What I’m going to say shouldn’t surprise you: College is expensive.
In fact, the average price of tuition and fees for the 2015–2016 school year was $32,405 at private colleges, $9,410 for state residents at public four-year colleges, and $23,893 for out-of-state residents attending public universities, according to the College Board’s annual survey of college prices.
And that doesn’t account for those extra living expenses that can (and do) really add up on top of room and board. Here are some hidden expenses that you should make sure to include when budgeting to head back to school.
[See: 6 Ways to Treat Yourself on a Budget.]
1. Parking. If you or your child plans to have wheels while in school, make sure to plan for parking costs.
Monthly parking fees can add between $100 and $400 per month, especially in major cities (not to mention those occasional parking tickets, which can be tricky to avoid in urban areas — oops). Be sure to ask if the school offers a student parking pass, which will provide more parking options at a lower rate.
2. Greek life. Pledging at a fraternity or sorority can be a huge social benefit but also a major financial burden — upwards of $1,000 just to join. Sure, housing may be included, which is a nice break from a college’s hefty room and board fees. But between dues, required apparel, groceries and special events, make sure to budget around $600 per semester for a fraternity and up to $1,200 per semester for a sorority. If that amount doesn’t jive with the rest of your budget, it might be better to look into joining one of your school’s many clubs and student organizations, where you can be social at a lower rate.
[See: 12 Ways to Be a More Mindful Spender.]
3. Sporting events. Sporting events may be one of the focal points of your academic calendar, especially if you attend a bigger university. But even sitting in the student section comes at a cost. Be sure to get on the mailing list for your school’s student tickets, so you can buy them for cheap before the season starts. Most schools offer season tickets or packs of five or 10 tickets at an even steeper discount. Don’t forget to factor in $20 or so per game for food, apparel and (here it is again) parking, so you can cheer on your team in style.
4. Laundry. Maybe you’re close enough to home to be able to take your laundry there once a week (thanks, Mom and Dad). But for many students, the best option is the dorm laundry room or local laundromat. These machines can cost upward of $5 per load (for wash and dry) and many still take quarters only, so you’ll want to stop by the bank beforehand. Remember detergent, dryer sheets and stain remover, too.
[See: 10 Fun, Frugal Ways to Spend Your Free Time.]
5. Food. Your school’s meal plan is probably the most convenient option, but it may not be the cheapest (despite what they tell you). Look at how much you’re paying for a meal plan per semester, then divide that cost by the number of days in that semester to see how much it equals per day. Don’t get stuck paying $15 per day for food if you can just as easily drop $40 per week on groceries to feed yourself. Just like in airports, food on campus is often overpriced.
The biggest thing to keep in mind when budgeting for school is that the brochures you read and advice you get from faculty is not necessarily in your best interest. After all, they want you to stay on campus and spend your money there. As a student, you’re a paying customer and you impact their bottom line. Always do your homework to see if there are cheaper alternatives available nearby, so you have more money in your budget for the fun stuff that makes your college years so memorable.
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5 Sneaky College Costs to Factor Into Your Back-to-School Budget originally appeared on usnews.com
