Education Expenses: A Memoir
When I was growing up, my parents made it very clear that education was a priority in our household. They believed that investing in our education would reap dividends for us in the future. And they were right.
As an adult now with a child of my own, I can appreciate even more the sacrifices my parents made to ensure we received quality educations. But along with that quality education came expenses – lots of them.
In this memoir-style post, I’ll share some of the education expenses my family incurred and offer tips on how to manage those costs.
Elementary and Middle School
For many families, elementary and middle school are relatively low-cost educational periods. However, there are still expenses associated with these years.
School Supplies: Each year before school started, we would go on a shopping trip to buy new clothes and school supplies. The list of required supplies seemed to grow longer each year as teachers requested specific items like folders with pockets or colored pencils. My mom always tried to find sales or coupons to help offset the cost but it still added up quickly.
Field Trips: Field trips were always exciting but they also came with a price tag. Sometimes we went on day-long field trips that required money for admission fees and lunch. Other times we had overnight trips where we needed spending money for souvenirs or snacks while traveling.
Extracurricular Activities: Sports teams, music lessons, dance classes – all extracurricular activities come at an additional cost beyond basic school fees. My siblings and I all participated in sports (soccer and basketball) which meant uniform costs, registration fees, equipment purchases (cleats or shin guards), etc.
High School
High school is when educational expenses start really adding up as students prepare for college applications.
College Entrance Exams: In high school students typically take either the SAT or ACT exams which require payment for registration fees ($52 for SAT, $68 for ACT) and possibly test prep courses. These exams are critical to a student’s college application so it’s important not to skimp on preparation.
College Visits: In addition to entrance exams, high school students often make numerous visits to prospective colleges. Each visit requires time and money for travel expenses such as gas or airfare, lodging costs (if visiting an out of town college), and meals.
AP Courses: Advanced Placement (AP) courses can be beneficial in getting a head start on college credits but they also come with an exam fee ($94 per exam). These fees add up quickly if you’re taking multiple AP classes.
College
After the excitement of being accepted into college wears off, reality sets in – tuition is expensive.
Tuition: This is one of the largest education expenses you’ll encounter. The average cost of tuition and fees at public universities was $10,560 per year for in-state residents during the 2019-2020 academic year according to College Board data. Private colleges were even more costly averaging $37,650 per year.
Room & Board: If living on campus or in a dormitory you’ll need room and board which can range from $7,000-$12,000 per year depending on location and amenities.
Textbooks: Textbook prices seem to increase every year making this another significant expense. The average cost of textbooks alone can be upwards of $1,200 annually according to Student Monitor research firm.
Miscellaneous Fees: Beyond tuition there are countless miscellaneous fees including technology fees ($100-$600), parking permits ($50-$600), lab fees ($100+), etc. It’s important to review your bill carefully each semester as these costs can add up quickly.
Managing Education Expenses
So how do you manage all these education expenses? Here are some tips:
Scholarships & Grants: Research scholarships early and often! Many scholarships have specific criteria or deadlines so be sure to start looking as soon as possible. Additionally, filing for FAFSA (Free Application for Federal Student Aid) can help you determine if you’re eligible for need-based grants.
529 Plan: A 529 plan is a tax-advantaged savings plan designed to encourage saving for future education costs. Contributions are made with after-tax dollars but earnings grow tax-free and withdrawals are not taxed when used to pay qualified educational expenses.
Student Loans: While no one wants to accumulate student loans, sometimes it’s necessary. It’s important to exhaust all other options before taking out loans and then only take out what you absolutely need.
Budget & Track Expenses: Create a budget early on in your college years and stick to it. This will help you keep track of your expenses and avoid overspending.
Education is an investment in your future but it comes at a cost – sometimes a significant one. By understanding the potential expenses associated with each level of education and planning accordingly, you’ll be better equipped to manage those costs without sacrificing the quality of education received.