What's It Going to Cost?
College cost, which is sometimes referred to as the total student budget, includes both billable and 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, travel, as well as personal expenses such as laundry, telephone, and pizza. If you live and dine off campus, room and board costs will also be indirect costs. You can control indirect costs to some degree, by making smart spending choices.
Five Basic Cost Components
The full cost of attendance generally has five components:
Tuition and Fees
These are the costs of your education. They may vary based on your academic program and number of credit hours. If the tuition is not the same for all full-time students, you may have to calculate your own tuition based on the charge per credit hour. The tuition charge will appear on the bill.
Room and Board
These costs are billed by the college, if you live and take meals on campus. The charges will vary depending on the room and meal plan you choose. If you plan to live off campus, you'll need to make your own estimate of these expenses.
Books and Supplies
This expense covers your course materials. If the college hasn't provided you with an estimate, consider that the national average at four-year private colleges in 2006-07 is $935.
Personal Expenses
The costs for things like laundry and telephone fall under personal expenses. Keep careful track of these as they can quickly build up. To help you plan, the national average for four-year private colleges (on-campus students) in 2006-07 is $1,277.
Travel
Travel is usually not added to the budget, unless the student lives more than a few hundred miles away from campus. If a figure has not been provided, make your own estimate based on how and how often you plan to travel.
Get the Specifics
These cost components are usually listed in a college's brochure or website.