Many first-year students fail to consider unexpected costs when planning financially for life at college, according to recent findings by coursehero.com.
The online student resource website compiled a list of costs that often surprise students, citing research from organizations like ABC News and CollegeBoard. According to coursehero.com, non-tuition costs can add up to more than $23,000 a year on average, including coffee, entertainment, books and alcohol as some of the costly college endeavors.
The highest yearly costs listed by the website include room and board at $7,999, entertainment at $4,000 and alcohol at $2,600, though these estimates may be inflated.
“This is budgeting on the high end,” said Emily Burris, Student Financial Management Center coordinator.
Burris said while these numbers may be extreme, there are costs and fees students do not consider. Many first-year students have relied on parents to pay the bills but seeing firsthand how expensive simple necessities can be is shocking, she said.
Chandler Scheuermann, mechanical engineering freshman, said the study’s figures are accurate for students who want the full social experience.
“There’s the cell phone, entertainment, alcohol obviously, spring break and a lot of other things,” he said, explaining these aspects of college can amount to another “fee bill” outside of tuition.
Scheuermann said he spends about $16,000 a year on non-tuition expenses. He said his parents chip in on smaller items and necessities like clothing, but he works 24 hours each weekend at a construction job to pay for his social life, apartment and car payments.
Burris said she encourages students at orientation to consider needs and wants. Room and board, clothes, fees and cell phones are a number of necessities for students, but costs of entertainment and other non-essentials vary depending on the student, she said.
The key to being prepared is to track and budget money, Burris said, explaining that many students are shocked during advising sessions when they realize how much money they absentmindedly spend.
Creating a budget of how much money can be spent in different areas and consciously thinking about money management can better prepare students for college costs, Burris said.
Means by which students pay the bills also vary, Burris said.
“For some, student loans are ideal, but for others, finding a job on or off campus and working 10 hours a week may be a wiser choice,” she said.
Frances Lawrence, human ecology professor, will begin teaching Personal Money Management — FIN or HUEC 1060 — in the fall 2011 semester.
“The class is for students who are concerned about managing money for college and for the future,” she said.
The class will help students with short-term and long-term planning, she said. It will focus on goal setting, credit managing and retirement planning. Lawrence said the class is completely web based and will combine elements of finance and human ecology curriculum.
 
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