One of the first questions
asked when planning for a student's postsecondary education is
"What will it cost?" It is important to have some idea of what
the cost will be when putting together a plan for how to pay for
this education.
Overall costs will vary
according to the school, the length of the education, the
program of study chosen, whether the school is public or
private. Scholarships earned and financial aid awarded will
also affect the overall cost of education. It is fair to say
that some postsecondary education can be very expensive but
there are also less expensive options available.
First, let us look at the
different types of expenses that will be included in the total
cost of a postsecondary education.
-
Tuition -
The amount a school charges a student for instructional
services which may be charged per term, per course, or per
credit.
-
Fees -
Money, separate from
tuition, charged by schools, per student, per term to cover
costs not associated with a student's classes such as
student activity fees, technology fees, clubs and special
events.
-
Books and Supplies
- This expense covers the cost of a student's course
materials including books, lab supplies, special equipment
etc. These expenses can range anywhere from $300 to $900
per term.
-
Room and Board
- These are expenses charged by the school if the student
lives in housing provided by the school. Amounts will vary
depending on the room and meal plan the student chooses.
Even though these fees are not charged if a student
lives off campus, you would need to estimate those living
expenses instead of room and board fees.
-
Personal Expenses
- This includes things like clothing, telephone, laundry,
personal care items, and entertainment. These costs can
vary widely from student to student.
-
Travel Expenses -
This includes car
expenses, gas, insurance, and travel between a student's
home and school.
Tuition and fees generally
account for 35% of the total school expenses with the other
65% going to room, board, books, supplies, personal expenses
and travel.
Now let's look at the cost of
attending some of North Dakota's postsecondary schools this
year.
North Dakota Schools
You may also
check the cost of schools in neighboring states.
South Dakota Schools
Montana Schools
Minnesota Schools
(This information is
compliments of the Student Loan Division of the
Bank of North
Dakota)
We can easily
figure what the cost of education will be this year, but what if
your child won't be attending for another 5, 10 or 15 years? Of
course we will need to figure the rise in expenses and inflation
over that time, but we can still come up with an estimate. Check
out this chart.
Future
Costs for College Education in North Dakota
For example:
Josh just turned 5 years old, his parents would like to estimate
what it will cost for him to attend 4 years of college at a
North Dakota public university starting in 2018. According to
the above chart his education will cost an estimated $98,452. If
he were to attend a two year public school in 2018 his education
is estimated to cost $40,778.
Parents can use this chart to
estimate the cost of a post secondary education for each of
their children and at least have an estimate of the future
education costs they need to plan for. Remember, these estimates
include tuition, fees, books, room and board and personal
expenses.
Okay, so
now take a deep breath. The numbers may be scary, but there is
help to accomplish this goal so keep reading! Next we're going
to discuss "Who's paying?"
Return to Saving for
Education topics:
The Value of Education
What Will It Cost?
Who's Paying?
How To Make It Happen
It's Never Too Late
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