Eye on education: Hidden costs of a college education

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Attending a four-year public school as an in-state student this year costs nearly $20,000, and it costs more than twice that to go to a private college.

Times of Ahmad | News Watch | US Desk
Source/Credit: Fiscal Times
By Beth Braverman | May 10, 2016

Now that a few weeks have passed since National College Decision Day, the elation (and relief) of finally committing to a school may be wearing off. You probably already calculated the financial aid packages offered by your chosen school and have found a way to make it work financially.

Now that you’ve sent in your deposit, though, it’s time to work on your college “operating” budget for the next few years. That entails income from scholarships, loans, work and other money and expenses including tuition, room and board, and a host of other charges you might not have included.

Attending a four-year public school as an in-state student this year costs nearly $20,000, and it costs more than twice that to go to a private college. It’s easy to see why the average student graduates almost $30,000 in debt --  and that doesn’t even factor in increasingly common parent loans.

Last year, parents paid for about a third of students’ college bills from income and savings, according to Sallie Mae, while student and parent borrowing made up another 22 percent. Smart budgeting now can ensure that you borrow as little as possible to reduce the amount you’ll have to pay back after school (and reduce the temptation to spend unneeded loans).

To figure out how much you’ll need, it’s important to factor in some of the hidden costs that creep up on students and their families. Here are a few biggies to watch out for. Click through to see them all.

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Read original post here: 7 hidden costs of a college education


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