To Prepare a budget and calculate college costs, is the most important element of the college process. Leave no stone unturned. That’s the only way to ensure your athlete will enjoy their college years debt free. Put your finances in order now, and your athlete won’t be one of those statistics paying for college well into their thirties. Here are 5 things to consider when calculating the cost of college.
Will Your Athlete Be In-state or Out-of-state?
There are big differences in the pricing between colleges in-state and those out of state. In 2018/19 the average cost of tuition and fees at a public college for in-state students was up to $20 000 less than those out of state in a public college. The price of room and board also have differences in pricing for in-state and out-of-state students, with those studying out-of-state sometimes paying up to $2000 more. Keeping this in mind, there is always a possibility after applying scholarships and grants, you will find a close price match between private and public colleges.
After we work together, your athlete will be able to go to whichever college they choose. If they want to attend a private out-of-state college, plan for that NOW! Finding the scholarships to take your athlete there is the easy part, it’s getting finances and researching the cost of each college that can be the most tedious part. If you start now, there will be no issues, or surprises down the track.
2- Will Your Athlete Be On or Off Campus?
Naturally there are going to be price differences between students who stay on or off campus. Open the lines of communication with your athlete, and ask them what their thoughts are. It’s important to establish that now. If staying on-campus they won’t need to think too much about commuters costs. However, they will need some transport costs when they go home on holidays, or go shopping. Students staying off campus, will need to add commuters costs to the budget, which will also include such things as car registration, fuel, insurance, parking fees, toll roads, and so on. Decide if your athlete will be on or off campus so you can create a budget to best accomodate that decision. You can always go back and change it later.
3- What Program/Degree Will Your Athlete Study?
There are so many different prices for different degrees. It can be quite overwhelming trying to choose. Please don’t let overwhelm take hold of you. Ask your athlete what their interests in a career are. They don’t need to be 100% certain. Having some idea will help in calculating the cost of college, and creating a budget. Talk about what your athletes likes and dislikes are. Start brainstorming possible careers. When you have a list of possible careers, you can look at degrees that offer those careers as a possible outcome. You will soon begin to have a fair idea what degrees and programs your athlete could study.
Now you can begin to estimate the cost of college. Put it in your budget, and you will soon have a clearer picture of how many scholarships your athlete will need to find. Remember, you can change these later, it’s just good to have it down on paper in front of you, and you can get started NOW! You can grab a free copy of my college budget template to help you here https://mailchi.mp/cccc1018767b/promotingelevatingathletes
4- Include Any International Study Costs
If your athlete would like to study internationally, there is new set of expenses to take into consideration. Most universities and colleges around the world love to host international students. They often go above and beyond to accomodate their needs. You will still need to consider a student visa and passport, travel costs, different service and ammenities fees, and when you are researching those colleges overseas, make sure you are allowing for the different currencies. If your student is going to study internationally, it is more important than ever, that you begin your budget and calculating the cost of college NOW. Studying overseas can offer a whole new avenue of scholarships and grants, and can be quite affordable if you are looking in the right place.
5- Know The Difference Between Tuition Fees, Published Price, and Net Price
Tuition is the amount of money required to receive instruction. These can be extra fees added here and there, and need to be paid upon enrolment. Some universities and colleges will display combined prices in the published price. These are the ones you should be looking for to avoid any hidden costs.
The net price, is the amount students pay to attend college for an academic year after you take out all scholarships and grants. The net price is the final amount paid and is always much less than the published price. Each university and college will have an online calculator that you can use to help calculate what the net price will be. Never take into account the published price, without calculating the net price.
Calculate and Budget Now!
Those are five things to consider when calculating the cost of college. Along with those, there are many other things to factor in. Get your finances in order. Have a clear picture what direction you need to be taking. You will soon be able to start sourcing those scholarships. The sooner you get started, the better. Early preparation makes for a successful application. If you would like any more information on calculating college costs, or any other element of the college process, jump on a free 30-min consultation call and we can discuss an action plan to begin implementing right away. You can schedule a call here https://brookehamiltonindustries.com/free-consultation-call/
Alternatively, if you would like to continue this conversation, jump on over to my private Facebook group where we talk college finances and so much more. I host twice-weekly live training sessions, and we have a wonderful community of like-minded sportsters. We have fun competitions and games with crazy prizes and bonuses galore. Become a member today by following this link http://www.facebook.com/PEAinternational. See you there. Yours in sport, Brooke Hamilton.