24 THE QUEENS COURIER • COLLEGE GUIDE • DECEMBER 10, 2020 FOR BREAKING NEWS VISIT WWW.QNS.COM
college guide
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
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.
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
/WWW.QNS.COM
