Budgeting for Undergraduate Applications
Applying to college is expensive. It will cost multiple hundreds in mandatory expenses.
Mandatory expenses include:
- Application Fees
- Standardized Tests & Score Reports
Always be mindful of these two major costs and how quickly they add up. In addition, you must be aware of how these costs are affected by your unique circumstances. In the following sections, we will discuss budgeting tips to assist you with forming a financial plan for college applications.
Application Fees
Every college application will require an application fee. Expect to pay at least $35 per application, as fees can range anywhere from $0 to $90. These are the first expenses to account for as you budget. For example, if you apply to 10 colleges, each with a $35 application fee, your minimum tab will be $350.
10 Colleges x $35 per application = $350
When finalizing the list of your top universities, make note of the application fees required for each. Total the fees to set the baseline for your budget. This amount is an indicator of the bare minimum that you will spend on applications.
Standardized Tests & Score Reports
Standardized tests are the second major expense to budget. College applicants have two options: the ACT and SAT. Both require fees for registration and sending score reports. For registration, the fees are $52.50 and $51 for the ACT Plus Writing ($36.50 without writing) and SAT, respectively. Before registering for either exam, check with the colleges on your list to see whether one is preferred over the other. You should only take one of these exams. There is no need for both, so only budget for one.
Keep in mind that many students take the ACT and SAT multiple times. Have this in the back of your mind as you form your budget.
The SAT also administers subject tests. If you decide to take any of the subject tests, budget them separately from the general SAT. Registration for the subject test is $24.50 plus $13 per subject ($24 for languages with listening tests). For instance, registration for 2 subjects will cost $50.50.
$24.50 Registration + ($13 x 2 Subjects) = $50.50
Score reports are an additional expense. For both the ACT and SAT, official score reports must be ordered and sent separately to each of the colleges on your list. Nearly all of your applications, college and scholarships, will require official score reports. This is an expense that regularly catches applicants off guard, as $12 per application for each ACT report and $11.25 per application for each SAT report add up quickly when you are applying to more than a few schools. Though both tests allow you to send four reports for free with registration, you will likely still purchase at least a few additional reports. Budget these accordingly.
– Test Prep Materials
Prep classes and materials are available to assist students in studying for the ACT and SAT. While these services are quite helpful, they are not cheap. However, there are several options available to students, many of which are made to be more affordable. Research these options to see if any are of interest to you. Record the costs in your budget to keep track of what options best fit your needs.
– AP Scores
For any student that completed AP coursework, these scores must be officially reported with applications, as well. AP score reports are available for ordering at $15 per report.
Scholarships
As you budget, do not forget to take into account scholarship applications. While they do not require application fees and often have more lenient requirements for official documents, there are costs associated with many of them. Usually the costs are for official copies of score reports, when unofficial ones are not accepted. You must be aware of what your scholarship applications require when constructing your budget. Overlooking them will cause you to underestimate your costs.
Budgeting Travel
Travel will make your application budget grow exponentially. One trip, with an expensive flight and hotel, can cost as much as all of your application fees combined. Campus visits can be an essential part of selecting the right university for your needs. Since visits are usually optional and expensive, it is important to properly budget for them and use that budget to make travel decisions.
When budgeting campus visits, price flights and hotels to each of the destinations for which you are applying. Although you may not travel to each of these destinations, pricing them gives you an idea of what you could potentially spend. Farther travel will typically be more expensive. Priority should be given to the locations of the schools for which you are most interested in attending. Budgeting travel is meant to give a sense of whether or not personally funding campus visits are realistic or if other options should be pursued to help you make your final decision.
Mandatory Minor Fees
The principle mandatory minor fee required to apply to college is postage. As applications continue to move online, less postage is required. These costs are difficult to predict and should be very low. However, they are indeed a cost and should not be overlooked.
Example Budget
We have constructed an example budget for your use. It allows you to plan what we have discussed.
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