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How to Prepare a Financial Plan for College

Today college education has become really difficult for an average citizen to afford it conveniently. You have to plan for it from the beginning even before your last four years of school, especially if you want to study in a prestigious college like Ivy or MIT. This is why it is important to make sure […]

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How to Pre are a Financial Plan for College

Today college education has become really difficult for an average citizen to afford it conveniently. You have to plan for it from the beginning even before your last four years of school, especially if you want to study in a prestigious college like Ivy or MIT.

This is why it is important to make sure that you plan a budget along with your parents, so neither of you receives any shock when it comes to the actual stage.

College budgeting is important for students because once you move to the campus, even if you are on a scholarship, or have some financial assistance, you need to have the expenses that come with the classes and other stuff covered.

This is why the Custom Writers Pro has designed an article for you that covers all the points needed for aligning your finances before you move to college.

Tuition and Housing

First of all, you need to address the most significant expense in question, and that is the tuition and housing. Most universities offer accommodation on the campus, but sometimes it is cheaper to rent a flat nearby so you can follow your schedule, especially if you have a job.

The cost of tuition begins at $22000 as estimated by the College Board for the session 2019-2020. If you are aiming for a private college, then the fees go up to $50000. If you are applying to college right now, then do not forget to go Federal Student Aid or FAFSA because you will need their assistance once the financial trouble increases.

There is no harm in applying for the scholarship while you are in the institute, but it is better to be equipped with the necessary tools beforehand.

Books and other Supplies

The next most important thing when you are going to college is the supplies. You need to buy a printer or a laptop because these are absolute essentials. The former can be ignored because some colleges give you copier rooms but don’t just focus on the electronics.

You also need a lot of textbooks and reading materials that your professor keeps assigning. Before buying them, make sure you ask a senior who has been in the class if they have their old books so you can get them at a lower price. You can also visit your local libraries to see if they have them and then use them.

Most of them are also available online, so don’t waste your money on reading materials unless it is an absolute necessity.

Transportation

A car looks really attractive when you are in college, especially if you have a job which makes moving around quite easy. However, when you consider the costs of repair, oil and maintenance, then you need to see if there are cheaper options available.

When it comes to going to class, you can just use your bike, and this is why it’s important to look for a closer accommodation. The best means of transportation during college is to either hitchhike or use the bus as the fare is low, and it also saves carbon footprint. They have a lot of different routes so you can just get those and see how they fit your schedule.

Other Expenses

Along with notebooks and transportation you also have to consider other costs while being in college, You need to pay for clubs, sport and other extracurricular activities in order to be a part of those.

Sometimes, universities sponsor semesters abroad, but you’re supposed to funding your accommodation and airplane ticket, and this is why you need to have a plan for those if you are applying.

Other than that, you’re not just going to be bound to the campus in college, so consider the price of entertainment like a weekly pizza or going to the theatre with your friends. This should ideally be covered with a job that you can do along with classes, so you don’t have to bug your parents for pocket money but until you find a good enough job, try to save by cooking or renting a movie with your mates.

Analysis

Do not become complacent and use the same amount of money each month. Once you settle in, you will find a store where you can save money and where you need to spend it. See and observe the lifestyle of your seniors who came from the same background as you, so you get a better idea of how to make sure you save the maximum amount of money.

If you find a close enough accommodation and need to let go of your car in the second year, then do not hesitate and just sell it because it does have the risk of becoming a liability.

College prices have increased over the last couple of years and universities are usually not flexible about the fee, so make sure your priority is always your tuition.

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