College is part of the American Dream but it’s putting students and their families lives in a bad financial nightmare. Student loans in America have reached $1.2 trillion dollars!! Lynnette Khalfani-Cox, a personal finance expert, stated that, “Many thousands of hidden fees are involved, that many people don’t budget for”. People think of upfront cost such as room and board, tuition but not the hidden expenses which they should really prepare for. Here are just a few:
1. Joining a Sorority or Fraternity: This can cost on average $3,000-$5,000 per year! There are chapter fees, national fees, registration fees, recruiting fees, and all of the extra cost that may be involved.
2. Parking on college campus: On average, the cost to park on campus is $635 per year. Colleges make about $4-$5 million per year on just parking fees! Leave the cars at home!
3. Textboooks: Students spend an average of $1,200 per year on textbooks. A Sally Mae survey stated that 45% of families were surprised that there was a big cost on textbooks.
4. College application fee: On average, you will spend $77 on just one application fee. Just imagine if you are applying to several colleges? It can get costly!!
I am sure there are more fees that are hidden, please feel free to share them! I have been through college and I am still paying my students loans since graduating over a decade ago! It is better to prepare early by creating a college fund savings plan, applying for scholarships or start a part-time business to save money on college or start a part-time business while in college. For more information go to http://www.creategoodtimes.com