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Home > College Freebies > Financial Aid > Determining Your College Costs


Determining Your College Costs

When determining your college costs be as liberal as possible. This will put you in the position of being able to get the greatest amount of free money. The greater the overall expense for the student, the greater is the possibility of proving financial aid need. In other words, the amount of aid given is in accordance with the student's statement of officially defined financial need. The financial aid application forms refer to this as "student expense budget." A student should consider all possible expenses when determining this, including:

Tuition fees
These vary from college to college, the biggest difference being between public and private institutions. Tuition is the charge for instruction. Fees can include services such as health, library, student activities, etc.

Books and Supplies
Depending on the courses chosen, the cost of books, paper, etc., will vary. Supplies for laboratory, computer, engineering, and art classes, for example, may raise the cost of supplies significantly.

Housing
This depends on whether a student plan is to live at home, in a student dorm, or off-campus in an apartment (or fraternal organization) or other student housing.

Meals
Food costs vary in different areas of the country. A student may choose a school meal plan, eat most of his meals at home, or cook for himself.

Personal Expenses
These include clothing, insurance, social outings, long-distance telephone calls, and any out-of-pocket expenses, depending on the student's expected lifestyle while at college.

Transportation
If a student lives on-campus, transportation costs will be minor. If a student lives off-campus, daily commuting expenses (i.e., bus fare, gas, ride sharing) must be considered. Costs for maintaining a personal car for a student living off-campus can make a difference in his/her budget. Also, depending how far from home college is, costs for round-trip travel during vacation times and summer can vary greatly.

Medical care, disability, extra insurance
These are also important considerations in figuring the total budget for the nine-month school year.

Married with (or without children)
This can also make an obvious difference in a student's overall budget and is considered when being awarded a student aid package.

Most schools include detailed costs for attendance in their catalogues and brochures. In addition, the College Board's The College Cost Book or the ACT's College Planning-Search Book are good guides for working out college cost estimates.