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COURIER LIFE, APRIL 8-14, 2022
If your son or daughter
is a high school 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.
Some students may choose
to rent an apartment. Depending
on the proximity
to campus and the area, it
can still be costly.
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 schoolrelated
fees.
Research ways to save
on books. Most schools offer
used textbooks as an option
BPt
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.
Transportation
Consider costs to commute
to 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.
To see how much your
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
College Guide
Tips on how to plan for
these college costs
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