Starting up college is a fun task, but what you’re going to find out is that there is going to be a lot involved, when it comes down to budgeting for your college experience. When you’re ready to prepare for college, or maybe you just want to get a good idea on what you’re going to pay, let’s take a look at what your expenses are going to be, as well as what you should save up for, or use to apply for a loan.
#1 Get a ballpark estimate
If you know what college that you’re going to attend, what you can do is go straight to college website, and look in the financial section. What you’re going to find out is that you’re going to be able to get the exact numbers nine times out of ten. What you can do here is take that number, and apply it to your calculator. Don’t forget that if you’re going to be staying on campus, you will want to add the room and board fees.
If you don’t have exact numbers, I would recommend using the following numbers:
- 4 year private college: $40,000
- 4 year public college (in state): $20,000
- 4 year public college (out of state): $30,000
- 2 year community: $14,000
Generally, if you’re going to have living costs on top of this, experts will tell you to almost double the price to be safe. Whether you’re going to be staying in a dorm, or an apartment, the prices will be relatively close.
#2 Know about books and more: Books are generally going to be around $100ish per class, if you want to have a great estimate. I generally try to have a higher estimate, so when the price does come in, I’m not shocked by the sticker price.
#3 Use calculators online: With that being said, you can use some of the calculators that I like online. What you will find out is that the following should be able to help you budget for both now, as well as the future: