How to Calculate the Cost of Attending College?

Answer 1

For many high school students, attending college is an assumption. By studying hard and applying yourself throughout high school, it is possible to be accepted to a wide range of schools, including community colleges, state colleges, private colleges and Ivy League universities. However, getting accepted is only half the battle. College costs can be very expensive, especially when you factor in additional costs like meals, boarding and books. Use a college cost calculator to add up the various categories outlined below to determine what you total cost will be each year.

Tuition Costs

The major expense for most students will be the cost of tuition. This can vary greatly depending on a large range of factors. The most significant is the type of school you choose to attend. Keep in mind that some community colleges and state schools may not be as nationally recognized as larger schools, but they will be far more affordable. Tuition is generally calculated by semester, so add up how many semesters you plan to attend before you graduate. Typically, it is four years for most degrees. Check with each individual institution to see if they can guarantee tuition rates for the next few years, as many increase rates on a regular basis.

Room and Board

Part of the typical college experience is staying in college campus accommodation, called a dormitory. While this can help students integrate better with their peers, it is also an additional expense. If you live close to the college campus, it may be worthwhile to live at home and save money on accommodation. Board, or your food costs, are often combined with the dormitory expenses. A typical plan will allow for three cafeteria meals each day.

Extra Expenses

Almost all students will incur some additional expenses over the course of their four years at college. Textbooks are a major expense as they are required for courses each semester. Transportation may also be an expense, as will any extracurricular activities or computers.

By adding up all three categories you can see exactly how much it will cost to attend college for one year. Keep in mind that there are many scholarships, loans and financial aid opportunities to help students reduce that cost.