From the moment you become a parent, it is easy to see why starting a college fund early matters. Beginning to save while your child is still young can help reduce the need for student loans later, potentially saving thousands of dollars in interest over time.
Even if you have planned for major expenses such as tuition, room, and board, unexpected costs can still arise. One commonly overlooked area is the cost of applying to college, which can add up quickly if you are not prepared.
What Kind of Application Expenses to Expect
The costs tied to standardized testing and college application fees often surprise families. When you factor in campus visits, total expenses can exceed what many parents initially budgeted for. Some common application-related costs include:
- Applications. College application fees vary widely by institution. Many schools charge fees in the range of a few dozen dollars per application, while some charge considerably more. These fees are typically nonrefundable, meaning you will not get your money back if your child is not accepted or chooses not to attend that school.
- SATs. The SAT generally comes with a registration fee that may increase if additional services are selected. While optional components and policies can change over time, families should expect to pay a standard fee for each test attempt, along with potential late or rescheduling fees.
- ACTs. The ACT also charges a base fee, with higher costs if optional sections are included. Registration usually covers sending scores to a limited number of colleges, but additional reports may incur additional costs.
Methods to Minimize Expenses
There are several ways families can reduce college application costs:
- Confirm which tests are required. Many colleges accept either the SAT or the ACT, while others may prefer one over the other or make testing optional. As you research schools, carefully review their standardized testing policies. Eliminating unnecessary tests can result in meaningful savings.
- Prepare thoroughly for exams. Both the SAT and ACT allow students to retake the test, but multiple attempts can be costly. Strong preparation and solid performance on the first attempt may help reduce the need for retakes and avoid additional registration or late fees.
- Consolidate college choices. Applying to a large number of schools can quickly become expensive. Submitting applications to 10 or more colleges can cost hundreds of dollars in fees alone. A more focused approach, targeting schools your child is genuinely interested in and realistically qualified for, can significantly reduce application costs.
- Explore application fee waivers. Some colleges offer application fee waivers for students from qualifying households. Reviewing the financial aid sections of college websites or contacting admissions offices directly can help determine whether fee waivers are available.
- Be strategic about campus visits. Campus visits can be valuable, but they often involve travel, lodging, and time off work. Many colleges now offer virtual tours and online information sessions that provide insight into campus life, academics, financial aid options, student diversity, and class sizes.
Using free online resources may help narrow your list of schools before committing to in-person visits. In many cases, it makes sense to wait until a student has been accepted before investing in a campus tour.
Preparing for college is an exciting milestone for both students and parents. However, unexpected application costs can add unnecessary stress. By understanding these expenses in advance and planning accordingly, families can reduce surprises and manage costs more effectively. A little research and preparation can go a long way toward saving money while helping your child pursue their college goals.