Elizabeth Schnell, College Consultant

After seeing four children through college, I learned to expect unexpected “hidden” expenses. We wanted to support their education within our means, without shielding them from financial reality. That meant teaching accountability, appreciation of college costs, and willingness to make trade-offs.  For each of our kids, the schools that offered admission differed significantly in cost.  Together, we compared them closely and discussed how we (parents and student) would share responsibility in each scenario. 

We quickly learned how dramatically costs can vary with a student’s interests, lifestyle, expectations, and school policies. Activities may charge fees, meal plans can leave gaps when dining halls close, and schools differ in how much they subsidize events. Study abroad requires particular care: schools may cover overseas tuition, room, and board but not travel. Rural New Zealand fieldwork may mean expensive airfare but few spending opportunities, while studying in a European city may invite frequent excursions where costs can add up quickly. Without a budget, students can overspend or feel excluded.

Identifying likely “hidden expenses” before choosing a college—and refining the budget each year—makes financial sense.

• Need-based aid may cover some costs beyond tuition, room, and board while requiring parent and student contributions. Understand what the package includes so unexpected costs do not surprise anyone.
• If merit aid is offered, discuss how it changes parent and student contributions. Will the student save it for graduate school or travel and education, or will the parents reserve it for younger siblings?
• If no aid is available, include these costs in the family budget and decide who will pay each expense.
• Whatever the family’s means, students benefit from learning how to budget and track expenses. Annual reviews of expected costs, student income, and prior spending build accountability with support, before independent living makes careful budgeting essential.

To start your family’s conversation, use this Budget Worksheet, which contains a partial list of expenses beyond tuition, room, board, and standard fees. Discuss which items are “needs” or “wants,” research their costs, and agree on a realistic plan based on your family’s finances.  College offers a world of opportunities—and knowing their price ahead of time will help you make the most of them.