When choosing a college, there are hundreds of details to consider. However, your financial situation will go a long way in dictating your final decision.
The last thing you want to do is make a mistake that will negatively impact your finances now and in the future. This is something you will regret.
Here are five money related details that should be on your mind as you attempt to make one of the biggest decisions of your life:
1. Tuition. This is the big one. How much will you spend in tuition over your four (or more) years in school? Once you have this number staring you in the face it is much easier to see which schools are affordable and which ones may be out of your price range.
2. Room and board. You need somewhere to live while you are in school, right? You need food to eat, don’t you? To go along with tuition, you will be paying room and board – at least during your first year in college. After that, you may be able to save money by opting for off-campus living.
Note: most schools require freshmen to live on campus, so this is not an expense you will be able to avoid during your first year in college.
3. Location. As you know, some parts of the United States have a higher cost of living than others. Think about it this way: living in a big city, such as New York or Chicago, is going to be more expensive than a small town. This is one of those financial details that is often times overlooked, but can make for a huge surprise shortly after arriving on campus.
4. Travel costs. If you plan on going home often, this is a detail to consider. Can you drive? Will you be forced to fly? If your college is in close proximity to your home and you have a vehicle for transportation, you will not be faced with extreme travel costs. However, if you attend college on the other side of the country you will require an airline ticket every time you want to go home. This expense can quickly add up.
5. Availability of financial aid. Let’s face it: some colleges provide more financial aid than others. As you compare schools, pay close attention to how much aid you are being offered. This includes grants and scholarships – money you don’t have to pay back. While there is nothing wrong with taking out a student loan, this money must be repaid after you graduate. This may not seem like a big deal now, but you will feel differently once you have your diploma in hand.
Choosing a college is a big decision that takes a lot of time and thought. Before you accept admission to any school, make sure you are comfortable with the financial side of things.
