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Note: The expenses noted below are based on 2019-2020 averages. For perspective on the 2020-2021 academic year, read CollegeSTEPS® for College & COVID-19. When it comes to figuring out how much college will cost, tuition is just the beginning. Carefully managing your college expenses and planning out ways to pay for them can reduce the likelihood of overspending and accumulating unnecessary debt. Here are a few steps you can take to help you afford these additional college expenses.
Books and supplies (average annual cost $1,240)
To help validate these costs, consider checking the college’s website for content and tools, which will help give you a better sense of the actual costs at the school.
Take advantage of student discounts on meals at restaurants, entertainment, or transportation with your student ID card.
Plan your courses carefully. Returning to school for an additional semester to get that one last required course is expensive.
Once you have a good idea of how much college will cost, creating and sticking to an actual budget for yourself can help you live within your means. A cash flow worksheet can help provide an account of where you’re spending your money (rent, books, gas) and where you’re earning money (part-time job, work-study, savings). If you’re spending less than you’re earning, you’re in great shape. However, if your expenses exceed your income, it would be wise to look at where you could cut back, or how you could bring more money in.
If you’re starting out as a new student, college may be the first time you’ll be solely responsible for your regular budget. By going in with a plan to manage your college expenses, you can better prepare yourself to handle this new responsibility.
We’re committed to helping with your financial success. Here you’ll find a wide range of helpful information, interactive tools, practical strategies, and more — all designed to help you increase your financial literacy and reach your financial goals.
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