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Financial Planning / Paying For College
|Subject: Re: Got our Financial Award Yesterday...||Date: 4/5/2012 2:05 PM|
|Author: 2gifts||Number: 7950 of 8138|
I am not sure what else would cost other than quoted from schools. Airfare to and from home few times a year? Summer school or study abroad? Cell phone, Car, rent? How much more should I prepare to be reasonable on top of the $60,000 quoted from the private school already?
Typically, the amount quoted from the school includes tuition, room and board. Some schools have a 'total cost' listed on their website that includes estimates for books, spending money, and travel expenses home.
Summer school is optional, and so that is not included in the annual cost number, but it can be used to accelerate the time to graduation, so might come off the back end.
Study abroad is extra. For that, you have to pay the difference between the tuition, room and board at the school and those same things abroad. DD is currently doing her study abroad semester in Florence,Italy, and it actually cost me $400 LESS than if she were here at school, and she attends one of those pricey private schools, so in your case, I'd just assume that it will be a wash there, but the additional travel will cost. They told us to expect $5000-$8000 additional in travel expenses for the student to visit other countries. From what I can see, DD, who is very frugal and is doing quite a lot of travel, is going to come in much closer to $2000-$3000, and we did tell her to take advantage of all travel opportunities and that we would pay for it.
My kids are juniors, and getting them a car on campus is just not in the cards. Freshmen typically aren't allowed cars, and I don't think my kids need the added headaches that come with it, so that's not even on my list.
You might need something for cell phone, but we have found that the $10 per child family plan has worked well, and we're never even close to using all our minutes. I did add the unlimited texting for all four of us at $30 per month when they went to school, and that was definitely worthwhile.
FWIW, my kids are responsible for paying for their own books, spending money, car insurance on our vehicles that they drive, and gas for the car when they are home during the summer and driving to work.
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