Hidden Education Expenses

Budget for areas beyond the academic

When it comes to higher education a lot of planning needs to be done in advance, especially with regards to the expenses that will be incurred. The educational cost includes not only tuition but many other hidden expenses as well, which can render your best-laid plans inadequate. While deciding the amount to budget for your child's post-secondary education, it helps to examine all likely areas of expense, such as the significant cost of school he choice of majors can also up expenses as certain majors involve lab or material fees, while others may require the students to have their own computer. All of this can impact the college budget.

When planning you need to be realistic and keep in mind that your child's college life will include not only academics but a number of other experiences as well, such as joining clubs and participating in other extracurricular activities.

College life is a whole new chapter where your child will learn about adult life, make new friends and begin deciding on a career path. This experience includes participation in activities and clubs, which are both enjoyable as well as productive. Such activities, however, entail additional expenses in the form of activity fees or club dues, which you may not have taken into consideration when estimating college expenses.

Another factor that contributes to expenditure is your child's lifestyle, such as his or her choice of residence. The decision of whether your child will live in a fraternity, sorority, dorm in the university campus, or in an apartment outside campus, be it alone or with a roommate, will affect your budget. Your child will also need household supplies, in addition to their academic and related educational costs.

Expenses incurred on food also need to be considered. Many universities require freshmen staying on campus to purchase, at the least, a basic meal package deal. Students may select a 21-meal package deal, which includes three meals a day for an entire week, or a reasonable 10-meal deal, which means purchasing, preparing or skipping some lunches or dinner in a week.

One needs to put some thought into making this selection . If breakfast includes just bagel and juice, then your child can save money by simply stocking it in his or her residence and avoid buying the items from the university. Moreover, if much of the food on campus is not to your child's taste, then a cheaper meal option may be a savvy choice. Also keep in mind that students who plan on going back home on weekends will not require the meals on Saturdays and Sundays.Charges for meals are generally non-refundable, so choose your meal package wisely.

In addition, travel may also entail hidden expenses, depending upon the mode of transportation chosen and the distance between the university and your home. It may be more affordable to opt for a bus ride if the college is nearby, rather than travelling by car, as this will incur parking fees, along with the standard insurance, maintenance and gas payments.

You may also want to set aside a certain amount for entertainment, such as concerts and movies. Talk to your child to anticipate all feasible expenses, including the hidden expenses, so that you can plan accordingly to avoid unpleasant monetary shocks.•

Photo courtesy of Michal Zacharzewski, SXC

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