14 Extra Costs Parents Of College Students Should Be Aware Of

1. Buying your students all new stuff.

Avoid stocking up on everything you think your student will need at college before they leave. Bring only the necessities and, during the first few weeks, have your student make a list of other items they really need. What seems important before you leave may not get put to use—and might not even fit in your dorm room. Think about what is necessary. Many items have a limited life post college and can often be rented or shared.

2. Identify student discounts.

Many college town businesses, such as local shops and restaurants, will offer savings if you show a student ID. Before you get that college sweatshirt or go to a movie, see if your student status qualifies you for any money off.

3. Printing/Copying.

After all that tuition, you’d think colleges would be willing pay for copies and prints. But you’d be surprised how many schools don’t factor in these costs. Especially during finals time if you have a particularly important presentation that needs to be professionally bound and put together, the big print jobs and multiple copies could cost you up to $100 a semester

4. Storage unit for summer.

A 5-foot by 5-foot unit averages about $40 to $60 a month. If you are considering putting items in a storage unit for three summers, that’s about $600.

5. Unpaid summer internship.

Staying on campus during the summer for that unpaid internship cost you three months of living expenses, adding at least $3,000 to the bill. Some campuses rent out dorms in the summer for about $1,000 a month.

6. Laundry.

True, you’d have to do laundry even if you weren’t in college (at least we’d hope so), but it still boosts overall costs. Even $5 a week adds up: that’s $1,040 over four years.

7. Cell phone service.

Want an iPhone to call home to mom and dad every day? Count on an initial cost of at least $50, plus $40 a month over four years adds up to be about $1,600.00

8. Cable TV/Internet.

Even splitting these bills between you and your roommates, the costs add up. A cable/Internet package can cost about $80 a month or $20 for each roommate. That’s $720 over four years, not including summers.

9. Trips to visit parents or vice versa.

Don’t forget to figure in trips to see the parents. Slightly more than half (56 percent) of college freshman attended a school within 100 miles of their home, according to a UCLA survey. So let’s say 200 miles round trip, every other month, adds up to $180 a year, or $720 over four years.

10. Beer.

In Academically Adrift: Limited Learning on College Campuses, the author found that in an average 168-hour week, college students spend 50 percent of their time socializing, and only 7 percent studying. For a large portion of college students, socializing means drinking. A Department of Health and Human Services study found that students spend $5.5 billion on alcohol each year. One expert estimated that students spend $10-$20 a week on alcohol. Even for those moderate drinkers, that’s $1800 over four years.

11. Tickets to sporting events.

At a big sports school, expect to attend games. Season tickets to football games have an average cost of $230, or $920 for four seasons.

12. Fraternity and Sorority Dues.

Even for those living out of the house, dues and fees average about $1,000 a year, or $4,000 over four years.

13. Electronics.

According to the National Retail Federation’s 2012 Back to School report says electronics are popular expenditures with college students: 60% said they will buy a new computer, MP3 player, smart phone or other device and will spend an average $217.88. Determine what non-necessary electronics you can afford in advance, and avoid peer pressure around purchasing the hottest new item. 48% of student loan money is used for something other than tuition, fees, books and room/board.

14. Having fun.

Campus life often includes socializing and entertainment. However, movies, concerts and sporting events come with a cost. If this is a priority, explore purchasing a discounted season sports or events package vs. paying per event. Also, set entertainment spending limits.