Preparing for the cost of college
By Kristin Penner
Does the price tag of your dream college have you a little worried? Sometimes the initial sticker price is enough to discourage you from going to the one school you really want. The good news is there are possibilities to assist you in going to the college of your choice, but you must do your homework. There are a lot of factors that go into calculating the cost per semester.
What is included in the cost of college?
- Tuition- The cost of taking courses- Course cost varies by school
- Room and board- Lodging and food costs, vary by school
- Books and supplies- this is an expense that most people don’t think about and books and supplies can be very costly and some classes need multiple books.
- Fees- most colleges have additional fees for conveniences like parking and activities.
- Travel and miscellaneous- This would be for gas, cell phone, and other monthly expenses you have.
These are all very important things to consider when you are trying to make the decision if you are able to afford the college you want.
What are you options for helping to pay for college?
Scholarships- can make what you thought was not possible a possibility. Apply for all scholarships unless there is a qualification that you do not meet. You will have the opportunity to apply for local scholarships as well as, the college will have scholarships that can sometimes be renewable for several years helping to pay for your tuition.
Grants- These are loans usually through the government that you do not have to repay. Most of the time these are based off of household income so not everyone qualifies. You should always check to see if you do or not. You might be surprised.
Federal Student loans- Loans through the government to help pay for your college expenses. The amount you will receive is based off the income of the household as well. Most will qualify for some type of assistance. There are several different kinds of federal loans so you will need to read and understand what you will be applying for. For more information, about the different types of financial aid visit, https://studentaid.gov/h/understand-aid/.
Private Student loans- These type of loans are not recommended unless you have exhausted all other resources. They do not offer flexible repayment terms or have the protection the federal student loans do. These usually have variable interest rates which cause your monthly payments to change.
Preparing to go to college and making sure you choose the right school can be very stressful. There are lots of great resources available to help you make the best choice. If you would like more information you can always contact your local extension office and we will guide you in the right direction.
