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College Expense is At Least 20% Higher Than You Expected

12/13/2016

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Q. My son is going to attend college next year.  Other than the normal expenses I know - tuition, room and board, books, etc, what other expenses should I budget for it?

A.
The real cost of college is at least 20% higher than what most parents thought, here are some of the major expenses parents usually forget -
  • Annual increase of tuition.  Plan 1-3% each year.
  • Mandatory fees.  There could be a laundry list of such fees, such as technology fee, activity fee, sports center fee, etc.
  • Transportation costs.  Holiday, spring breaks, etc. the farther your child is away from home, the more expensive this could be.
  • Study abroad fee.  Airfare, housing, food, additional travel, etc. all could add up to a big number.
  • Smart phone plan.  You will find an unlimited plan is the only option to keep the cost in check.
  • Printing cost.  You will face two options: a) buy a printer, and purchase ink catridge, paper continuously; b) spend money frequently at the school's bookstore or libraries' printers.
  • Eat out costs.  Regardless how good the campus food is, students will eat off campus.
  • Latest computer.  Macbook Air Pro?  Only the latest version of computer will work.
  • Summer housing.  If your child lives off campus, typically the rental agreement is from August to August, even your child is having a summer intern at another city.
  • Graduation fee.  Cap and gawn, photos, rings, parties, gifts ...
  • Personal hygiene.  This is probably the first time your child is going to face the cost of keeping him/her clean ...
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