What Will it Cost?

North Dakotans Saving for Education

What Will It Cost?

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.
 

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.

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?"