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How to calculate the cost of college and set your college budget
Are preparing to college and trying to figure out how much it will cost? There are so many factors that go into planning for the financial burden that goes with higher education…it makes is difficult to both find and give advice.
From loans, to work studies, to a whether or not you get a job while you’re in school…there are a ton of factors you have to manage when balancing your college budget.
If you still have time to plan before you settle on a college, or if you’re already at school and are trying to set a budget, it’s important to calculate all the expenses that go with college life.
Let’s take a look at where you can get started:
Tuition and Fees
This might seem straightforward, but tuition is usually the highest cost of attending college and can look vastly different depending on whether you go to a public or private school and whether you’re an in-state or out-of-state student.
CNN Money has a quick and easy to use college cost calculator that will spit out what you can expect to pay for tuition, fees, and room and board.
A couple quick searches show annual tuition at a local private school, the University of Denver and a local public college, Metropolitan State College of Denver.
University of Denver
- Tuition: $35,604
- Fees: $897
- Room and Board: $10,224
- Total: $46,725
Metropolitan State College of Denver
- Tuition: $2,850 in-state; $12,343 out-of-state
- Fees: $789
- Total: $3,639 in-state; $13,132
Room and board; rent
Room and board can be a hefty chunk of your college expenses. Many colleges require students to live on-campus for at least a year. With that in mind, paying for room and board to stay on campus could be worth it if your school is in an expensive city like New York City, Chicago or San Francisco.
A great way to estimate your rental costs if you plan to move off-campus is to do a quick survey of Craigslist rentals in your prospective college town. See what a one or two bedroom apartment costs (hint: the expensive apartments are probably going to be in the town’s social hotspots). Use this to help project your off-campus living costs. Don’t forget utilities — assume it’s not included in rent for the sake of your budgeting.
Continuing with our Denver example, here’s a quick search to see what housing looks like near the University of Denver and the Auraria Campus near downtown, where Metro State is located.
Rentals / Housing
- Monthly rent: $400-$1,200 per month for a 1 or 2 bedroom apartment
- Total cost (9 months) for a $600/month apartment: $5,400
Books, supplies
Books and supplies can be a real budget-breaker as these costs are often an afterthought, but can be significant. As any student who’s spent $600 on books for a semester can tell you, it’s an expense that would be great to reign in. Buying used books isn’t always possible and usually asking your professor if you need the latest edition is a good idea. If you can buy a used book without missing out on info from a new edition, it’s an easy way to save hundreds of dollars.
Amazon.com is your friend when it comes to finding used college textbooks. Also check the Facebook Marketplace for people at your school that may have just finished a class and are looking to offload their textbooks. Buying used is a huge money-saver.
Textbooks
- Annual average cost for U.S. college students: $700-$1,100 (Source: Washington Post)
College is expensive, so create a budget!
Going to college is expensive. Beyond tuition, we’ve taken a look here at the additional costs that can tack on $6,000 to $8,000 each year. That’s not even counting a computer, money for entertainment, extracurriculars, spring break and more.
The takeaway point is that it’s best to figure out your college expenses, set a budget, and stick to it. There are a few free financial planning websites that are great for planning your personal finances. One of which, Mint.com offers great tools and access to all of your student loans, bank accounts, investments and more — all for free.
A college education counts for a lot. It also costs a lot, and the best way to prepare is by doing your research and setting a budget you can stick to.
How to find college scholarships
College is an ever-more expensive proposition these days. Paying for college can be a headache to figure out. We all hear about scholarships, but while there’s $3.4 billion available in college scholarships, there are thousands that under-applied for…meaning the competition isn’t too tough.
Part of the reason why many scholarships aren’t very competitive is that a lot of students go for the big-name scholarships for big-time money, while they neglect to take the time to apply to smaller scholarships.
Think about it, you can get five $1,000 scholarships with a little time and effort or take a stab at one big $5,000 scholarship. Everyone is looking to save time and energy, but at a time when people are debt-wary and U.S. student loan debt is soaring above $850 billion, scholarships are a long-standing way to help fund your education.
Thankfully, researching scholarships is easier today than it’s ever been before. There are a few great sites for helping you with your scholarship search. We’ll share some links for sites that can help you find scholarships below.
Before you start your scholarship search, here are a few pointers to help improve your chances of actually landing the scholarships you apply for:
Now that you have some tips on how to have a more fruitful scholarship search and application process, here are some great sites for helping you find the right scholarship for you: