{"id":2115,"date":"2016-09-22T14:52:14","date_gmt":"2016-09-22T14:52:14","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/waymaker-collegesuccess\/?post_type=chapter&#038;p=2115"},"modified":"2023-02-09T00:30:17","modified_gmt":"2023-02-09T00:30:17","slug":"text-expenses","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/waymaker-collegesuccess\/chapter\/text-expenses\/","title":{"raw":"College Expenses","rendered":"College Expenses"},"content":{"raw":"<div class=\"textbox learning-objectives\">\r\n<h3>Learning Objectives<\/h3>\r\n<ul>\r\n \t<li style=\"font-weight: 400;\">Identify sources of major and minor expenses in your life, including the cost of college<\/li>\r\n<\/ul>\r\n<\/div>\r\nCollege students often have money concerns, such as affording college while still paying other bills. These concerns can affect\u00a0their academic success. For instance, money problems are stressful and can prevent students from concentrating on their studies. Or, if students have a lot of personal expenses, they may\u00a0try to work more hours to cover costs of living, leaving them with less time to study. Worse yet, some money problems, such as extreme debt, may cause students to drop out of college entirely.\r\n\r\nAnalyzing one's\u00a0financial responsibilities and planning ways\u00a0to pay for expenses can help reduce stress.\r\n<h2>Identifying Expenses<\/h2>\r\nCollege students are diverse and may\u00a0be in different stages of their lives. For example, some students may\u00a0have just graduated from high school, while other may\u00a0be older and have\u00a0families. While these differences\u00a0will have an impact on financial responsibilities, there are certain financial obligations most college students have to pay for.\r\n\r\n[caption id=\"attachment_280\" align=\"aligncenter\" width=\"500\"]<img class=\"wp-image-280\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/1110\/2016\/02\/02025009\/3858055204_5cc94c08c6_z.jpg\" alt=\"an efficiency apartment\" width=\"500\" height=\"334\" \/> College students are often aware of room and board expenses but may\u00a0forget to factor in the cost of necessities like furniture, kitchen appliances, and other household items\u00a0for their dorms or apartments.[\/caption]\r\n\r\nUsually, when people hear the words <em>college costs<\/em>, they think of tuition and room and board. Unfortunately, those costs are only part of the picture. The real cost of college includes a much wider list of expenses, such as the ones below:\r\n<ul>\r\n \t<li><strong>Tuition<\/strong>: Tuition includes the cost of attending classes. This varies by school and also depends on how many courses and credits a\u00a0student takes.<\/li>\r\n \t<li><strong>Other institution-related fees<\/strong>: Most colleges also charge quarterly or annual fees that cover student services such as the library, athletics, and\u00a0campus maintenance.<\/li>\r\n \t<li><strong>Room and board<\/strong>: Room and board fees include the cost for housing and meals (usually on campus). These\u00a0vary by school and region.<\/li>\r\n \t<li><strong>Books and supplies<\/strong>: Most students need to purchase books during their college career. They also need to pay for basic school supplies and equipment (backpack, folders, pens, etc.). Some of these, such as graphing calculators and computers,\u00a0can be expensive. While they may not be required to purchase them, many students find that it's more convenient and efficient to own their own laptop or computer so they don't have to borrow one or work around library hours.<\/li>\r\n \t<li><strong>Living and transportation<\/strong>: Students living off campus and not living at home will have to think about paying rent. Whether you live off campus or in a dorm room, you\u00a0might want\u00a0to purchase household items like furniture and kitchen appliances. Students may\u00a0also have vehicles that need gas and routine maintenance, or they may\u00a0need to purchase passes for public transportation.<\/li>\r\n \t<li><strong>Personal needs and entertainment<\/strong>: Students will need to pay for personal items such as clothing, toiletries, etc. They will also probably want to spend money on recreational activities, going out with friends, and so on.<\/li>\r\n<\/ul>\r\nWhat types of expenses do you think you might face as a college student? The following video will help you review the types of college expenses and examine particular\u00a0costs that are common for both four-year and two-year institutions. Pay attention to the differences between public 2-year, public 4-year, private nonprofit 4-year, and for-profit colleges of all levels.\r\n\r\nhttps:\/\/youtu.be\/lbp2LoE1WdU\r\n\r\nYou can view the <a href=\"https:\/\/course-building.s3-us-west-2.amazonaws.com\/College+Success\/Transcripts\/WhatIsThePriceOfCollege_transcript.txt\" target=\"_blank\" rel=\"noopener\">transcript for \"What is the Price of College?\" here (opens in new window)<\/a>.\r\n\r\nConsider this passage from \"The Hidden Costs in the Soaring Price of Higher Education,\" by Spencer Rogers:\r\n<blockquote>\r\n<p class=\"p1\"><span class=\"s1\">It\u2019s no secret that four-year college tuition rates have skyrocketed over the past few decades, almost <span class=\"s2\">tripling since 1980<\/span>. In the last six years alone <a href=\"http:\/\/www.npr.org\/sections\/ed\/2015\/04\/08\/397279957\/think-tuition-is-rising-fast-try-room-and-board\" target=\"_blank\" rel=\"noopener\">tuition at public universities has risen over <span class=\"s2\">21%<\/span><\/a><b>, <\/b>and there is no end in sight. Climbing tuition rates are a huge problem and limit social mobility, thereby maintaining our socio-economic imbalance \u2013 but at least people know about it, they are <a href=\"http:\/\/www.npr.org\/sections\/thetwo-way\/2014\/11\/24\/366370724\/california-college-students-walk-out-of-class-to-protest-tuition-hikes\" target=\"_blank\" rel=\"noopener\"><span class=\"s2\">trying to do something about it<\/span><\/a>. It\u2019s one thing to face an uphill battle combating costs that are alive and well in the public conscious, what about the one that aren\u2019t?<\/span><\/p>\r\n<p class=\"p1\"><span class=\"s1\">Remember that 6 year, 21% increase in college tuition? What if I told you prices for room and board have risen the same amount, in the same period? <a href=\"http:\/\/trends.collegeboard.org\/college-pricing\/figures-tables\/tuition-fees-room-board-time-unweighted\" target=\"_blank\" rel=\"noopener\">According to <span class=\"s2\">College Board<\/span> the cost of room and board at public universities has risen about 20% since 2009.<\/a> And private universities are almost as bad, having increased their room and board prices by about 17% of the same time \u2013 and many private institutions require their students to live on campus.<\/span><\/p>\r\n<p class=\"p3\"><span class=\"s1\">According to Richard Vetter, director of the Center for College Affordability and Productivity, \u201cThis is the untold story\u2026 we focus on tuition, but we need to look at other costs too.\u201d<\/span><\/p>\r\n<\/blockquote>\r\n<h2>Contribute!<\/h2>\r\n<div style=\"margin-bottom: 8px;\">Did you have an idea for improving this content? We\u2019d love your input.<\/div>\r\n<a style=\"font-size: 10pt; font-weight: 600; color: #077fab; text-decoration: none; border: 2px solid #077fab; border-radius: 7px; padding: 5px 25px; text-align: center; cursor: pointer; line-height: 1.5em;\" href=\"https:\/\/docs.google.com\/document\/d\/1FX-EvYxUTW4di6mtwk9iiIb7K9yc01-L82X6gfj4aNA\" target=\"_blank\" rel=\"noopener\">Improve this page<\/a><a style=\"margin-left: 16px;\" href=\"https:\/\/docs.google.com\/document\/d\/1vy-T6DtTF-BbMfpVEI7VP_R7w2A4anzYZLXR8Pk4Fu4\" target=\"_blank\" rel=\"noopener\">Learn More<\/a>","rendered":"<div class=\"textbox learning-objectives\">\n<h3>Learning Objectives<\/h3>\n<ul>\n<li style=\"font-weight: 400;\">Identify sources of major and minor expenses in your life, including the cost of college<\/li>\n<\/ul>\n<\/div>\n<p>College students often have money concerns, such as affording college while still paying other bills. These concerns can affect\u00a0their academic success. For instance, money problems are stressful and can prevent students from concentrating on their studies. Or, if students have a lot of personal expenses, they may\u00a0try to work more hours to cover costs of living, leaving them with less time to study. Worse yet, some money problems, such as extreme debt, may cause students to drop out of college entirely.<\/p>\n<p>Analyzing one&#8217;s\u00a0financial responsibilities and planning ways\u00a0to pay for expenses can help reduce stress.<\/p>\n<h2>Identifying Expenses<\/h2>\n<p>College students are diverse and may\u00a0be in different stages of their lives. For example, some students may\u00a0have just graduated from high school, while other may\u00a0be older and have\u00a0families. While these differences\u00a0will have an impact on financial responsibilities, there are certain financial obligations most college students have to pay for.<\/p>\n<div id=\"attachment_280\" style=\"width: 510px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-280\" class=\"wp-image-280\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/1110\/2016\/02\/02025009\/3858055204_5cc94c08c6_z.jpg\" alt=\"an efficiency apartment\" width=\"500\" height=\"334\" \/><\/p>\n<p id=\"caption-attachment-280\" class=\"wp-caption-text\">College students are often aware of room and board expenses but may\u00a0forget to factor in the cost of necessities like furniture, kitchen appliances, and other household items\u00a0for their dorms or apartments.<\/p>\n<\/div>\n<p>Usually, when people hear the words <em>college costs<\/em>, they think of tuition and room and board. Unfortunately, those costs are only part of the picture. The real cost of college includes a much wider list of expenses, such as the ones below:<\/p>\n<ul>\n<li><strong>Tuition<\/strong>: Tuition includes the cost of attending classes. This varies by school and also depends on how many courses and credits a\u00a0student takes.<\/li>\n<li><strong>Other institution-related fees<\/strong>: Most colleges also charge quarterly or annual fees that cover student services such as the library, athletics, and\u00a0campus maintenance.<\/li>\n<li><strong>Room and board<\/strong>: Room and board fees include the cost for housing and meals (usually on campus). These\u00a0vary by school and region.<\/li>\n<li><strong>Books and supplies<\/strong>: Most students need to purchase books during their college career. They also need to pay for basic school supplies and equipment (backpack, folders, pens, etc.). Some of these, such as graphing calculators and computers,\u00a0can be expensive. While they may not be required to purchase them, many students find that it&#8217;s more convenient and efficient to own their own laptop or computer so they don&#8217;t have to borrow one or work around library hours.<\/li>\n<li><strong>Living and transportation<\/strong>: Students living off campus and not living at home will have to think about paying rent. Whether you live off campus or in a dorm room, you\u00a0might want\u00a0to purchase household items like furniture and kitchen appliances. Students may\u00a0also have vehicles that need gas and routine maintenance, or they may\u00a0need to purchase passes for public transportation.<\/li>\n<li><strong>Personal needs and entertainment<\/strong>: Students will need to pay for personal items such as clothing, toiletries, etc. They will also probably want to spend money on recreational activities, going out with friends, and so on.<\/li>\n<\/ul>\n<p>What types of expenses do you think you might face as a college student? The following video will help you review the types of college expenses and examine particular\u00a0costs that are common for both four-year and two-year institutions. Pay attention to the differences between public 2-year, public 4-year, private nonprofit 4-year, and for-profit colleges of all levels.<\/p>\n<p><iframe loading=\"lazy\" id=\"oembed-1\" title=\"What is the Price of College?\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/lbp2LoE1WdU?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>You can view the <a href=\"https:\/\/course-building.s3-us-west-2.amazonaws.com\/College+Success\/Transcripts\/WhatIsThePriceOfCollege_transcript.txt\" target=\"_blank\" rel=\"noopener\">transcript for &#8220;What is the Price of College?&#8221; here (opens in new window)<\/a>.<\/p>\n<p>Consider this passage from &#8220;The Hidden Costs in the Soaring Price of Higher Education,&#8221; by Spencer Rogers:<\/p>\n<blockquote>\n<p class=\"p1\"><span class=\"s1\">It\u2019s no secret that four-year college tuition rates have skyrocketed over the past few decades, almost <span class=\"s2\">tripling since 1980<\/span>. In the last six years alone <a href=\"http:\/\/www.npr.org\/sections\/ed\/2015\/04\/08\/397279957\/think-tuition-is-rising-fast-try-room-and-board\" target=\"_blank\" rel=\"noopener\">tuition at public universities has risen over <span class=\"s2\">21%<\/span><\/a><b>, <\/b>and there is no end in sight. Climbing tuition rates are a huge problem and limit social mobility, thereby maintaining our socio-economic imbalance \u2013 but at least people know about it, they are <a href=\"http:\/\/www.npr.org\/sections\/thetwo-way\/2014\/11\/24\/366370724\/california-college-students-walk-out-of-class-to-protest-tuition-hikes\" target=\"_blank\" rel=\"noopener\"><span class=\"s2\">trying to do something about it<\/span><\/a>. It\u2019s one thing to face an uphill battle combating costs that are alive and well in the public conscious, what about the one that aren\u2019t?<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Remember that 6 year, 21% increase in college tuition? What if I told you prices for room and board have risen the same amount, in the same period? <a href=\"http:\/\/trends.collegeboard.org\/college-pricing\/figures-tables\/tuition-fees-room-board-time-unweighted\" target=\"_blank\" rel=\"noopener\">According to <span class=\"s2\">College Board<\/span> the cost of room and board at public universities has risen about 20% since 2009.<\/a> And private universities are almost as bad, having increased their room and board prices by about 17% of the same time \u2013 and many private institutions require their students to live on campus.<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">According to Richard Vetter, director of the Center for College Affordability and Productivity, \u201cThis is the untold story\u2026 we focus on tuition, but we need to look at other costs too.\u201d<\/span><\/p>\n<\/blockquote>\n<h2>Contribute!<\/h2>\n<div style=\"margin-bottom: 8px;\">Did you have an idea for improving this content? We\u2019d love your input.<\/div>\n<p><a style=\"font-size: 10pt; font-weight: 600; color: #077fab; text-decoration: none; border: 2px solid #077fab; border-radius: 7px; padding: 5px 25px; text-align: center; cursor: pointer; line-height: 1.5em;\" href=\"https:\/\/docs.google.com\/document\/d\/1FX-EvYxUTW4di6mtwk9iiIb7K9yc01-L82X6gfj4aNA\" target=\"_blank\" rel=\"noopener\">Improve this page<\/a><a style=\"margin-left: 16px;\" href=\"https:\/\/docs.google.com\/document\/d\/1vy-T6DtTF-BbMfpVEI7VP_R7w2A4anzYZLXR8Pk4Fu4\" target=\"_blank\" rel=\"noopener\">Learn More<\/a><\/p>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-2115\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>College Success. <strong>Authored by<\/strong>: Jolene Carr. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>The Hidden Costs in the Soaring Price of Higher Education. <strong>Authored by<\/strong>: Spencer Rogers. <strong>Provided by<\/strong>: Rethinking Prosperity. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"http:\/\/rethinkingprosperity.org\/the-hidden-costs-of-the-soaring-price-of-higher-education\/\">http:\/\/rethinkingprosperity.org\/the-hidden-costs-of-the-soaring-price-of-higher-education\/<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-nd\/4.0\/\">CC BY-ND: Attribution-NoDerivatives<\/a><\/em><\/li><li>Understanding College Costs. <strong>Provided by<\/strong>: US Department of Education. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/studentaid.ed.gov\/sa\/prepare-for-college\/choosing-schools\/consider\/costs#included-in-cost\">https:\/\/studentaid.ed.gov\/sa\/prepare-for-college\/choosing-schools\/consider\/costs#included-in-cost<\/a>. <strong>Project<\/strong>: Federal Student Aid. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/about\/pdm\">Public Domain: No Known Copyright<\/a><\/em><\/li><li>Image of efficiency apartment. <strong>Authored by<\/strong>: Ruben Schade. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/flic.kr\/p\/6SVxpb\">https:\/\/flic.kr\/p\/6SVxpb<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-sa\/4.0\/\">CC BY-SA: Attribution-ShareAlike<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">All rights reserved content<\/div><ul class=\"citation-list\"><li>What is the Price of College?. <strong>Authored by<\/strong>: Ed NCES. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/youtu.be\/lbp2LoE1WdU\">https:\/\/youtu.be\/lbp2LoE1WdU<\/a>. <strong>License<\/strong>: <em>All Rights Reserved<\/em>. <strong>License Terms<\/strong>: Standard YouTube License<\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":19,"menu_order":3,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"College Success\",\"author\":\"Jolene Carr\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"copyrighted_video\",\"description\":\"What is the Price of College?\",\"author\":\"Ed NCES\",\"organization\":\"\",\"url\":\"https:\/\/youtu.be\/lbp2LoE1WdU\",\"project\":\"\",\"license\":\"arr\",\"license_terms\":\"Standard YouTube License\"},{\"type\":\"cc\",\"description\":\"The Hidden Costs in the Soaring Price of Higher Education\",\"author\":\"Spencer Rogers\",\"organization\":\"Rethinking Prosperity\",\"url\":\"http:\/\/rethinkingprosperity.org\/the-hidden-costs-of-the-soaring-price-of-higher-education\/\",\"project\":\"\",\"license\":\"cc-by-nd\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"Understanding College Costs\",\"author\":\"\",\"organization\":\"US Department of Education\",\"url\":\"https:\/\/studentaid.ed.gov\/sa\/prepare-for-college\/choosing-schools\/consider\/costs#included-in-cost\",\"project\":\"Federal Student Aid\",\"license\":\"pd\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"Image of efficiency apartment\",\"author\":\"Ruben Schade\",\"organization\":\"\",\"url\":\"https:\/\/flic.kr\/p\/6SVxpb\",\"project\":\"\",\"license\":\"cc-by-sa\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"c8d55843-cc61-4bce-b452-b6fa32cf1271, 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