PLAN FOR THESE COLLEGE COSTS
If your son or daughter is a high school
TIMESLEDGER | QNS.COM | APRIL 8-14, 2022 26
senior this year, you’re probably in
the midst of applying to colleges right
now. There’s a lot for everyone to think
about - where to apply, the steps involved
in the application process - and of course,
the finances.
This year things have certainly gotten
more challenging. A recent College
Ave Student Loans survey conducted by
Barnes and Noble College Insights looked
at how the pandemic has changed the approaches
most families are taking to paying
for college. Over half of the survey
respondents (56%) reported that because
their finances have been negatively affected,
58% of those families had to use
their savings more than expected, with
43% of them putting off big purchases and
29% leaning on credit cards. Financial
setbacks like job loss have caused many
families to seek alternatives to help pay
for college costs.
While you’re planning for your child’s
education, it’s important to figure these
additional costs into your overall financial
picture. Paying for college is not just
about tuition, so it’s a good idea to be prepared
for additional expenses - and know
your options for reducing those costs or
covering them.
Room and board
Paying for a dorm room and meal
plan is a big part of student expenses. For
freshman year, some schools don’t allow
students to live off-campus. Make sure to
find out the rules for schools your son or
daughter is applying to and discuss your
family’s preferences.
Some students may choose to live offcampus
and rent an apartment. Depending
on the proximity to campus and the
area, it can still be costly.
If room and board or off-campus housing
isn’t covered by financial aid, those
costs can be covered with student loan
funds. And some students save money their
first year or two by enrolling in a local college
or university and living at home.
Textbooks and supplies
Books and supplies can cost hundreds
or even thousands of dollars each year depending
on your area of study. You can use
student loans to help cover the purchase of
a computer, books, required class supplies,
and school-related fees.
Research ways to save on books. Most
schools offer used textbooks as an option
in their college bookstores, or you can often
find used textbooks online. In some
cases, you can rent expensive textbooks. In
many cases, e-books are much more affordable
than actual textbooks.
Transportation
Consider the costs to commute to school
every day - parking, gas, or public transportation.
Don’t forget to factor in any
trips home throughout the year that might
require a train or airfare.
It’s essential to know the full cost of attending
college when your family is making
plans together. Adding these further costs
to tuition, you may find that the grants or
scholarships your child is offered, on top
of federal student loans or work-study options
they may be eligible for, will not cover
everything for the school year. Unexpected
expenses can also come up, such as unanticipated
fees or supplies, or a roommate
bailing on a shared apartment.
If your son or daughter needs additional
funds, one option is getting a private student
loan through College Ave. College Ave
offers competitive rates, a simple 3-minute
application, and great customer service.
Families have choices about when to start
making payments and how long to take
to pay back the loan, making it easy for
them to balance a monthly budget while
minimizing the total cost.
To see how much your monthly bills
could be upon graduation, explore tools
like the College Ave student loan calculator
to make sure the loan amount fits your
family’s monthly budget.
— Courtesy of BPT
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