Break Down the Bill
College Expenses to Consider
The amount you have to pay for college, sometimes called the total student budget, includes everything on the bill your college sends you, or “billable costs”, plus other expenses, or “indirect costs.”
Billable Costs
These are fixed costs that you are billed for by the college, such as tuition and fees, and room and board.
Indirect Costs
These are the costs that don't show up on the college bill. They include books, supplies and travel, as well as personal expenses such as cell phone and pizza. If you live and eat off campus, room and board costs may be indirect costs. You can control indirect costs to some degree, by making smart spending choices.
Five Basic Groups of Expenses
The full cost of attending college generally has five components:
Tuition and Fees
This is the price of your education. It may vary based on your academic program and the number of credit hours you take each term. If the tuition is not the same for all full-time students, you may have to calculate your own tuition based on the charges per credit hour for each course you take.
Room and Board
If you live and eat your meals on campus, the college bills you for these expenses. The charges vary depending on the room and meal plan you choose. If you plan to live at home or off campus, you need to make your own estimate of these expenses.
Books and Supplies
These expenses cover your course materials. If your college hasn't provided an estimate for you, consider using the national average, which at four-year public colleges in 2011-12 is $1,168.
Personal Expenses
The costs for things such as laundry and cell phone service fall under personal expenses. Keep careful track of these as they can quickly add up. Use this to help you plan: The national average in 2011-12 for four-year public college students who live on campus is $2,066.
Transportation
Transportation is a significant expense, whether you are commuting to campus or just occasionally returning home. If your college hasn’t supplied an estimated travel budget, make your own based on how you plan to go back and forth for holidays (bus, train, plane or car) and how often you plan to make the trip. Four-year public college students who live on campus spent an average of $1,082 on transportation in 2011-12.
Get the Specifics
These cost components are usually listed in a college's brochure or on its website. You can also use College Search to find breakdowns of costs at more than 3,800 colleges and universities.
