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  Cost of Higher Education

Cost of Higher Education


Standard costs for postsecondary education include tuition, fees, books, room and board, transportation, and other everyday expenses. It’s a good idea to start thinking about how you plan to cover all these expenses. In reality, many of us need financial aid to help cover the costs of attending school. The good news is that financial aid is available to help you make this investment in your future.

Compare the value of the education, and financial aid available, to the cost. The goal is not to find the cheapest education, but to find the one that will help you accomplish your goals. And remember that expensive options may end up being cheaper when you consider the financial aid available, such as federal grants or state aid, including the Alaska Performance Scholarship.
  
 Research Costs
Want to look up tuition for a particular school? You can visit the school's web site to research costs, or use the Alaska Career Information System (AKCIS).

Concerned about costs? Early planning can help keep costs low.
  

Tuition

Tuition covers the cost of instruction. Some colleges charge a flat fee per semester, while many charge tuition per credit.

Private colleges generally are more expensive than public colleges and universities, and out-of-state tuition is more expensive then in-state tuition. Vocational programs at trade and community colleges may be cheaper than degrees at universities.

For Alaska’s students, special cost-saving programs such as the Western Undergraduate Exchange are available at some schools.

Fees

Standard fees must be paid by every student, and cover programs and services that colleges offer. For example, an athletics fee might allow you to use sports facilities on campus for free, and a media fee may pay the expenses for your campus newspaper.

Remember that there may also be special fees for individual classes or programs. These can make a big difference in your cost of attendance. For example, a professional piloting degree may require substantial flight training fees on top of standard tuition, and a medical assistant degree may require more lab fees than an English degree. If you have a specific program in mind, it's a good idea to contact the department and learn about any special fees that apply for your program.

Books and Supplies

Many first-time college students are surprised at the cost of books. Most college classes require you to purchase one or several textbooks, which can cost up to or over $100 each. The actual cost of books varies by course - for example, a textbook for an Introductory English class can be mass-produced and doesn't need to be updated often. It is likely cheaper than a specialized book for an advanced engineering course.

You also need supplies such as notepads and binders, and you may need big-ticket items like a laptop or advanced calculator.

Room and Board

The costs for room and board - housing and food - will vary based on where you live. Do you plan to live at home with your parents, on-campus in a dormitory, or off-campus in your own apartment? Will you be able to have roommates to keep costs low?

Many students at traditional four-year colleges choose to live on campus, which can be a good option. Some colleges require freshmen to live on campus. If you live on campus, you may have the option for a meal plan at the school cafeteria, or you may be required to purchase one. Research options and requirements at schools you are considering.

Living off campus can make sense as well, especially if your parents can provide free or low-rent housing and meals, or if you've already established life in an apartment with friends or family. Can you have a roommate to keep costs low? If you're considering finding an off-campus apartment, make sure you factor extra costs for utilities into the equation. And remember that, depending on where you're going to school, living off-campus may make it necessary to have a car - another big expense.

Transportation

Even if you already have a car, consider whether you can save expenses by relying on public transportation while in college. This may make sense especially if you live on campus, in a community with effective public transportation. If you do need a car, be sure to factor all related expenses, including car payment, gas, insurance, and maintenance, into your budget.

If you're going to school far from home, also think about how often you will want to visit, and how expensive that will be.

Other Expenses

Other costs depend on your personal situation. They might include:

  • fees and interest for education loans
  • dependent care if you have children
  • costs related to a disability

Everyone will have day-to-day expenses like toothpaste, shampoo and laundry products. Even though you should plan to keep your costs as low as possible, especially if you're relying on loans, you can budget for an occasional treat - movies, pizza, new clothes - as well.