One-third of colleges give students unrealistically low estimates of their living expenses, a new study finds.
It’s an exciting time of year for families and their college-bound students. Acceptance letters arrive, celebration ensues, college visits get scheduled. Now your biggest college worry switches to how you’re going to afford it.
As professors who study college affordability, we know that rising tuition is of real concern to parents and students. But our research has uncovered a surprising and previously little-known source of unnecessary confusion, worry, and heartbreak for students and parents: About one-third of colleges are providing families with cost of attendance estimates that are at least $3,000 less than the amount we estimate the school will really cost.
These are the findings of our recent study, in which we took a close look at what colleges estimate it costs to live off-campus, and what other sources say it really costs. We focused on the off-campus living costs because only 13% of today’s college students fit the traditional stereotype of living on campus. Fully 50% live off-campus on their own. (The rest live with their families and so tend to have lower living costs.)