College Costs - Personalizing the Dorm Room

There are so many costs associated with college other than tuition and textbooks. Planning ahead and researching what these costs are can save parents from a big shock as the time nears for their child to leave for college.

Other expenses to expect are meal plans, housing, various campus fees (i.e. parking permits), club memberships, and many other supplies and incidentals. Then there are the costs for the items required in the dormitory living quarters.

One college campus housing department noted that some students are known to spend more than $350 on their dormitory bed linens and other move-in accessories. Of course, parents want their children to have living quarters that are comfortable and homey, but this can be accomplished for less.

One source parents and students can visit online is www.rhl.org "Residence Hall Linens and Dorm Bedding." They offer discounted value packs tailored around the dormitory student. It is a great place to browse even if it is just to create a checklist of things you'll need that are often forgotten.

It is easy to take some things for granted when you are suddenly away from home. Some items that come in handy in a dorm room include a sewing kit, a tool kit (helpful on move-in day), a comfortable mattress pad, and first aid supplies.

Students with laptops will want to be sure they have the necessary security locks to prevent loss from theft. They'll want a clothes hamper for dirty clothes, and a laundry bag is helpful for transporting items to and from the laundry area.

A shower pack is recommended and should contain waterproof sandals, a toothbrush case, a snap-cover soap dish, a plastic cup, and a tote for bath items (shampoo, toothpaste, and conditioner). Keeping things clean and covered is essential for proper hygiene in the dormitory setting.

Other items you might want to consider are specially designed garment and shoe organizers. The idea is to purchase items that can be used for multiple semesters and are designed to require minimal space because dorm rooms are typically small.

A college bound student can set up housekeeping in the dorm room without breaking the budget. It just requires bit of planning and shopping to find the best solutions at the best prices.

Considering Financial Aid Awards

Early April marks the arrival of financial aid award letters from colleges across the US. You may be happy to see that your student is eligible for assistance with college expenses, but the complexity of financial aid awards often leaves parents scratching their heads to understand their options. Here are some simple steps to help you make decisions about your financial aid options:

Understand the letter thoroughly. Although it’s tempting to simply skip to the end of your letter to see the theoretical maximum that your student can receive, be sure to read the details of your financial aid award. Often portions or the entirety of the amount may be in the form of loans which must be paid back after graduation.

Consider all the costs. While most colleges provide an estimate or guideline for average student costs (including tuition, books, living expenses, etc), that average may not apply to your student. The only way to be sure is to prepare a budget for your student, including expenses that may have been left out, such as entertainment, travel expenses to get home, athletic fees, or more extensive reading list purchases.

Be upfront about financial changes. If things have changed for your family since you first applied for your financial aid (such as a job-loss or illness) which may affect your overall family income, be sure to communicate the changes to your Financial Aid officer and ask for a review of what you may be eligible for. Often families discover when they complete their taxes that their earnings were lower than they had expected the previous year, which may make them eligible for greater financial awards.

Pick and choose. Financial aid awards are frequently a combination of grants, scholarships and loans. Consider whether the grants and scholarships are sufficient for your needs and if you can say no to loans, thus avoiding graduating with debt.

One of the Most Difficult Parts of College - Estimating Cost

It's difficult for parents to sit down with a calculator and come up with an accurate budget for a child's college education.  If you don't think so, prepare a budget for your life for the next four years and see how accurate it is afterwards.

Most colleges will give you a good indication of what current costs will translate into a reasonable estimate for a semester, and you can adjust that for cost of living increases for four complete years.

That is a quick answer, but as you probably already know, higher education generally costs more than we expect because of all the flexible expenditures that are involved when a young adult stays away from home.  If you are an accountant, you may have a much better handle on what to expect, but for most of us, it is at best an educated guess.

Estimating 101

Take what you know as far as course of study, room and board, food, clothing, books, and tuition.  Then add any relevant fees such as clubs, fraternities or sororities, and transportation.  Add another 10% for all the contingencies you can't foresee after you have included everything that can be a reasonable expense.

If your student is still in high school, add about 7% to the estimated semester cost for every year it will be before he or she starts to college.  This is a good rule of thumb amount for the increase in cost of living.

Basing your estimate on a semester at a time, begin with your adjusted semester cost for only the first one, and add 5% to the total semester cost for the next one, and on to the next, building up so each one is more than the previous.  Do this for the duration of the four years.

Fine Tuning the Overall Expense

Don't let the total cost frighten you out of your wits.  This should be a fair estimate of the worst case scenario if you didn't attempt to find savings up front.  When you seek financial aid or scholarships, you can trim the numbers down considerably on out of pocket costs.

When looking for cost savings for college, begin with scholarships and grants first.  If you are to pursue this route, you must start your quest relatively early and at least by the beginning of the senior year of high school.  If your child is not ready to commit to a course of study, there will be some avenues you may not be able to pursue, but most grants and scholarships are based on academic achievements more so than the major area of study.

Your child should be impressed with the importance of staying focused to get the best grades possible and improve the opportunities of college funding at the high school level.

Preparing for College Expenses - How Much Will A Degree Cost?

Parents with college bound high school children have already given some thought to how much a college education will cost. It's hard to estimate exactly, but some ballpark numbers can be obtained from the colleges being considered.

What Costs Are Involved for College?

* Tuition - semester classes are typically 2-4 credit hours, and fees are usually charged per credit hour. The least expensive credit hour fees are generally at local community colleges. Most all colleges and universities charge more per credit hour to out of state students than in-state residents. Some courses also have associated lab fees.

* Course Materials - this includes textbooks and supplies and the cost varies per course. Most students also have laptop computers to use for completion of their course assignments.

* Housing and Meals - cost again will vary based on whether a student lives on campus or off. Typically, freshman students are required to live on campus throughout their first year unless they reside in town with parents or relatives. Meal plans are offered through campus dining halls. Eating out every day can be expensive, so most students opt for a dining plan or have an apartment with cooking facilities.

* College Sports - if your student plans to participate in sports or cheerleading, there are most likely fees associated for uniforms, travel, equipment, mandatory clinics, and so forth.

In addition to direct school expenses, there is still the need for clothing, transportation, incidentals, and spending money. If your student plans to participate in campus extra-curricular activities such as clubs or Greek life, there will be additional expenses for membership dues.

Don't panic when you get a bottom line cost per semester or year of college. Many universities and colleges allow parents to make payments rather than coming up with one large lump sum of money.

Remember, too, there is the possibility of financial aid, student loans, work study programs, and scholarships for eligible candidates. For information on financial planning for college, help can be obtained by contacting the financial aid or bursar's office where your student is planning to attend school. It is highly advised not to wait until the last minute to start making arrangements for payment of college expenses.

College Costs - Financing Options for a Secondary Education

When children are in their preschool and elementary years, many parents begin saving for college with all the best intentions. Events often happen that aren't anticipated, and sometimes the college fund gets tapped into long before their kids start high school.

Many a parent has found themselves wondering how in the world they are going to finance their child's college education. Some give up not realizing there are options for attending college even when money is tight.
Here are a few things to consider when wondering how to finance your child's college education:

1) Many colleges have a student population containing a large percentage of attendees using financial aid benefits. Financial aid is often used not only toward the cost of tuition but also housing, meals, fees, and books.

2) Work/Study is another option for many students. Positions are available on or off campus on a part-time basis so as not to interfere with a student's college studies. Sometimes these positions even offer college credit in exchange for the work contributed.

3) Some consider a student loan a last resort, but you can find student loans with very low interest rates that are not scheduled for repayment until after the student graduates or ceases to attend college.
The idea is to allow a student to complete their education in order to qualify for a good job position that provides sufficient income to allow repayment of the loan over a period of time. The loan payments are usually very low and spread over an extended duration so as not to overwhelm or financially stress the newly employed graduate.

4) One excellent source of financial information is the financial aid office of the school your senior is planning to attend. The staff is knowledgeable and up to date regarding what is available in the way of loans, aid, scholarships, and work study programs; their experience will save you the time and work of having to research this information on your own.

5) There are many different types of scholarships. Some are affiliated with a specific school and others are not affiliated with any. High value scholarships tend to "reward" hard working students, so applicants are going to be strongly evaluated for their high school GPA and ACT/SAT scores. Not all scholarships are based on GPA and ACT/SAT scores, but generally the higher both of these numbers are, the better.

6) Many students who work co-op or part time during high school land themselves in good positions with companies willing to contribute to the cost of a college education. Some require an agreement to work during breaks from college or after graduation, while others consider the contribution as time already "served."

Consider All Options - The Good and Bad News
The good news is that assistance is available. The bad news is it does take some time and paperwork to apply for aid, scholarships, work study, and loans. Don't automatically assume that because your college fund was tapped out or maybe never even existed that your senior cannot attend college. You are not alone; many parents face this same dilemma.

Many college bound seniors have successfully completed secondary educations without having millionaires for parents. Using the steps above, start the process early in the high school year so you are certain to meet all deadlines and have sufficient time to explore all the opportunities available for your college bound senior.