So you've managed to get a grip on tuition and housing costs. Good work, but you're not done yet. You're about to be hit up for dozens of nonacademic costs—from frat dues and dorm furnishings to laundry services and late-night eats—that can easily add up to thousands more dollars per year. "There are just so many ways for a kid to spend money on a college campus without even being aware of it," says Rod Bugarin, a financial aid consultant and a former financial aid officer at Brown and Columbia universities. To ward off sticker shock, we tallied the tab for the most common extras at universities around the country, then gathered tips from dozens of experts on how to keep those unexpected costs under control.
1. SETTING UP THE ROOM
The damage: Almost all colleges send out a suggested shopping list that adds up to several hundred dollars. If you pony up for high-quality stuff, you can easily spend twice as much.
The fix: Buy used. Some campuses have a Goodwill-like depot where upperclassmen leave dorm furnishings. Ask a resident adviser. And be sure to coordinate with roommates: One person brings the TV, the other can tote the mini-fridge.
2. GREEK LIFE
The damage: Most members pay $1,000 to $3,500 a year to participate in a fraternity or sorority; that price includes dues, insignia clothes and charitable contributions.
The fix: Look for scholarships through your chapter's national Website. Rent clothes for rush and formals—gowns, for example, can be procured on loan from sites like RentTheRunway.com.
3. PARENTS' WEEKEND
The damage: Hotels jack up rates for the official dates. For the University of Iowa's Family Weekend, a room at the Sheraton Iowa City Hotel runs $339 per night, vs. $159 a night the following weekend.
The fix: Pick a different weekend to visit, or get a room farther out of town.
4. GOING TO THE GAME
The damage: Schools push bundled tickets, such as Arizona State's $149 pass to all football and basketball games.
The fix: Do the math. Season tickets are a good deal only if your kid attends most games. An ASU student will have to go to at least eight games to make the season pass worth it.
5. GETTING AROUND
The damage: Parking rates at urban campuses are astronomical. And that's not even counting the $6,800 it costs to own and operate a car, according to AAA.
The fix: Ditch the car. Most campuses give students a discount on a local transportation pass. Or try a car-sharing service like U Car Share or Zipcar. The occasional driver can access Zipcar for about $30 a month.
6. THE GADGETS
The damage: The average freshman spent $960 on a laptop last year, not including the printer, software, case and other accoutrements.
The fix: For PCs, comparison-shop. Most colleges hawk laptop discounts that amount to 10% to 15% off the price; you may get a better deal at a site like TigerDirect.com. For Macs, you'll get the best price buying a refurbished unit (see Apple.com). Buy software from the student store, which discounts up to 75%. Or tap your 529: Tech stuff counts as education spending.
7. SICK BAY
The damage: Most colleges automatically enroll students in their health insurance plan. Costs can range from a few hundred dollars to more than $2,000 a year.
The fix: Keep your kid on your own health plan. You may need to prove that your child has coverage already before you can turn down the school's offering.
8. THE LITTLE THINGS
The damage: Students spend an average of $300 per year in the school store on items such as toiletries, groceries and notebooks.
The fix: Set a $100 limit on insignia items; that should pay for a hoodie, a T-shirt and a few logo-covered notebooks. Load up on items like Gatorade and bar soap at big-box stores.
9. GETTING HOME
The damage: Your child will probably come home more often than you think; a few extra trips per year add up fast.
The fix: Get a $20 Student Advantage discount card for 15% to 20% off Greyhound buses and Amtrak trains, plus discounts at retailers like Barnes & Noble and Footlocker. Shop for air fares on StudentUniverse.com. Look on Facebook or on Zimride.com to find ride shares with other students.
10. OFF-CAMPUS MUNCHIES
The damage: The average student spent $765 last year to dine off campus, according to Student Monitor. Many eateries let kids pay by swiping their ID cards, which fuels overspending.
The fix: Set a limit. Off-Campus Meal Plan cards can be swiped at the register and funded with as little as $300. Look for restaurants that will cut 10% off the bill with an ID. Tap daily deal sites such as Deals4campus.com and Moocho.com. Recently students at Colorado State could get $10 worth of food for $5 at nearby Tios Burritos.
11. TEXTBOOKS
The damage: Students paid about $600 for books last year, according to Student Monitor.
The fix: Cut your costs by more than 50% by buying used books and reselling them at the end of the year. Try an online discounter like Chegg.com. If you don't need to scribble notes in the margin, download or rent e-books from Amazon.com (about 25% to 50% cheaper than buying new).
Sources: Student Monitor; National Association of College Stores; College Board; CheapScholar.org; eCampus.com; American College Health Association; Alltuition.com; American Student Assistance; Aristotle Circle; Campus Computing Project; CNET; Association for the Advancement of Sustainability in Higher Education; Money research.
The information contained herein represents the opinions of a third party and does not necessarily represent the opinions of Susan S. Lewis LTD or Platinum Financial Services and are unaffiliated with any of the entities referenced above. For additional Naperville Education Planning advice as well as how having a college student will affect your Naperville tax preparation, please feel free to contact us today.
Adapted from the April 2012 issue of Money. © 2012 Time Inc. All rights reserved.
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