FOR BREAKING NEWS VISIT WWW.QNS.COM APRIL 8, 2022 • THE QUEENS COURIER 36
Plan for these college costs
If your son or daughter is a high school senior
this year, you’re probably in the midst
of applying to colleges right now. Th ere’s
a lot for everyone to think about - where
to apply, the steps involved in the application
process - and of course, the fi nances.
Th is 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 fi nances have
been negatively aff ected, 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 fi gure 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 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 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
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. College Ave off ers
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 fi ts your family’s monthly budget.
— Courtesy of BPT