APRIL 8, 2022 www.qns.com RIDGEWOOD TIMES
27
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. 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
COLLEGE GUIDE
Start planning for these college costs
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