As much fun and exciting college is, there is one tiny thing you need to worry about: money. College may be extremely expensive, but it is well worth the money. You will be working hard to earn a degree that may be worth more than what you are paying, and that's a great investment. It can still be overwhelming, though...
The Cost of College
Let's break down the costs!
Tuition
I can't really say one cost is more important than the other, because they are all pretty important. I would put this one pretty much at the top, though. Tuition is what you pay for your classes. This is money that the university uses to pay for professors, buildings, research, and other costs that the university needs to keep running. Every university uses their tuition differently (for example, at UT none of your tuition goes towards athletics while at UTSA 5% of your tuition goes to athletics). Sometimes, individual colleges and schools within the university use tuition differently, as well. Here is a breakdown of how tuition is used at the College of Natural Sciences at UT.
Notice that 14% goes to Student Services. These are things such as gyms or rec centers and special events such as guest speakers or concerts that are provided "free" for students. You're already paying for them with your tuition, might as well use it!
Tuition also varies based on your residency status. Attending a college in the same state you currently live is going to cost way less than attending a college out of state. For example, one semester at UT College of Natural Sciences is $4,848 as a Texas resident. If you were not a Texas resident, you would have to pay $17,164, which is more than triple the resident tuition! If you didn't live in Texas and wanted to attend UT, you would have to pay $34,328 a year! You could get a 2015 Ford Mustang GT for that much!
Other states are no different. The University of Michigan, UC-Berkeley, UC-San Diego, UCLA, and Michigan State University (universities with academic prestige similar to UT) all have out-of-state tuition that is more than UT's out of state tuition. Michigan charges $43,476 a year for non-Michigan residents! Think about it. After 4 years attending any of those out-of-state universities, you could owe anywhere between $137,000 and $173,904 in tuition! That's not including interest if you have to take out loans to pay for that (which we'll get to later). Is it really worth the cost to go out of state?
Tuition also varies based on your residency status. Attending a college in the same state you currently live is going to cost way less than attending a college out of state. For example, one semester at UT College of Natural Sciences is $4,848 as a Texas resident. If you were not a Texas resident, you would have to pay $17,164, which is more than triple the resident tuition! If you didn't live in Texas and wanted to attend UT, you would have to pay $34,328 a year! You could get a 2015 Ford Mustang GT for that much!
Other states are no different. The University of Michigan, UC-Berkeley, UC-San Diego, UCLA, and Michigan State University (universities with academic prestige similar to UT) all have out-of-state tuition that is more than UT's out of state tuition. Michigan charges $43,476 a year for non-Michigan residents! Think about it. After 4 years attending any of those out-of-state universities, you could owe anywhere between $137,000 and $173,904 in tuition! That's not including interest if you have to take out loans to pay for that (which we'll get to later). Is it really worth the cost to go out of state?
Housing
No matter where you go, you're going to have to live somewhere. That's pretty essential. Housing costs vary based on (a) what college you attend, (b) whether you live on or off campus, and (c) how many people you plan to live with.
The first thing you have to pay is rent. READ YOUR CONTRACT. Sometimes, your rent covers other utilities such as electricity or water. Some places may even include cable and internet (most don't). Either way, you are going to have to pay your rent every month. Missing the deadline can mean late fees or, worse, eviction.
Below is an estimate of how much you'll be paying based on the monthly rent. Keep in mind dorms tend to have 8 or 9 month contracts while apartments tend to have contracts for the entire year. Even if you don't live in the apartment during the summer, you still have to pay rent! It's important to take that into consideration with looking for somewhere to live. For example, living one contract year in a dorm for 9 months with rent at $1200 per month costs the same as living one contract year in an apartment with rent at $900 per month.
Below is an estimate of how much you'll be paying based on the monthly rent. Keep in mind dorms tend to have 8 or 9 month contracts while apartments tend to have contracts for the entire year. Even if you don't live in the apartment during the summer, you still have to pay rent! It's important to take that into consideration with looking for somewhere to live. For example, living one contract year in a dorm for 9 months with rent at $1200 per month costs the same as living one contract year in an apartment with rent at $900 per month.
Internet
Internet is no longer a luxury in today's age; it's a necessity. Wherever you live, you are going to need it. Many colleges and universities require work to be turned in online, and almost all use email as the main source of communication. A few truly dedicated students may be able to get by without internet access at home by doing all assignments at the library, but it is very tough.
Internet also costs money. Some dorms provide it for free; others charge a fee. Most apartments don't have free internet so you'll need to buy it. Things to take into consideration:
Internet also costs money. Some dorms provide it for free; others charge a fee. Most apartments don't have free internet so you'll need to buy it. Things to take into consideration:
- Speed. Measured in Mbps (megabits per second). If you're really lucky, you may live in a neighborhood with gigabit capabilities (1 Gbps = 1,000 Mbps), but that can be pretty expensive. You want to determine how much Mbps you need based on (1) what you tend to use the Internet for and (2) how many people you are sharing it with. To put it simply, if you have 10 Mbps and four roommates all using it at the same time, you're left with less than 2 Mbps, which is barely enough to watch a YouTube video!
- Data caps. Some Internet providers, depending on your plan, have data caps. This means they can limit your Internet speed after you used so many megabytes of data. You should try to avoid these; they can throttle your Internet to extremely slow speeds! Other times, they may charge you after you used so much of your Internet.
- Customer Service. There aren't many Internet Service Providers (ISP) out there with good reputations. Research, research, RESEARCH! Find ISP's that have good reputations in your area. Chances are you will have to deal with customer service at least once, whether it be for installation, service issues, or disconnections, and you don't want to make it a bad experience. I was once on hold for TWO HOURS and my issue still didn't get resolved! ISP's I recommend in the Austin area: Grande Communications (available in some areas of Austin) and Google Fiber (available in very few areas of Austin). AT&T has awful internet service but great customer service. Time Warner Cable has great internet service but awful customer service. Trust me; I've had both.
Books and Educational Resources
Textbooks are expensive. Before buying anything, show up to class on the first day and see if the professor requires it. Most do, but sometimes you're lucky and it's optional! However, if you're the type that likes to buy things ahead of time and avoid the crowd, that's cool, too. I was that person. Buy your books ahead of time, and if your professor doesn't require it you can always return in (must be within the first few days of class). If the book looks interesting and you feel like you may need it later on down the road, buy it! Doesn't matter if it's used or new; as long as it's the best value. If the book doesn't look interesting and you know you'll never need it again, rent it! You'll turn it in at the end of the semester. If you have no idea whether you'll need it again, buy it, and then sell it at the end of the semester if you don't want it anymore. Estimated costs of books: $100 - $700 per semester.
Some courses may also require additional resources, such as software, iClickers, or calculators. Keep that in mind when budgeting for college. Most university bookstores have those available if a course requires them. Double-check that they are the right ones and you have set them up properly before attending class (such as registering your iClicker online, if required).
Some courses may also require additional resources, such as software, iClickers, or calculators. Keep that in mind when budgeting for college. Most university bookstores have those available if a course requires them. Double-check that they are the right ones and you have set them up properly before attending class (such as registering your iClicker online, if required).
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