The Cost of College

Attending college is an excellent opportunity that comes with a hefty price tag. Beyond tuition, students face costs like textbooks, housing, and daily essentials. Let’s go over some of the most common college costs so that you or your student can be prepared when the time comes.

Starting out

Heading to college brings a new set of everyday costs that students must consider. From daily meals to transportation, the routine expenses can quickly add up. Depending on your living situation, meal plans or grocery bills become a regular part of the budget. At the same time, transportation costs for commuting or exploring the city can impact your monthly expenses, and there will be costs that are due once or twice a year. Managing these costs is crucial for maintaining financial stability and getting the most out of your college experience.

Typical costs include a lot of different things—Not all students will need to pay all of these expenses, but here’s a general estimate of what some things could cost:

• Tuition fees: $10,000-$50,000 per academic year
• Textbooks and course materials: $500-$1,000 per semester
• Accommodation or housing: $5,000-$15,000 per year
• Meal plans or grocery expenses: $2,000-$5,000 per year
• Transportation: $500-$2,000 per year
• Laptop or computer equipment: $800-$2,000 (one-time expense)
• Basic furniture and household items: $500-$1,000 (one-time expense)
• Utilities: $50-$200 per month
• Cell phone and communication expenses: $30-$100 per month
• Health insurance and medical expenses: $1,000-$3,000 per year
• Extracurricular activity fees: $100-$500 per year
• Clothing and personal supplies: $500-$1,000 per year
• Emergency fund for unexpected expenses: Recommended $1,000-$3,000

The figures are general estimates, and costs vary widely between colleges and regions.

Before heading off to college, take stock of what you already have—chances are, you already possess some essential items. Everyday items like clothing and basic furniture might already be in your possession. By identifying these items early on, you can minimize unnecessary expenses and better allocate your budget toward your needs.

Remember that miscellaneous expenses like laundry, toiletries, and small household items contribute to daily financial demands. While seemingly minor, these costs can accumulate quickly, so be mindful of these everyday expenditures.

Making a budget

Be prepared: The speed at which money can vanish might surprise you if you’re venturing into independent living for the first time. Suddenly taking on various responsibilities and expenses can be daunting. Crafting a budget is a smart move to ensure mindful spending. This Coach can help you budget based on your needs, wants, and savings.

Reducing costs

Reducing college costs is a big concern for many students. Scholarships, grants, and work-study programs can significantly alleviate the financial burden of tuition and related expenses. Scholarships and grants are types of financial aid awarded to students, often based on academic or other achievements, that do not need to be repaid. Work-study is a federally and sometimes state-funded program in the U.S. that helps students earn financial funding through a part-time work program while attending college. You can also consider attending community college for general education requirements before transferring to a four-year institution, offering a cost-effective approach to earning a degree. You can go to studentaid.gov for more info on scholarships.

Money saving tips and tricks

College is a huge cost, but there are lots of things you can do to save money that really add up and can lead to significant savings over the course of your education.

• Housing:
  • Living with roommates is a great way to reduce rent and utility costs.
  • Be mindful of utility usage – adjust your thermostat a few degrees warmer in the summer and cooler in the winder, take shorter showers and use water sparingly when possible, use energy efficient bulbs and smart powerstrips to reduce energy use.
  • Take into consideration that living close to campus can help reduce transportation costs – you can walk or bike to campus to save on gas, car payments, and insurance.
  • Some work-study programs can include options to help pay for room/board – contact your school’s financial aid office to get details on what options they have available. (Many colleges and universities will provide room/board for Resident Assistants (RAs) or other dorm leadership positions).
• Tuition:
  • Often the largest expensive, but there are countless scholarship opportunities out there just waiting for someone to apply. AAGCU offers a scholarship – the 2026 Scholarship will open January 1st.
  • Loans are a necessity for many students, but should be taken out cautiously and only if absolutely necessary.
• Books/Study Materials/Supplies: 
  • Purchasing brand new textbooks for each class can get incredibly expensive. Look to see if your school has a reseller program – possibly a Facebook Page – where you can buy used textbooks. There are also websites such as thriftbooks.com where you can purchase used books. Finally, see if any of your coursebooks are in the school library – you can do your readings and homework in the library, and occasionally copy pages as needed.
  • Rather than purchasing a printer and ink, do your printing at the school or local library – many libraries offer free or inexpensive printing.
  • It can be tempting to buy new supplies for each semester/class/etc., but chances are you can use the second half of that notebook you didn’t finish, that pen still has ink in it, and your high school backpack still has a few years of life left in itt. Only buy new supplies when it is an absolute necessity.
• Entertainment
  • There are tons of free activities on college campuses and in communities to save money on entertainment. Join clubs and groups on campus, check out your campus Recreation Center for free or cheap activities, follow your city or community social media accounts to keep in the loop about free community events, and check out your local library bulletin board (either literal or
  • Lots of companies offer student discounts. Check out this list: The 59+ Best Student Discounts in 2025 | NBC Select. Also check out Unidays, an app that congregates student discounts under a single login. Be sure to ask your local businesses and restaurants if they offer student discounts.
• Earning extra funds
  • If you qualify for Work-Study, that is a fantastic way to earn income and valuable job experience. Learn more here: 8 Things You Should Know About Federal Work-Study – Federal Student Aid
  • Not everyone qualifies for work-study, if you don’t, still seek out on-campus jobs, internships, and other work opportunities. Most employers on and near a college campus should be understanding and accommodating of your class schedule.

Conclusion

College is a large cost, but if you set a smart budget, manage your finances, and lean on money saving tips, it can be an amazing opportunity – without breaking the bank.