Are You Prepared for Unexpected College Costs?

By now we all know that college is expensive. But many students and families are unprepared for the full toll of paying for college -- particularly when you factor in unanticipated, unexpected and underestimated costs. While you can’t plan for everything, you can make sure you’re as informed as possible regarding what you’ll be paying for and when. Here’s a closer look at college-related expenses, along with at some tips aimed at helping you prepare.

The 411 on College Costs

When we think of college costs, we primarily think of tuition fees. And with good reason: It’s hard to ignore the sticker shock of paying more than $40,000 a year for tuition to a top private school. Factor in associated required costs like room and board and this figure can climb to upwards of $60,000. Still, when students apply to college and ultimately choose where to go, they’re likely very much aware of these expenses and factor them into the decision-making process.

However, college-bound high school graduates and their parents often end up disarmed by the unforeseeable costs of college. According to a social media survey from College Ave Student Loans and GET Creative, the most surprising college costs include textbooks and supplies (46 percent); housing and food (31 percent); and extras, such as gym memberships and club expenses (14 percent). Travel and car-related costs and extra credit hours round out the list of expenses which should get a line item on family budgets, but may be overlooked. And while these may seem relatively insignificant on their own, they add up -- to the tune of thousands of dollars, in many cases.

Preparing for the Unexpected

College costs can’t sneak up on you if you’re expecting them. One of the best resources when it comes to understanding the true cost of college? College students themselves.

As personal finance expert Farnoosh Torabi told USA Today, “Leaning on the experience of current students is always helpful. When I was in college, ahead of school sometimes you would get a long list of things that your professors recommended you would buy including books and supplies and software, only to arrive on campus to realize that only a couple of those things are really essential. Identifying your mentors is a great way to educate yourself. Don’t assume you need everything.”

From the true cost of keeping a car on campus to the cheapest eats around town, college students have otherwise inaccessible inside information.

Experts also recommend planning early. Explains USA Today, “If you begin your financial planning early, including investigating all of your loan and financial aid options, you may be able to avoid unnecessary stress over unexpected costs entirely – or arrange an emergency spending nest egg to address surprise costs down the line.”

Three Tips for Conserving Cash in College

While planning ahead may not spare you from unexpected costs, it can help ensure that you’ve got a cushion when they do arise. Not to mention that judicious spending will serve you well throughout your life -- and what better time to get in the habit of doing so than during your formative college years?

1. Don’t buy, borrow.

College students are full of tales about unopened $200 textbooks. Before you slap down your credit card at the school bookstore, do your research to determine which books are a need and which are a convenience. This due diligence can help you save money in the short-term while sparing you from ending your college career wondering what to do with the thousands of dollars worth of textbooks which you’ll never look at again. Can’t find a lender? Social media makes it easier than ever to find people willing to part with their used textbook for pennies on the dollar. Rental programs are another affordable alternative to buying.

2. Travel wisely.

High school students who live at home may not think twice about parking, gas, registration and other car costs. However, on campus, these things can put a major dent in your wallet. Keeping a car on campus can also be surprisingly inconvenient -- particularly because most colleges suffer from a shortage of parking. The takeaway? While keeping a car at school may sound like freedom, it can end up being more of a financial prison.

And this is just one-way travel-related expenses can set students back. Cautions Peterson’s, “Parents of students receiving full scholarships to attend colleges and universities across the country are all too often surprised to discover that the “full-ride” does not include an actual ride, coverage of costs connected with travel from home to school. Parents of students attending out-of-town colleges can anticipate purchasing round-trip plane, bus, or train tickets on an average of three times per year; summer break, Thanksgiving, and -- unless you’re like Ebenezer Scrooge’s dad -- Christmas. Those with students in schools within driving distance of their homes will, of course, spend less on travel, but should still factor in ever-increasing fuel costs when setting aside a fund to address their student’s annual travel costs.”

3. Save for a rainy day.

Who doesn’t like the feel of a couple of extra dollars in their pocket? While you may feel like splurging at the coffee shop or buying a round of beers for your friends, resist the temptation and stock this money away instead. Advises Torabi, “Always over expect, over anticipate what the cost will be. As much as possible, save for the minimum that you expect to spend, but also have maybe an account for the unexpected stuff.” Remember: six months from now that skipped cup of coffee won’t matter. What will? The money you saved.

The best part? If no surprise costs do pop up, you’ll be in a strong financial position.

One last thing to keep in mind when it comes to managing university expenses -- anticipated and otherwise? Open lines of communication are essential. The more students and their families are on the same page about college costs (and spending), the more successfully they’ll be able to overcome any challenges which arise along the way.