Parent College Coach Tip #3: Beware of College Cost Add-ons
Beware the college cost add-ons!
You’ve done your homework and you have determined what you can afford to pay for college. You added the tuition, room and board, and books. That should cover it. Right? Not necessarily. There will be college cost add-ons.
There are college expenses that probably won’t show up on a financial aid award letter; and these expenses can add up quickly. Such expenses as travel, insurance, dorm deposits and activity fees can increase your college tab significantly.
My best advice is to look at this like a home purchase. You purchase the home, but once you move in, there are those added costs: paint, small repairs, furniture, utilities, and more.
The same is true with college. Once your student is accepted the extras begin to add up. If you know they are possible and you budget for them, you won’t be surprised when the bills start showing up.
For a more detailed list of what those add-ons can be, check out Beyond Tuition-the Add-ons Add Up.