How to choose a college with finances in mind.

Many high school seniors focus solely on tuition and fees when comparing colleges, often overlooking thousands of dollars in hidden costs. With student loan debt reaching record highs, the decision to pursue post-secondary education could impact a young person’s finances for multiple decades. Before committing to a school, review this list of six additional expenses that you might need to include when calculating college affordability.

1. Transportation costs

Transportation costs can be a hidden budget buster when choosing between colleges near and far from home. A local college might seem cheaper, but daily commuting expenses like gas, car maintenance and parking permits can add hundreds to your monthly budget, while a distant school means factoring in flights or long drives during breaks. Smart transportation planning — like choosing a bike-friendly campus, using student discounts on public transit, or carpooling — can reduce overall college expenses and help prevent unnecessary debt.

2. Insurance costs

Whether you are required to buy the school’s health insurance plan or face higher car insurance rates in a new state, these expenses can add thousands to your annual college costs. Research your insurance options early, including whether you can stay on your parents’ health insurance plan until age 26 or if your car insurance rates will spike in a new location. You might find that maintaining good grades qualifies you for lower insurance premiums.

3. Cost of living

Beyond tuition and textbooks, your college’s location plays a huge role in your overall education costs — from housing choices to daily expenses. Living on campus provides convenience and a traditional college experience. However, choosing an off-campus apartment in a more affordable area could keep more money in your bank account. The exact amount will vary based on the local rental market. In some cases, an on-campus option might still be a better choice.

When comparing schools, pay attention to the campus location and surrounding neighborhoods to understand how living expenses can vary, even within geographical areas. Websites like Numbeo opens in a new window and the U.S. Bureau of Economic Analysis opens in a new window offer cost-of-living data to help you compare expenses between locations.

4. Technology

Tech expenses go beyond the laptop you’ll use to complete your schoolwork. Moving to a new city or state might require changing phone carriers, upgrading streaming subscriptions, or paying for separate internet service, which can easily add $100 or more to your monthly expenses. Smart planning of your digital needs should include:

• Researching student phone plan discounts
• Understanding streaming service location restrictions
• Comparing local internet providers for the best rates

These actions could help prevent tech expenses from blindsiding your college budget.

5. Meals

College meal plans and dining options can significantly impact your budget, with some meal plans costing $5,700 or more opens in a new window per academic year. While campus dining offers convenience and social opportunities, the flexibility to cook your own meals in an off-campus apartment could cut your food expenses in half. However, this depends heavily on local grocery prices and your cooking skills. Smart meal planning decisions, like choosing a smaller meal plan or learning to cook simple meals, can help you reduce one of college’s biggest recurring expenses while still maintaining a healthy diet.

6. Vehicle shipping

Moving your car to an out-of-state college involves expenses many students don’t consider in their college budget calculations. While driving your car to campus might seem more economical than shipping it, the combined costs of gas, hotels, meals, and potential vehicle wear and tear during a long-distance drive could actually exceed professional auto transport services, with these costs typically ranging from $1,000 to $2,500 opens in a new window, depending on distance. When evaluating whether to bring your car to college, carefully weigh these transportation costs against the benefits and potential alternatives, like using campus transit or ridesharing services.

You can make a financially smart decision without sacrificing your college dreams. Creating a comprehensive budget comparison for each school on your list ensures you are better equipped to choose a college that balances your educational goals with your long-term financial health.