Tuition isn’t the only factor that goes into the cost of college—and if you don’t take the time to calculate all of the potential expenses, you may end up choosing a college that’s less affordable than you realized.
As the New York Times reports, a college that announces a lowered tuition rate might not be telling the whole story:
But what they’re actually doing is reducing their advertised rates, which only the wealthiest students usually pay. At the same time, the colleges are also reducing the heavy discounts they offer to everyone else. The result is a new sticker price that more closely reflects what students already pay.
In other words, that tuition reduction is there to get you to apply—but it might not apply to you.
The NYT also notes that these colleges are unlikely to reduce the cost of room and board, or cut the types of fees that many students (and parents) don’t consider when submitting their applications.
Which means it’s important to figure out the total cost of a particular college, not just the tuition cost, when deciding between schools. This includes tuition, room, board, fees, books, and incidentals, as well as often-forgotten costs like travel. (Will a student be purchasing a cross-country round-trip flight every three months, to visit family on breaks and holidays?)
Many colleges have what’s called a “net price calculator” located somewhere on their website to help you add up the numbers and make an informed decision. Of course, as we’ve noted in the past, a low-cost college where students take five years to graduate might be more expensive than a higher-cost college where most students earn their diplomas in four years—so make sure to check the college’s four-year graduation rate as well.
Think of it like adding up the total out-of-pocket cost of a potential health insurance package. You shouldn’t compare health insurance policies on just the cost of premiums, and you shouldn’t compare colleges based on just the tuition cost either.
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