Print This PagePlanning Ahead for the Cost of College
College is an investment in your future that you and your parents should start planning for now. Fortunately, the cost of attending an Oklahoma state college or university is among the lowest in the nation, and many kinds of assistance and financial aid are available to help you and your parents manage the costs.
One way to begin planning for the cost of college is to take advantage of a free online service called the ACT Financial Need Estimator. This tool can help you plan more effectively to meet college costs. It estimates the costs of attending a selected college or university and allows you to calculate your family's expected financial contribution. The Estimator also shows eligibility for federal need-based financial aid.
There are many savings programs available as well as tax credits that are worth considering. There are also courses that can be taken during high school to earn college credit that will reduce the number of courses that need to be taken once the student begins college. To learn more about these programs select the category below.
Your Personal Budget
Estimate the Real Cost of College
Financing your college education means much more than just paying tuition expenses. It's important to understand all of the costs involved, including room & board, books, lab fees, student membership fees, online access fees, spending money, etc.
Estimate a personalized college budget with the worksheet below. You can also calculate your Expected Family Contribution (EFC) or estimated repayment costs.
Estimate the Cost of Your Education
Create a budget for the full school year.
Dorm or apartment? Meal plan or home cooking? New books or used books? Think about ways to keep your costs down. Then use the table below to realistically estimate what you'll need for the full school year.
| |
Example* |
 |
Your Estimate |
| Tuition/fees |
$7,000 |
|
| Room/rent |
$2,400 |
|
| Board/meals |
$2,300 |
|
| Books/supplies |
$800 |
|
| Utilities/phone |
$675 |
|
| Car/gas/maintenance |
$3,150 |
|
| Credit card |
$450 |
|
| Entertainment |
$1,080 |
|
| Miscellaneous |
$450 |
|
| Total Expenses |
$18,305 |
A |
*Based on a nine-month school year
Know your resources.
Discuss what your family can contribute and then aggressively go after "free money" options. Add up your total resources from savings, grants/scholarships and work.
| |
Per Year Example |
|
Your Estimate |
| Savings for education |
$3,500 |
|
| Income |
$2,700 |
|
| Grants/scholarships |
$5,000 |
|
| Work study |
$2,700 |
|
| Total Resources |
$13,900 |
B |
How much more will you need?
Subtract total resources (Box B, above) from total expenses (Box A, above). Enter the total in Box C, below. If your resources can cover your expenses, you're all set. If not, you'll need a way to make up the difference from student loans and other sources.
| Example |
$18,305 |
- |
$13,900 |
= |
$4,405 |
| Your Estimate |
A |
- |
B |
= |
C |
| |
Total Expenses |
- |
Total Resources |
= |
Total Need |