Our Certified Financial Planner Denisa Tova takes a look at some of the extra costs.
In addition to the high tuition price tag, there are extra costs that you should be aware of. Many of these costs are unnecessary and only make the student’s life comfortable. They can add a lot of money to an already steep cost of college education. CNN Money offers these tips to beat these hidden costs.
Watch for transportations costs. Get rid of the car and figure out the public transportation system. If you plan on getting a job, make sure it is on a public transportation route.
Students spend hundreds of dollars on books. Colleges are required to give students a list of textbooks during registration, to give them plenty of time to start shopping. Rent or buy from online discounters like Chegg.com or download e-books from Amazon.com.
Don’t forget about the cost of becoming a sorority sister or a fraternity brother, which can be btw $1,000-$3,500 per year.
Beware of the bundled “game tickets”. Unless you plan on hitting every game, it’s not a good deal. Buy them as you go.
Keeping up with your room mates can cost you
But if you’ve got to have it, shop around and check the college campus first. Most colleges offer electronics and software discounts.
Parents, beware of the college’s own health insurance plan. It tends to be a lot more expensive than keeping your kid on your own plan. Under the new healthcare reform, you can keep your student on it until he or she turns 26.
Finally, small things add up. Set a spending limit on the extras, like toiletries, munchies.