College as an Investment
A college education should be looked at as an investment in your future - an investment that can be costly, but definitely worth the money. Given the considerable differences in costs from one college to another, a discussion with your family about any financial parameters should be one of the first conversations you have as you begin the process.
Calculating the Cost of College
The cost of college includes tuition and fees, books, room & board, miscellaneous expenses, and sometimes travel to and from home. The financial aid officers at each college and university come up with the cost of attendance each year, including tuition and cost of living increases. Basically, this amount is the TOTAL cost for a student to live and go to school for one year. This Cost of College worksheet can help you begin to estimate. There are also online college cost calculators, such as this one from FinAid.org, or these from Sallie Mae.
See all of the topics listed under "Paying" on the left sidebar of this page for additional information on making your college education affordable.
Do not be misled by the "sticker price" of college. Sometimes the most expensive colleges are able to provide the most financial aid! The best way to find out how much a certain college will actually cost you is to contact that school's financial aid office and request help estimating your costs.
Extras
In addition to the published costs of tuition, room, board and fees, there are other costs that need to be considered. This other category includes the costs of books, spending money, travel home, fraternity or sorority fees, and other out-of-pocket expenses. At one school, your student ID card may provide access to all activities, including sports and theatre productions, while at other schools you may have to buy tickets to football games and performing arts events. Fraternity and sorority fees and off-campus housing costs at schools can also add considerable expense.
This is not to say that you should forgo all of the "extras," but simply that you should be aware that they can add up and plan accordingly.
