Overlooked college expenses
Updated on January 30, 2020
Attending college can help you achieve your career goals and become financially stable in the future. However, college is becoming more and more expensive each year, forcing many students to take out student loans.
While these loans help individuals pay for tuition and school fees, they can barely cover other expenses. These additional costs add up in the long run, and some students take out more federal student loans to cover them, resulting in a vicious borrowing cycle.
Before applying for any student loans, it’s vital to come up with a budget for all your educational expenses. Here is a list of some of the commonly overlooked costs in graduate school.
1. Materials and textbooks
The cost of books and materials varies depending on the courses you are taking, the number of classes you have, your school, and where you purchase them. Unfortunately, students shell out close to $1200 each year for course materials and textbooks, which is quite expensive.
You can try cutting down on these expenses by borrowing books from the library, buying used textbooks, and borrowing from friends and family.
2. Application fees
Most colleges charge student fees for applying to the university. This fee ranges from one university to the other, and if you were to apply to several schools, it adds up. It’s crucial to minimize the number of schools you apply to, to minimize your costs.
For example, only apply to schools you know you have a chance of getting into, and that provides the courses you want.
3. Cost of living
Moving from home to school is a life-changing decision that sets you on the path of independence. However, apart from rent and food, small living expenses like cleaning supplies, household items, and toiletries catch many students by surprise.
Before going off to college, try budgeting what you’ll be spending each month on these items to have a rough idea of how much money you need.
Once you have a budget in place, StudentLoanify can help you find student loans that ease your expenses. We also provide student loan repayment options to ensure you don’t default. Contact us today for student loan options.