How Much Will A College Education Cost

When you are trying to decide which type of 529 college savings plan to choose, you need to have a sense of how much college will cost when your child or beneficiary enrolls. College expenses include much more than tuition. College related costs typically break down into two main types, pre-college costs and actual college costs.

Pre-college costs

Most families focus on saving for tuition, room and board, and other actual college related expenses. The pre-college. And costs can easily add up to thousands of dollars. You must plan for these cost regardless of the type of college savings account you choose. But take note that only Coverdell savings accounts and not 529 college savings plans can be used to pay for pre-college costs.

Pre-college costs include standardized test fees, test prep courses and materials, college application fees, campus visits, tuition deposit, moving, and personal expenses.

Standardized test fees
Nearly all college bound students must take at least one standardized test. It cost usually between 15 and $75 to take SAT tests ACT tests. Students who demonstrate a financial need and qualify for wheat flavors or reductions on standardized test fees.

Test prep courses and materials
many students prepare to take standardized tests by using some form of test prep, from private tutoring or taking an entire test prep course. Test prep courses can range between $500 and $3000, sometimes more

College application fees
most colleges today charging nonrefundable application fee of $50 to cover $50. Not all schools charge application fees and against this with a demonstrated financial need to qualify for fee waivers.

Campus visits
it is not likely that your child or grandchild will and roll and be accepted at a college or university that they do not want to visit. These visits usually take place during the Junior Senior high school and include travel expenses such as hotel, food and gas, and perhaps airfare. Expect to spend a few hundred dollars per campus visit

Tuition deposits
Expect to pay a fee of between $100 and $2000 or more, commonly known as a tuition deposit, to guarantee the students spot any given college where he or she gains admission. Some students apply to many colleges and are accepted by many colleges. This costs

Moving
Depending on where the college is in relation to your home moving expenses could also be significant. Most parents traditionally spend a weekend or so moving their children to college by packing up the car or van and driving to the school. In airfare is involved however, you have to  pay for plane tickets and shipping costs.

Actual college costs
There is good news. Most college related expenses occur while your child attends school the five main costs are tuition, room and board, books and supplies, transportation, and personal expenses.

Tuition
Tuition is almost always the largest college related expense. The cost of tuition varies widely depending on whether the student attended two-year community college, a four-year public State College or University, or a four-year private college or university. This is why you have started your 529 college savings plan. No matter how much you have planned expect to experience a measure of sticker shock when it comes to college tuition costs. A two-year community college may cost between $3500 and $5000 where a four-year private college or university may run upwards of $90,000.

Room and board
As if tuition didn’t shock you enough the cost of room and board is also significant. The term room refers to the cost paid for rent on a dorm room or an off-campus apartment and board refers to the cost of meals. While you may have known that you probably didn’t expect how quickly these totals can add up. Room and board and four-year institutions will run somewhere between 5000 and $7000, perhaps more.

Books and supplies
College students generally spend around $800 $2000 per year on textbooks. This depends of course on the course load. Students pursuing technical majors such as engineering often spend considerably more. Supplies include everything from notebooks to calculators to study guides. students generally spend 350 dollars per year on supplies.

Transportation
Transportation costs will depend on where the student lives in proximity to the campus. For students who attend college in major metropolitan areas transportation costs might mean fares on buses or subways. If your student has his or her own car, gas and insurance will contribute to your total transportation costs. Needless to say these expenses for transportation could easily run a few thousand dollars a year.

Personal Expenses
Personal expenses are just that expenses that your student needs for every day expenses like haircuts, personal care items, snacks and so on. The total cost for personal expenses will depend largely on the student and their habits.

This list of expenses is not all-inclusive and even the best laid plans will omit or forget something along the way. In today’s economy having a 529 college savings plan can help ensure a smooth transition for your potential college student to be educated without the pressure of financial constraints. Searching for school grants is another effective way to help pay for college.