The true cost of college is more than just tuition, housing, and books. As many of you know in 16 days my daughter will be leaving to attend Ole Miss in Oxford Mississippi. Hence, I am sitting here with a glass of rose’ and chocolate. In addition to paying for school, we are accumulating numerous costs to ensure she has a successful transition. I have a very detailed budget, but I am now finding out the true cost of sending a child to college. There are many items in our household that we share that I never thought about including in a budget. Items such as a first aid kit, a screwdriver, and bottle opener among many other things.
My advice is to start planning the year before your child leaves for school for these unexpected costs. Look around your house and determine items that they will need that may be considered communal now. Create a realistic budget that includes items that may not be part of the traditional way we think about college costs. If you do not have the time, or desire to analyze these expected costs down to the detail refer to the article https://www.debt.org/students/the-true-cost-of-college/. This article provides averages for expenses that you may have not yet considered. It is imperative that we all understand the true costs of sending a child to college.
