🏦 Finances

There are a variety of costs to consider even before making your college list. Understanding these costs will help you budget and plan, smartly. Your first step in your college journey? Knowing how to dissect/determine fees in order to create a balanced and viable college list.

College Application Fees

These are fees charged to subsidize the organizational costs of reading and evaluating applications. They are charged in a number of ways:

• Centralized Application Fee: UC Application (UCLA, UC Irvine)

• Individual Application Fee: The Common Application form, university-specific application

• Centralized Fee with Individual Fee: Ontario system, UCAS

Financial Aid Application Fees

In the irony of all ironies, you may have to pay money just to tell universities that you don’t have enough money to attend. In order to request financial assistance, many institutions use a common financial aid application called the CSS Profile, which costs between $16-25 USD per school. The CSS Profile acts as a “financial aid calculator form.” Found online, the form is filled out with information from federal and bank documents to accurately show how much money students have available to pay for college. When submitted, applicants can be applicable for need-based aid after a college reviews the (true and honest) account of finances.

Standardized Testing and Reporting Fees

If your university list requires tests like the SAT, SAT Subject Tests, ACT, TOEFL, IELTS, or Duolingo English Test, there will be a fee to take the exams. Once you are done testing, if you know the schools to which you will apply, on the day of testing you can choose to send the scores, free of charge, to four colleges and universities—one more reason to start researching and have a balanced college list. If your list is not researched at the time of the tests, score reports will need to be ordered and paid for individually. Pros? Free tests to colleges. The Score Choice option allows students to use scores from the sections they scored highest over multiple test dates. Something to consider? Be ready for the exam(s) after taking ample time to practice; once you decide to send the scores, they are sent and filed by the university. On that note, many colleges are test-optional; to find out which ones are, check out FairTest.org.

Courier/Postal Services

If your applications are not electronic, you may have to send materials through the post office. This is the case for many overseas universities.

Note: Make sure you check the deadlines for your schools. Many have rules that state the application paperwork “must be stamped and dated/sent by” a specific deadline.

Document Notarization/Apostille/Legalization/Translation

Some universities might require that your credentials be verified or validated by a legal or government entity. In some cases, it might be necessary for your documents to include an official translation with your documents or even an apostille, which certifies from one country to another that the document has been signed by a notary public.

Enrollment Deposits/College Application Processing Fee

After you have been accepted and decided upon a university,  politely tell the others you will not be attending.  You will be required to pay a deposit as a sign of commitment. The amount of this deposit varies from school to school and country to country. Even if you are a scholarship recipient, you may be required to pay a small, affordable enrollment fee to show your commitment to the school

• • • Netherland’s Portal Studielink →$100 USD  

    • Japan →$2000~$5000 USD

    • Australia →$90 USD

Visa Applications

Once you have been offered and have accepted a place at a university, you will go through the process of obtaining a visa to study for the country wherein you plan to attend university. Visa costs vary by country but can range from $0 to $550 USD. Universities are able to provide guidance with the visa process; contact your admission officer for support.

Calculating the Cost of Attending University (COA)

As you are researching to plan for the total cost of attending college, look for a breakdown of fees from the beginning of enrollment and throughout the academic year. 

The cost of attendance will generally include:

• • • Visa (I-20 and other visa fees) ---- indirect cost (you pay for it)

    • Tuition (classes) ---- direct cost (you pay the university for it)

    • Room and Board (living and meal plans) ---- direct cost

    • Health Insurance (mandatory) ---- indirect

    • Additional Fees (varies) ---- indirect

    • Personal Expenses (airfare, books, miscellaneous) ---- indirect

The COA can be broken down into two types of costs: direct cost (billed costs) and indirect costs (unbilled costs). Direct or billable costs are the fixed fees that you have to pay to attend college. This will at least include tuition and general fees, but in some cases, it might include room and board (U.S. only). Additionally, when researching the potential cost of a university, consider all the indirect costs associated with attending. This could include a variety of expenses, such as books, personal expenses, and transportation to and from campus. 

Calculating indirect cost can be difficult. The type of college or university you select will impact these costs. For example, if you attend a university in the Netherlands, your indirect costs will include room and board in addition to other living and personal expenses. However, in the United States, indirect costs will vary depending on whether your plan is to attend a private college with mandatory residential programs or a community college.

Research is your biggest advantage in this process, along with knowledgeable adults. You are responsible for establishing your team, and now that you have a clearer understanding of the costs associated with attending college or university, it’s time to think about how much you’ll be responsible for and how much financial aid you may need. 

While some of the fees below can be waived or paid by universities, as a savings goal, it’s best to keep all expenses in mind. The following is a list of potential expenses to help you establish savings goals to prepare you for your college adventure. Use the right column to note what expenses you are likely to have and add them up. Don’t forget to include an additional 10% of the total as a budget for contingencies (i.e., costs you didn’t or couldn’t predict).

Click here for a downloadable template to help estimate your costs.