16 FEBRUARY 4, 2021 RIDGEWOOD TIMES WWW.QNS.COM
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
fi nances.
This year things are certainly
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 their fi nances
have been negatively aff ected, with
58% of those families using their savings
more than expected, 43% 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 fi nancial 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 fi nd out the rules for
schools your son or daughter is applying
to and discuss your family’s
preferences.
Some students may choose to live
off -campus 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 fi nancial
aid, those costs can be covered with
student loan funds. And some students
save money their fi rst 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 off er used textbooks as
an option in their college bookstores,
or you can oft en fi nd used textbooks
online. In some cases, you can rent
expensive textbooks. In many cases,
e-books are much more aff ordable
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 fi nd that the grants or scholarships
your child is off ered, 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, which off ers competitive
rates and a three-minute application.
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 fi ts your family’s monthly
budget.
— Courtesy of BPT
EDUCATION
How to plan for your child’s college costs
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