From the moment you become a parent, you’re going to be nudged about the importance of a college savings plan. And yes, kicking off a financial plan for college while your child is still mastering the art of walking could decrease the chances that you’ll have to take out student loans, which could also save you a hefty sum in interest down the line. So you’d think that once you’ve squared away the funds for tuition and accommodation, you’ll be able to rest easy and comfort yourself with the thought that school expenses won’t hit until the college years roll around. Unfortunately, that’s not always the case.
Long before your child chooses their college campus, there are other costs that often get overlooked, such as tutoring, college application fees, SAT and ACT costs, and the money you’ll spend doing campus visits. If you’re not prepared, college application costs might catch you off guard, leading to unnecessary spending. But armed with a little research, foresight, and a bit of savvy, you can turn the dream of a college education for your child into an achievable reality, all the while protecting your financial well-being.
SATs
- The Costs: Keep in mind that your child might sit for the SATs as early as their sophomore year. These days, the price tag for taking the SAT is $60. Be aware that there are additional costs for late registration ($30) and cancellation fees ($25), so it’s good to be sure about your testing dates (and your kid’s readiness). Once the test has been taken, you’re allowed four free score reports with each additional report costing $14. Additional fees are added for things such as receiving scores by phone, obtaining older scores, and score verifications (ranging from $14 to $55).
- How You Can Save: Register before the deadline and don’t miss that test date. Look into fee waivers, which can offer relief for families meeting certain income criteria. Speaking with a student counselor is always a good idea and could help you find all kinds of financial aid resources.
ACTs
- The Costs: Opting for the ACT with the writing portion will set you back $93, while doing without the essay reduces the cost to $68. Late registration fees are $38, and test date or test center change fees are $44. As with the SAT, your first four score reports are included; you’ll be charged $18.50 to send it two more, and then $18.50 for every school you send it to beyond your 5th and 6th choices.
- How You Can Save: Looking into whether your target schools require the ACT can prevent needless spending. As with the SAT, avoid late fees through prompt registration. As always, look over the test’s fee waivers for eligible students.
Tutoring: Enhancing Performance
- The Costs: Some kids will take the time to prepare and study for the SATs and ACTs on their own, while others may need more guidance. Tutoring costs vary, with prices ranging anywhere from $50 an hour to over $1000 per hour (yep, you read that right). Keep in mind that tutoring is an investment that can provide your child with test-taking strategies and focused material review, potentially boosting their test scores.
- How You Can Save: The internet has tons of free test prep resources for both the SAT and ACT, including those from the test companies themselves! These, along with paid online courses offering personalized attention, might offer a cost-effective alternative to traditional tutoring.
Applications:
- The Costs: With average application fees sitting around $50 and some prestigious institutions charging up to $100, the cost of applying to multiple colleges can add up quickly. Since these fees are non-refundable, it’s not a bad idea to be strategic and selective about where your child applies.
- How You Can Save: Application fee waivers are a lifeline for students from lower-income families. You can also save by researching schools carefully before applying. Considering factors beyond academic programs, such as campus culture, extracurricular offerings, proximity to home, and financial aspects can simplify your application process and cut down on fees. Applying to a balanced mix of 5-8 schools gives your child some options without overextending your budget.
Financial Aid:
- The Costs: Two of the most popular ways to receive financial aid are the FAFSA and the CSS profile. FAFSA actually stands for Free Application for Federal Student Aid, so there’s no charge for applying. It’s accepted by most schools as a financial aid application and you can list up to 20 colleges that you’d like to receive your electronic application.
The CSS profile determines eligibility for local state-based aid as well as financial aid from the colleges themselves. There’s a cost for sending the form to schools: $25 for one school and $16 for every additional school.
- How You Can Save: Be sure that your child will actually be applying to a school before you spend the money on sending your CSS profile there. This is an easy way to avoid college application fees.
Campus Visits: The Real Feel
- The Costs: Nothing comes closer to getting a sense of campus life than actually paying a visit. After all, your child will be spending four years living there, so you’ll want to make sure it’s somewhere they will be happy and feel safe. Depending upon the location, it could cost a lot of money for flights, hotels, gas, and food, especially for schools way out-of-state…or out-of-country.
- How You Can Save: It might be best to plan your visits for one long period rather than a bunch of shorter trips. You could wait for acceptance before visiting a school, but an in-person visit on a college campus could actually be a good way to narrow down the schools to which your child wants to apply, which could save you on other costs during the application process. When you set up the appointment for your college tour, ask about staying on campus. Some schools will let you stay on campus free or cheaply during your visit, so you can get a deeper insight into the student experience.
Preparing for college is an exciting time for both parents and students. By understanding upcoming costs, you can avoid some of the fees and make better decisions with the fees you may have to pay. A little research and knowledge of upfront costs will save you a lot of money while you help your child find his or her dream school. Of course, once those application fees are figured out, make sure you know how actually paying for college works too!
