Get a piece of paper and pencil to make a list of all anticipated sources of education-related expenses. Start with college tuition, as this is usually the largest education expense. Call your selected college to get the current tuition rate. If you are comparing more than one college, make several columns across the top of your paper, and label each column with the name of the college. Write in the tuition amount immediately below each name.
Determine the costs for room and board. Most colleges offer dorms and or apartments for their students at an added cost. Contact your selected colleges and ask about room and board options. Also consider looking into non-college-owned apartments that are close to campus. It is possible to find a better rent rate with a privately owned apartment. However, the downside to a private apartment is that you must pay for utilities separately in most cases. If you choose this option, make sure to include all additional expenses on your list.
Calculate and write down food expenses. Most college campuses offer meal programs for students living on and off campus. Contact your college for specific pricing information and meal plan options. If the student will be living off campus and not participating in a campus meal program, she will need to budget an amount for groceries. A reasonable food budget for one student purchasing groceries at the market is between $250 and $400 per month.
Calculate textbook and additional classroom expenses. Each college course has a separate textbook requirement, and some courses, especially those that involve labs or art, will require additional materials and costs. You will not be able to calculate an exact amount for this category until specific courses have been chosen. However, you can expect that expenses in this area will average between $500 and $1,000 per semester.
Write down an amount for dorm room/apartment furnishings and supplies. College dorms are fairly bare with the exception of a desk, bed and dresser. Students must supply any additional room decorations such as curtains, pictures, posters, etc. A student will also want bedding, dishes, a mini-refrigerator, television or rugs, as these items are not provided by the school.
Write down any miscellaneous expenses such as allowances for entertainment, recreation, clothing, car payments and maintenance, and personal items.
Add up all expenses that you wrote down from Section 1. Circle the amount and label it "subtotal."
Subtract any amounts that the student will be receiving in scholarships.
Multiply each year by the rate of inflation. College expenses generally increase at a rate of 5% to 8% annually. Therefore, if you are enrolling in a four-year degree program, Year 1 would be your total minus any academic scholarships. Year 2 would be the total from Year 1 multiplied by 6%. Year 3 would be the new total from Year 2 multiplied by 6% and so on.
Add the totals for each year (allowing for inflation) together. This number will give you a fairly accurate estimate of your education costs over the full term of a degree program.