College is expensive. This is a reality that we are all well-aware of. The average rate of tuition is increasing every year, while the average annual income of most families hasn’t increased in over ten years, according to The College Board. However, tuition and fees are just the tip of the iceberg when it comes to creating a budget for post-secondary education. Let’s take a look at some of the other expenses you will be facing as a college student:

1. Books:
As a student, it may seem as though professors are constantly on the lookout for the most expensive textbook they can find for their courses. In many cases, you could easily be paying $1,000 every year for your books. (And let’s be honest, these textbooks often spend the majority of the semester unopened.)

But there are several ways to save money on textbooks. If you are buying them from your campus bookstore, always look to see if they have them used! Many schools also have textbook exchanges where you can buy and sell old books. Sometimes, if you’re lucky, you can find your textbooks in the school’s library.

One of my favorite ways to save money on textbooks is to simply rent them. You save literally hundreds of dollars, and you don’t have to worry about selling them at the end of the semester. Some rental sites even give you free eBook access while you are waiting for your books to be shipped to you. CampusBookRentals, Textbook Rentals, and Amazon are just a few places to look.

2. Course Materials/Lab Use:
Yes, for some reason, this is completely distinct from your student body fees. Classes such as art or even nutrition will have additional class fees to use materials, studios, or labs. You may also need to factor in the cost of printing on campus if you don’t have a printer yourself. Make sure you are paying attention to the course fees when you are registering for classes.

3. Differential Tuition Fees:
Universities are divided up into different “colleges” and some of those colleges charge you an extra tuition fee on top of the regular tuition to earn credits from them. These fees are subject to change and vary between each college. For example, at Utah State University the College of Humanities and Social Sciences does not charge differential tuition, however the Business College charges upwards of $100 per credit earned through their upper-division classes.

Keep yourself informed about these hidden costs by asking your academic advisor which colleges charge differential tuition at your institution.

4. Living Expenses:
Whether you live in a dorm or off-campus, have a meal plan or shop for yourself, moving out and living on your own can lead to a swift reality check. Living expenses vary greatly depending on the city in which you are living and it can add up quickly.

There are also many other expenses included in having your own living space such as utilities, internet, bedding, furniture, kitchenware, etc.

Entertainment and school involvement are things you may not always think about paying for. Some clubs and organizations have fees, or may have events and excursions that cost money to attend.

One of the best ways to save money in this area is to avoid eating out at all costs. Skip your daily latte, you could save $25 a week. Take a sandwich instead of paying $5 on campus for a soggy burrito. Resist those midnight cravings for fast food. I found myself spending about $100 a month eating out my freshman year. Learn from my mistakes.

5. Transportation and Parking:
If you live off campus and have to drive to school, you will have to factor in the cost of gas and a parking pass, as well as insurance and registration for your vehicle. Not to mention oil changes, new tires, and replacing old or broken parts.

You will probably want to travel home at some point during the semester, so don't forget to budget accordingly.

While this is not a complete list of hidden college expenses, it gives you a better idea of what you need to plan for. These hidden expenses will probably add up to cost you more than your basic tuition and fees. It may be a little overwhelming, but it helps me to remember that forking over all this money to post-secondary education is an investment in my future.

Goldenwest Credit Union can help ease your mind as you are facing all of these extra financial stresses with our Student Essentials program. Visit gwcu.org to find out more about Free Checking and Savings Accounts, First-Time Auto Buyer, VISA Rewards Cards, and more.

Author: Kelsey Olsen

Marketing Intern

Sources:
www.thesimpledollar.com
trends.collegeboard.org
www.fastweb.com