To make things easier for students and their parents, we've made a list of 13 not-so-obvious college student expenses. Don't overlook them, and get ready in advance!
Ways to Cover Emergency Expenses for College Students
Emergency expenses can catch a college student by surprise as they are just starting to learn how to handle money. However, options for extra financing exist. Here are a few ways to cover additional costs while attending college:
- Find a part-time job. Many students now combine their studies with part-time jobs to have more free money for their needs or college expenses. As remote jobs changed the game, everything has become even easier. You don't have to work five hours after a grueling day at college. Now, you can simply work a few hours a day from the comfort of your dorm via your laptop;
- Apply for private student aid. Private student loans can be lifesaving if you have already maxed out your federal student aid limits but need a significant amount for some unexpected costs. Just use this option wisely, as it has no grace period or deferment. You will have to repay your outstanding balance plus interest from the moment you receive the funds;
- Take out a small loan. Small online loans may come to the rescue if you suddenly face unforeseen costs that need to be covered quickly. Many lenders offer quick payday loans for students that can be repaid after receiving your next pay or scholarship. These options allow you to qualify even with no or limited credit history and get money within 24 hours. Just be aware of their high costs;
- Create an emergency fund. Try to save money in advance to avoid unnecessary stress. Saving for emergencies gives you more control over your finances and provides a sense of security.
13 Costs Associated with Attending College That Are Not Included in Tuition
Covering tuition fees is only half the battle. Take a look at the following costs associated with attending college that are not included in tuition.
1. Books and School Supplies
It may surprise you, but books and school supplies, which are a must-have for every course, are charged separately. According to the latest research conducted by CollegeBoard, an average student at a four-year institution spent about $460 on course materials and $780 on other supplies during the 2021-22 academic year.
2. Room and Board
Many students consider room and board a part of the total cost of college attendance. Although it can be covered by various forms of financial aid, it's still an expense category that is not included in tuition. Room is simply accommodations, such as a campus dorm, while "board" refers to a college meal plan. On average, lodging at public colleges can cost you about $6,500 per year.
3. Off-Campus Accommodation Costs
Renting an apartment can take a significant toll on your college budget. It may seem that the cost of off-campus housing will be lower than living in a dorm, but that is only at first glance. Some extra costs, such as utility bills and Wi-Fi, will make you change your mind quickly. Additionally, landlords often ask college students to pay a 12-month lease, meaning that they will have to pay rent even during the summer school break.
4. Transportation Costs
Students who rent apartments off campus will have to pay extra costs to get to school and then get back home. These costs can easily reach $1,200 within just one academic year. Even if you live on campus, there can still be some expenses associated with home trips or traveling during school breaks.
5. Club Fees
Colleges typically offer various activities for any taste. If you want to be involved in campus life and join some organization, get ready for extra fees that can occur. In some cases, students who join various clubs pay for equipment or travel. This can also lead to significant additional costs.
6. Greek Life Fees
It's hard to imagine a typical American college life without Greek life. Although it looks tempting, students usually don't realize how much they will have to pay for this experience. Greek life can cost you from $600 to $6,000 for a semester. This cost doesn't include social events and fees for pledging. As Greek life often comes with room and board in a sorority, the price may be comparable to off-campus housing or living in a dorm.
7. Groceries Beyond Your Meal Plan
The Education Data Initiative states that students spend about $410 for eating off campus, while home-cooked meals can cost nearly $260 a month. So, even if you buy a meal plan, try not to overlook this expense. Your college location also plays a role. While students who live in larger cities usually pay more for food, those who live in small towns have smaller grocery bills.
8. Parking
Parking fees are another expense category that many students and parents overlook. Campus parking requires you to purchase a university-issued permit. This pass can cost you as much as $400 per year. Additionally, you will have to buy parking tickets when visiting stores or public places. And don't forget about gas and your vehicle's maintenance costs.
9. Health Insurance
Student health care is another crucial expense. While most students and parents think they can do without it, many colleges make it mandatory. On average, a health insurance plan for a student costs about $2,900 per year. The exact price also depends on the university you attend. For example, students of New York University pay $4,077 for health insurance annually.
10. Laundry
Most universities and colleges offer paid laundry that will cost you about $1.25 to $1.50 for each use. This can result in about $24 per month if you do two loads per week. This cost doesn't include dryer sheets and fabric softener.
11. New Clothes
If you attend university in an area with a harsher climate, some weather-appropriate clothing will be very handy. Even if not, you may need professional attire to visit career fairs or undergo job interviews. In addition, any clothing tends to wear out, and if you like to be fashionable, this expense category can be quite impressive.
12. Student Loan Interest Rates
All private student loans and some federal aid options require you to pay interest even while you're at school. Although unsubsidized loans offered by the federal government provide grace periods and loan deferments, you will be responsible for covering the costs associated with your loan after you graduate.
Additionally, your interest is capitalized while you're studying. This means that it accumulates by being added to your principal loan balance. As a result, student loan interest might cost you thousands of dollars, making your debt unmanageable and extending the repayment over decades. According to the Education Data Initiative, 32.1% of federal student loan borrowers are in their thirties.
13. Unexpected Expenses
Life doesn't always go the way we expect. Surprises happen, especially when you're young and live a full life. Whether it's a medical issue, a car breakdown, or just a single change in your travel plans, it's a good idea to leave room for it in your budget.
How to Reduce Hidden Costs of College Attendance?
Although the number of hidden expenses may seem scary, there are always ways to reduce them. Explore some smart strategies that will help you save money on hidden costs of college attendance:
- Use public transportation. If your college is in an area with a good public transportation system, this option may work for you. Many universities even offer free or subsidized fares and passes for their students, allowing you to save a lot;
- Wash full loads. By doing this, you can significantly reduce your laundry costs in the long run;
- Rent college books. Instead of buying new books and spending over a thousand dollars for a school year, consider renting the needed class materials;
- Join your parent's health insurance plan. If you're under the age of 26, consider getting on your parent's health insurance;
- Carpool. Split the cost of gas or parking fees with someone you know.
FAQ
Besides Tuition, What Is One Cost of Attending College?
It's hard to choose just one. Some major costs include room and board, textbooks and supplies, course and lab fees, and spending on entertainment.
What Is the Average Cost of Attending College in the US?
The average college tuition and fees at four-year schools in 2021-2022 was $19,806. Some famous private universities may even shell out around $55,000 annually,
Can I Avoid Hidden Costs of College?
Unfortunately, it's quite difficult to avoid hidden college costs if you want to enjoy your college life and be socially active. It's better to find some extra income sources for ways to finance your needs rather than avoid everything that requires you to pay a few extra dollars.
