Understanding The Costs of College

moneyParents often suffer palpitations whenever the subject of paying for college comes up. This is because across all colleges, tuition fee, including text books, food and lodging has risen more than any other good. The cost of higher education has jumped more than 14-fold in records dating to 1980, depicting bloated colleges costs. Today, the chart shows that costs have ballooned 1230 percent in the 34-year period. However, the costs of attending a certain college are dependent on a number of factors that reflect a student’s academic pace, degree program and living arrangements.

Tuition- The True Cost Of Education

At the core of any college bill is tuition. This fee is usually calculated per unit and is associated with actually taking a class. For instance a college may charge $400 per unit for undergraduate students, which implies that a four unit Math class would cost $1600 for the semester. Often times, universities and colleges will offer a flat rate for tuition, which covers a maximum and minimum number of units per semester. This in turn presents a unique challenge for students and parents in making sure they are getting their money’s value by attending enough classes each semester.

Room- Where Is The Student Going To Sleep

While your children may insist that they won’t sleep during their college years, the need is as unavoidable as it can be astonishing. Living on campus is generally not the cheapest of options, but it certainly offers immense convenience, comfort and predictable expenses for parents. Most colleges require their students to live their first year in the on-campus grounds in order to help them get accustomed to college life. However, living off-campus can be cheaper, but it will be filled with financial surprises like paying rent during vacation, wacky roomates, security deposits etc.

On-campus living fees are generally quoted on a semester or quarter basis. On the other hand, off-campus living expenses are estimated on a monthly basis.

Board- How Much Is The Food Going To Cost You

Most colleges offer a wide array of meal plans for their students living on-campus. These can vary from infinite dining meals to a fixed number of pre paid meals. They offer the same convenience and cost as lodging plans. However, it will cost more for a student who dines regularly on-campus. On the other hand if the student lives off-campus, they can spend according to their pocket.

Text Books And Supplies

The national average expense of college text books hovers around $500 per semester. Most colleges include the cost of supplies like extra reading printed material etc in this fee.

Offset the Cost of College by Applying for Scholarship and Government Grants

Even with the high costs of college there are many options to help you pay for your tuition; make sure you take advantage of free government grants and organization scholarships. Apply for as many scholarships as you qualify for.