Are you budgeting for college? Looking at the price stickers for tuition and room and board? It’s scary, right? But, there are other college expenses beyond that basic sticker price which you should be budgeting for.
Room and Board may be a misnomer. Yes, there is cafeteria food, but there are also nights out with friends, snacks for studying, pizza with dorm buddies, and lots of coffee. There are also alcohol and other party accoutrements. Even a meal plan for special meals or weekend meals can have a price.
Extracurricular activities have a cost, too. There are fees beyond tuition to support the sports teams, the rec center, and the activities offered on campuses. You should always check on the college campus fees. Sports participation can mean buying equipment, and belonging to a sorority or a fraternity means yearly dues and more that can cost up to $2,000 annually.
Travel is one of the more expensive items. Airfare is costly, and kids come home, both because they want to and you want them to. For those living closer to their college, there is the cost of a car, car insurance, parking, and gas. If cars are not part of the travel picture, there may still be subway, bus, or taxi costs.
And, then there are the miscellaneous costs! Health insurance, cell phone, text books, computer, clothing, dorm room accessories, tutoring, and more for things like car accidents, broken legs, etc….
This list goes on. You can add $4,000 to $6,000 dollars to the base cost of college, even up to $11,000 for those who live far distances from their college.