College education has been increasingly important in today’s economy. A college degree gives more opportunities to an individual for personal growth and career development. Normally, a college graduate would have a higher chance of promotion than a high school graduate. Unlike in the past, many high school graduates today find it hard to land a high-paying job. Industrial jobs are now driven by technology that requires higher or specialized education.
A recent survey shows that 2 out of 3 Americans believe that obtaining a higher education is vital to getting a good, well-paying job while 7 out of 10 Americans say it is important for financial security. However, a lot of Americans cite the high cost of education in the United States as the main hindrance in getting a college education.
In fact, the cost of education in public colleges is rising faster than in private colleges. There are a number of reasons for this including significantly reduced state funding which has been diverted to support Medicaid, elementary education and prisons. High administrative expenses, salary increases and campus renovations are partly to blame for rising costs of state colleges.
However, tuition fees alone do not determine the entire cost of a college education. Other expenses include house rental and food. Obviously, students can save a lot of money by living with their parents. However, this is not always feasible and most students prefer moving out to experience independence.
Campus housing can be dorms or apartments. The cost of house rental will depend on the type of housing chosen. Students living on campus are also usually required to pay for a meal plan per semester. The average cost of room and board ranges from $9,200 in public colleges to $10,400 in private colleges. Students can also live off campus and choose to have their meals on campus.
Other things you’ll be spending for during college are textbooks, reading materials and any other special equipment needed for certain courses. Students also need to factor in the cost of a laptop and school supplies which can all quickly add up. It is estimated that spending for college books and supplies cost around $1,200 a year.
Transportation, clothing, entertainment and personal items are other miscellaneous expenses to expect when going to college. It is estimated that average miscellaneous expenses ranges from $2,500 at public colleges to $3,200 at private colleges.
These expenses can be overwhelming but there are ways to help you keep them down. Financial aid can help you reduce college expenses. If you find a good college, try to apply first and see if your financial aid can help lower down the cost. Don’t be scared that getting an education will not be worth its price tag. Make the most out of your college
Guest post by Marilee Moss. Ms. Moss is a retired financial planner who provides information and advice on money matters for financial blogs and money management sites like this: moneymutualcomplaints.com.