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3 Non-Tuition Costs You Should Be Ready for in College

Apr 2, 2019

As you prepare to take on the financial burden of a college education, your financial planning may be centered around tuition expenses. If you are like many others, you may also include room and board in your budgeting efforts.

However, numerous other expenses also impact the total cost of a college education. While these other miscellaneous expenses are not usually as significant as tuition costs, they can be sizable. More than that, the cumulative impact of numerous smaller expenses that have been overlooked with your financial planning can result in substantial and unnecessary stress. These are some of the non-tuition college expenses to prepare for.

Miscellaneous Education-Related Expenses

Simply paying your tuition bill is unfortunately not sufficient. Numerous other education-related expenses crop up each semester. For example, you will need school supplies for each class as well as a laptop, a printer and its supplies, a special calculator for math courses and more.

Some classes require you to visit various establishments in order to complete required assignments, which may result in extra expenses. You may also have costs related to enrichment opportunities and extracurricular activities. In addition to allocating funds for school supplies, consider maintaining a miscellaneous fund to cover other education-related expenses that may crop up.

Travel Expenses

If you are attending a school far from home, periodic travel may be required. In many instances, a college student will return home in between semesters and for holidays. This may be required for the time period when dorms are closed each year, so the expense must be accounted for in a budget. You may avoid this expense by living off-campus with a 12-month lease.

Emergency Costs

Young adults are still learning the ropes, and they may make a few unfortunate mistakes from time to time. Emergency costs may be related to injury accidents, severe illnesses and even legal expenses. Buying an excellent health insurance policy can offset many medical expenses.

However, you also may need ample funds in savings to pay for lawyer fees, lawsuit settlement funding and other expenses. Your savings account balance should be sufficient to cover the cost of insurance deductibles, unplanned vehicle expenses and more.

Having money available can also save a significant amount of time by letting you avoid having to search for answers about insurance, the pros and cons of pre-settlement lawsuit funding, and other time intensive things.

College is stressful enough without contending with financial woes. As challenging as it is to pay college tuition as well as room and board, additional expenses must also be taken into account. By preparing for these additional expenses in various ways, you can more easily navigate through your college years and reduce the risk of running out of cash before obtaining your degree.

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