It is difficult enough to try and save money under your roof but when you have a student in college things can get a little stretched. There are different price tags for students at home or on their own but they all demand the same basic idea: planning. Time for class!
The key to planning for a college student is…. Budgeting! Correct. You have to know your limit. Be informed of how much college is going to cost you, and how it will affect the rest of the family. Know the tuition (how much classes are) and books, as they are surprisingly expensive.
Second, keep an eye on when you will have to dish out more money. It is mandatory they fill out a FAFSA (Free Application for Federal Student Aid) online. This is mandatory. If this form is not filled out (fafsa.org) your child will not be able to attend school. The schools calculate how much tuition will cost with this form. In March or April schools create a letter of how much the government and scholarships will contribute. While you’re figuring how much you have to contribute, go ahead and subtract this amount. Note that summer semester can be quite tricky and will catch you by surprise. Most loans and scholarships are not guaranteed for the summer semester. Before summer semester bites you fill out a FERPA (Family Education Rights and Privacy Act) form. Without this form the school cannot speak to you about any of their financial aid needs. This allows you to speak to the advisors and you’ll know when a loan has to be taken out or if your student is about to lose their scholarship.
Next is the cost of books. Books on average can run you $75-$100 each. They refuse to be affordable. There are some websites where you can find discounted used books, like cheggit.com. What class can you take where a book is unneeded? NONE! Every book is needed; they’re how our future doctors, engineers and teachers will study and gain the information and study habits needed. Books need to be included in your budget as well. Science books (new science books) cost about $175 no matter what school; English +$100; Math +$150… and those courses are taken every semester! Some science classes, like Science of Nutrition, can cost around $60. The good thing is that most books, especially English, are sold back to the school, so used books are in abundance.
Room and board is the final thing you cannot avoid in college unless they are living with you. If your student has escaped and is invited to live on campus, you might set up a weekly food budget for them. When on campus, the dorms provide meal plans that you have to choose. You may want to try and push them to live in on-campus residency, as apartments can get expensive. Then the $500 or more rent and utilities bill will likely fall in your hands, as will the grocery bill. Students don’t need much money for groceries. Part of the experience is seeing what combinations you can make with ramen noodles and frozen vegetables.
Sending a kid of to college is an exciting time, but can be very expensive. Follow these tips to cut back on the total price tag of furthering their education. What methods have you used to save money on your kids’ college experience? Share them in the comments!
