College students often have money concerns, such as affording college while still paying other bills. These concerns can affect their 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 try 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. Analyzing one’s financial responsibilities and planning ways to pay for expenses can help reduce this stress.

Identifying Expenses

College students are diverse and may be in different stages of their lives. For example, some students may have just graduated from high school, other students may be mid-career, and some students may have families while others are only financially responsible for themselves. While these differences will certainly have an impact on your financial responsibilities, there are certain financial obligations most college students have to pay for.

College students are often aware of room and board expenses, but may forget to factor in the cost of necessities like furniture, kitchen appliances, and other household items for their dorms or apartments.

Usually, when people hear the term college costs, 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.

Tuition

Tuition is affected by the type of institution you attend and whether it is public, private, non-profit, or for-profit and if it is located in the state you live in or if it is in another state. The price you pay may differ based on the academic program you choose.

Fees

Academic programs may have additional fees beyond tuition costs. For example, a student majoring in culinary arts will need specialized tools to participate in that program. Services the college provides to students can have associated fees. For example, a student health center may have a basic fee that all students must pay whether they use the service or not. Some colleges have dining fees that give students food cards to use on campus. Student fees are not fees students can opt out of. It is important for students to examine a college’s fee structure and maximize the services that are being paid for by fees.

Books and Supplies

The cost of books and the supplies students will need to complete a program can vary greatly. Books and supplies can add $1,000 or more to the annual tuition cost. This additional cost is an important factor that is easily overlooked by students. Finding classes that offer low-cost book options, open educational resources (OER), or zero textbook cost (ZTC) sections can help reduce the overall cost of college. Students can also check online or with their bookstore for used books or rental options, and/or use reserve books in the library, if available. Sometimes finding a required textbook from Amazon, Chegg, or other online sources will be less expensive than purchasing a new textbook from the college bookstore. Often, students will end up financing the cost of books and supplies with financial aid.

Transportation

Getting to and from college costs vary significantly based on how close a student lives to the college campus and the transportation method selected. Some colleges may have a transportation fee as part of the student fees that might provide mass transit (trains or buses) options for getting to school. Colleges may also have parking fees for those students who drive to the campus. Seasonal weather conditions are another factor in transportation choices. As a student estimating the cost of college, remember to think about the entire school year.

Living Expenses

Where will you be living while attending college and with whom? The answer to this question determines a major factor in the overall cost of attending college. Living with family may be less expensive for some, but many times is not an option for students. Answers to the question of where you will live and how much it will cost vary greatly. One thing to think about is, how much did it cost you to live last year? Will going to school change that and if so, how? Will you have to eat or spend money on groceries/meals differently than in the past?

Personal Expenses

Another wide open category of costs are basic needs such as healthcare and hygiene. And you will still have social events and family commitments. Students tend to underestimate how much money will be needed for personal expenses. For example, many students today cannot survive without smartphones, computers, and data plans.

Opportunity Cost

Choosing to spend time and money going to college has an opportunity cost. If you are spending time and money on your education, you will not be spending that same time and money somewhere else. One example of this relationship is employment. Attending classes and doing homework may mean you can’t work at a job as much as you want to. It may also mean you will have less time to spend with friends and family. If you have a long commute to school, that commute may impact other aspects of your daily life.

Sample College Costs

What types of expenses do you think you might face as a college student? According to U.S. News & World Report, the average cost of college (including university) tuition and fees varies widely. In-state colleges average $9,716 while out-of-state students pay $21,629 for the same state college in 2018–2019. Private colleges average $35,676. The local community college averages approximately $3,726. On-campus housing and meals, if available, can add approximately $10,000 per year.^[1] See the table below, and create your own chart after you research.

The following video will help you review the types of college expenses and examine particular costs that are common for both four-year and two-year institutions. Pay attention to the differences between public two-year, public four-year, private nonprofit four-year, and for-profit colleges of all levels.

You can view the transcript for “What is the Price of College?” here (opens in new window)