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College Expenses Work Sheet

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The following table can help you account for all college expenses.
Item
Notes
Annual Amount
Tuition Contact specific colleges or go online to learn current rates at various schools.  
Fees Fees vary by college. Typical fees include charges for technology use, lab costs, activity fees and more.  
Room And Board Obtain on-campus housing costs from your college of choice. Off-campus prices vary by location. Some colleges offer meal plans at varying costs. Include a budget for snacks and off-campus meals.  
Books And Supplies Books can range from $500–$1,000 or more each semester. Include the cost of needed supplies such as book bags, desk organizers, pens, pencils and paper.  
Special Equipment Students may need items such as a computer, printer, reading lamp, microwave or refrigerator.  
Personal Expenses Toiletries, cosmetics, clothes, laundry, entertainment, spending money and other costs of daily life quickly add up.  
Transportation How much will it cost for your child to travel to and from college? If your student will take a vehicle to college, include parking, fuel, insurance and maintenance costs.  
Auto Insurance If your child is taking a vehicle to college, your auto insurance premium could change. If your child is attending a college at least 100 miles from home and is not taking a vehicle, your premiums could decrease.  
Property Insurance Most homeowners insurance policies cover personal items for dependent children, up to 10 percent of the policy’s value, whether the student is living in dorms or renting off campus.Typically, that is more than enough coverage for a college student, and is already provided free of charge. However, if the child incurs a loss, it will count as a homeowners loss on the parents’ policy and may impact them adversely from a rating or underwriting perspective.

The homeowners policy also often carries a higher deductible than a renters policy which would lead to a smaller recovery after a loss. If the student has a renters policy, a loss has no impact on the parents’ policy

  
Health Insurance Most health insurance policies cover dependents who are full-time students until they reach age 23. If you have a closed-area HMO that does not provide emergency coverage in the college’s area, your child will need health insurance coverage.  
Phone Service Plan for long-distance or cellular phone service expenses.  
Fraternity Or Sorority Calculate the dues, fees and activity expenses associated with membership in academic or social clubs.  
TOTAL Annual college expenses.  

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Updated Thursday, September 25, 2008
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