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 -
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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