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A college education is expensive enough before you add in a slew of back-end fees, hidden expenses and questionable surcharges. Unfortunately, most families don’t find out about these costs until the bill arrives. Colleges and universities typically bury these charges in the fine print on their websites, or they may mask costs by combining a bunch of fees into a single charge. Here are eight hidden college costs from my forthcoming book, College Secrets, that often surprise parents and students alike.
Before college grads can get their diplomas, students typically get hit with an exit tax of sorts: graduation fees that can run from $25 to $200. Many universities impose a fee for the cap, gown and tassel. Never mind that students don’t get to keep those items; they’re paying for a rental. Even if students can’t make their ceremony, certain campuses charge a fee for students graduating “in absentia.”
Other schools levy the fee as an administrative cost for the expense of creating, printing and mailing the long-awaited diploma. Some schools charge this fee to ensure a student has met all of his or her academic requirements for graduation.
Most U.S. colleges charge students for the privilege of having a car on campus, and it isn’t cheap. The average school generates roughly $635 per space and about $4 million to $5 million in total annual parking-fee revenues, according to recent studies from the National Parking Association. Some schools even assess parking fees for students who don’t drive.
How much will it cost to print out a final exam? A lot of schools charge for printing papers and presentations. Costs can be as much as $1 per page. If your school doesn’t include printing as part of tuition and fees, you can probably get better deals at copying service businesses like FedEx Office or Gnomon Copy. It’s always good to think green and see if assignments can be submitted electronically. Not only will it help save a few trees, you’ll also save a few bucks.
Your scholar will likely face higher tuition charges year after year due to tuition inflation, which recently has been in the 3 to 5 percent range annually. And those rate hikes pale in comparison to what’s happened over the past decade, when the rate of tuition growth was about 8 percent.
Tuition creep, in the form of ever-rising prices, is a hidden cost for most students in America. Look for a school that guarantees tuition will stay the same over the course of a four-year education.
What college representatives don’t tell you about Greek life is the cost to join: between $1,000 and $4,000. Pledging a fraternity or sorority typically brings other expenses such as charitable contributions, service projects and trips, as well as formals and rush events. The social events may require fancy formalwear that the average student doesn’t currently own.
Buying a couple of these items is fine, but many schools go into marketing overdrive to encourage students to acquire all sorts of school memorabilia. It’s not just the sweatshirt. It’s everything and anything with the school logo, mascot or colors — shower curtains, key chains, trash cans, you name it. Depending on how carried away you get, it can add up to hundreds or even thousands of dollars per year.
Colleges throughout the country encourage students to attend sporting events. While they can be lots of fun, collegiate sports are a big business in America. Although some campuses offer students free or discounted admission to athletic events, many schools push season passes, game tickets and other packages on students. That can generate as much as a few hundred dollars a year per student.
When students lose anything school-issued, such as ID cards, meal cards or dorm keys, there’s almost always a replacement fee. The typical charge is from $10 to $50, depending on the item.
Jeff Yeager | Savings Expert
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