Calculate the Total Cost of College Tuition, Not Just Tuition
Tuition fees are not the only factor affecting college tuition fees, and if you don’t take the time to calculate all the potential costs, you may end up choosing a college that is less affordable than you thought.
According to the New York Times , a college that announced a tuition cut may not tell the whole story:
But in reality, they are cutting the advertised rates that only the richest students usually pay. At the same time, colleges are cutting back on the big discounts they offer to everyone else. The result is a new price that more accurately reflects what students are already paying.
In other words, this tuition reduction is meant to get you to apply, but it may not apply to you.
The NYT also notes that these colleges are unlikely to cut room and board costs, or cut types of fees that many students (and parents) do not factor in when applying.
This means that when choosing a school, it is important to determine the total cost of a particular college, not just the cost of tuition. This includes tuition, room, board, fees, books and incidentals, as well as often forgotten expenses such as travel. (Will the student buy a roundtrip flight every three months to visit family during breaks and holidays?)
Many colleges have a so-called net price calculator located somewhere on their websites to help you add up the numbers and make an informed decision. Of course, as we have noted in the past , an inexpensive college where students take five years to graduate can be more expensive than a more expensive college where most students receive their degrees in four years, so be sure to check your four-year college graduation rate as well.
Think of it as adding up the total cash of a potential health insurance package . You should not compare health insurance policies based on premium alone, and you should not compare colleges based on tuition alone.