Cutting College Costs

Parents, when planning to pay for your child’s college expenses, you’ll receive an estimate from each school of the cost for tuition, fees, and other expenses. Most often, the “other expense” factor may seem very high, and a little hard to understand.

A recent survey by Student Monitor, tracking the spending habits of college students, shows that students tend to spend an average of nearly $7,000 on discretionary items. The following is a list of some of the discretionary spending that they uncovered:
· Transportation and Travel – frequency of visits, distance, and mode of travel will impact this the most.
· Personal Expenses – phone, laundry, toiletries, clothing, and entertainment
· Additional Fees and Dues – lab fees for science classes, honorary and social fraternities, and other fees
· Health Insurance – quite often this is an included charge on the tuition bill. If the child is already covered on the family policy, be sure to waive the institution-provided insurance.
· Books and Supplies – again, each class will have required books, and some will have required supplies. Used books can help lower the costs, but are often scarce or outdated.
· Room and Board – there are a lot of variables in the cost of room and board, depending upon the residence hall chosen, whether the room is a single, double, triple or quad room. Off-campus living may reduce the “rent” cost, but there will be additional costs for utilities, groceries, etc.
· Computer – many times, a computer is required, and if so the admissions requirements will explain the expectations. This will impact whether the student needs a basic PC or a more expensive laptop.
· Property Insurance – Most homeowner’s policies will cover the student’s personal property in a dorm room, but check your policy’s limitations against the value of the possessions. There may be a limit in the coverage. And if the student lives off-campus in an apartment, a renter’s policy is a must.