The Real Cost of College
College is a big investment, but how much does it really cost to attend? And what are the hidden expenses that you might not think about when you apply?
Starting Your College Journey
When you’re planning how much to budget for college, you’ll need to factor in the expenses that start before classes even begin – the application fees. These expenses needed to apply are usually non-refundable and can range from $25 to $90 per college and application. Reach out to organizations like the College Board or the National Association for College Admission Counseling to request a fee waiver.
The Biggest College Expense
Tuition will likely be the biggest expense you have in college and can vary depending on what school you attend, the degree program, and the number of credits you enroll in. The average tuition and fees for the 2023-2024 academic year were $11,260 for public four-year colleges, for example.1 Tuition and fees can increase every year, so you should look for scholarships, grants, and financial aid to help you cover the cost.
If you’re looking to start saving for your child’s college, a 529 Plan or college plans like Florida Prepaid could be a great option to save in a separate account over time with potential tax advantages. As a student, apply for
Supplies to Start Studying
Books and supplies are another expense to consider. Some classes require you to purchase an online access code so you can complete your assignments and quizzes. Also make sure to budget for calculators, laptops, lab equipment, art supplies, and software you may need for your classes. The average cost of books and supplies for the 2023-2024 year was $1,250 for public four-year colleges.1
You can save money by renting, borrowing, or buying used books, or by using online resources and digital versions of textbooks.
Food and Your Future Home
Housing and food for the 2023-2024 school year cost on average about $12,770 for public four-year colleges.1 It's a good idea to consider if you will be making your own food at home or decide to get a meal plan with your school. Meal plans can offer convenience and save time if you’re living in a dorm on campus and don’t have access to a full kitchen, but you will usually pay for this in full before the semester starts.
You can save money on food and housing overall by living with roommates, cooking your own meals, or applying for housing and food assistance programs.
The Cost of Going to Class
Transportation expenses are the other costs that you need to factor in when you go to college. You will need to pay for gas, parking, bus, subway, or train tickets, or other modes of transportation to get to and from campus.
This can cost you anywhere from $1,290 for public four-year colleges to $1,930 for two-year colleges.1 Check to see if your college campus provides on-campus transportation and shuttles to apartment complexes or grocery stores nearby exclusively for students. If you pay for parking on your college campus and will be attending for at least the next school year, it may be cheaper in the long run to pay for a full year of parking rather than paying the daily rate.
The real cost of college is more than just tuition and fees. But with a plan and a budget in place, you’ll be able to attend school and get your degree while still achieving your financial goals. For tips on how you can save more, read our article 5 Successful Tips for Saving Money While in College.