA). Colleges, universities, and state agencies use this to decide how and whom to award the aid. Private learning institutions use an additional and more detailed form known as the College Scholarship Service Profile.
Scholarships
Together with grants, scholarships are financial assistance that does not require repayments. It is best to start looking for awards early; do not wait until your senior years to begin your search. There are several scholarships you can apply for; all you have to do is work hard in school, stand out from the rest, narrow your selection using a search tool and follow every little detail in your application.
With a comprehensive and strategic plan, you can cover your college fees and receive the education you require with ease.