The real cost of college: don't let a school's sticker price shock you into not applying

Careers and Colleges, Nov-Dec, 2004 by Tracey Randinelli

ROOM AND BOARD. Most colleges spell out the basic costs pretty clearly. In addition, you need to budget for special furniture or supplies you might need (e.g., refrigerator rental). And if you plan on making daily three-hour long distance calls to your significant other, you'd better add a few hundred dollars to the telephone bill budget.

TRANSPORTATION. This category is often underestimated by students, particularly those who attend schools far from home and may have to fly home. "They may assume they'll take one or two trips home during the semester," says Bodofsky, "but if a student begins to be homesick or there are other problems, the costs may climb." Commuter students aren't exempt from these costs either--gas, tolls, and parking fees can add up.

PERSONAL EXPENSES. This covers laundry, toothpaste, soap, movies, late-night pizza, ski trips, parties, and everything else you're going to spend to take care of and entertain yourself. And that's not cheap.

MISCELLANEOUS. This accounts for those expenses not necessarily incurred by every student. Joining a fraternity or sorority? Plan on spending several hundred dollars for membership fees, T-shirts and events. Headed to Florida for spring break? Keep travel and housing costs in mind.

NEGOTIATE YOUR AID PACKAGE?

Once you have a clear picture of your costs and the amount of aid you're receiving, you will then know if you and your family have enough to pay the difference. If you're going to have great difficulty paying the balance, think about contacting the school's financial aid office. Your college may not have taken into account financial hardships like sick family members or a parent who's recently lost a job.

"For a school that is relying only on the FAFSA," says the College Board's Joyce, "it's very important that the student take an extra step to explain his or her family situation. Show that the most recent tax return doesn't reflect the current situation of the household."

If you do approach a school's financial aid office with a request for more money, be specific about your needs. "Don't say, 'I need lots more,'" explains Kramer. "Say 'I need an additional $3,000 of aid to make this a reality,' so that when the financial aid officer goes back to the department, he or she has specific points to make."

Bear in mind, though, that it's not likely the financial aid office will throw another $10,000 your way just for the asking. Often, the funds simply aren't available. "Resources are finite to a certain point," reminds Bodofsky.

THINK ABOUT LESS PRICEY OPTIONS

If you think you can swing the amount the school will cost you, great--sign the acceptance and start packing your bags. But don't feel disappointed if you decide the final figure is just not something your family can handle. Just because you can't afford one school doesn't mean you can't get a quality education somewhere less expensive. Bodofsky points out that many state schools are comparable in quality to the Ivy Leagues.

"You can get a quality education anywhere," says Michael Hendricks, dean of admission at Widener University in Chester, Pennsylvania. "It's what you put into it."