Hidden Costs of a College Education

When determining the price of your child's college education, you obviously included big-ticket items, such as tuition and room and board. However, you may be surprised at how many hidden costs can arise during your child's college experience. If you're not careful about taking all the likely expenses into account, even your best-laid plan for college financing may come up short.

The Total Picture

You should keep in mind that your child's college life will include not only classes but also the social experience. While that certainly doesn't mean that you want your child out partying every night, you should recognize that making friends and learning more about adult life and career choices may necessitate that your child become involved in various clubs or activities. Such activities hopefully will make your child's college experience more productive and enjoyable. Becoming involved with these pursuits will probably entail additional expenses that you may not have planned on, such as club dues or activity fees.

Your child's choice of lifestyle will also impact finances. For example, will your child live in a dorm and therefore eat in a cafeteria? Or will your child join a fraternity or sorority or perhaps live off campus in an apartment? If an apartment is the choice, will your child cook or eat out on a regular basis? Other expenses can include entertainment, such as movies and concerts.

Talk About It in Advance

The key point is that you should discuss these social, activity, and lifestyle choices with your child and come to an understanding about finding a balance between spending and making college a beneficial and enjoyable experience. While estimating all the details ahead of time is difficult, at least make your child aware of these issues. Encourage your child to discuss these potential expenses with you on an ongoing basis to avoid misunderstandings related to hidden costs.

Class-Related Costs

Once you've looked at the lifestyle and social aspects of college costs, you should focus on the hidden expenses more directly related to academics. Your child's choice of major can have an impact on the price of college, as certain majors may involve lab or material fees. The cost of books can also mount up, and another potential expense is a computer.

Transportation Expenses

Travel may entail hidden costs in two respects. First, if your child will have a car, you may be responsible for parking fees, in addition to the cost of gas, insurance, and maintenance. Second, the distance between your home and your child's school can also have a big impact on expenses, according to how often your child comes home (or how often you visit the school). If your home is just a three-hour bus ride away from campus, then traveling back and forth will obviously be much cheaper than if the school is thousands of miles away.

Costs Mount Up Early

Even before your child leaves for school, the expenses will start piling up, since he or she will need to take supplies. These range from sheets and pillowcases to a phone and an alarm clock, not to mention school supplies and toiletries. For a more complete list of necessary items, see the Off-to-College Checklist.

Plan Ahead

Providing your child with a well-rounded college experience is expensive. However, with some forethought, you'll be able to plan for and perhaps even lower the bill. So talk with your child now about hidden costs.