Unfortunately, the answer to that question is very state & school dependent. If by have a state and/or school combo in mind, a more definitive answer can be given.
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And are the expenses listed on US News pretty accurate in terms of annual expenses? Which expenses are incurred besides Tuition & Room/board? And what is the ballpark figure per year?
I hear so far…
- Books
- Health insurance
- Transportation
My experience has been that the college websites themselves are a good starting point. We did find that the books/supplies numbers tended to be high (but that could be major dependent), the travel numbers really depends on relative location, and personal expenses are quite student dependent. When looking at college coa numbers be sure to confirm the school year they are for.
Direct costs (tuition/fees, room/board, if on campus) were pretty well laid out on the school websites my 2 considered…
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Text books, or books required by the course syllabus can be paid through the 529! If possible, try to rent used books, or online access. Local book stores may offer “buy-backs” after the semester to defer some of the cost. Of course, it’s still maddening when some Profs barely reference the expensive books…
Transportation is outside the 529! I got my daughter an auto-replenished subway/transit card, so she wouldn’t feel trapped at college and is free to explore the city (was my freshman move-in gift). Other expenses are the occasional museum / music-venue /entertainment ticket, or the local neighborhood restaurant - just the same as if they are in high school.
College’s health insurance (also not paid by the 529) could be $3,500/year - unless you have family coverage and can document your student’s equivalent coverage to the college (likely a standard form you fill out annually before the semester starts).
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Usually, the student remains a resident of the state where the parents live. Two states that have a process for the student to become independent for tuition purposes are Utah and Missouri. It’s not easy (have to live there, have to support themselves) but can be done. Most other states do not allow them to convert to instate unless the parents move to that state, and then only after a year, so if you move the summer before your son starts college, he’d get instate by sophomore year (sometimes!) but if you don’t move until after he starts, it wouldn’t kick in until the semester after you’d been there a year. Read up on what is required for each state and each school.
If you are paying tuition, room and board from 529, your child most likely will not be considered independent for the new state/school.
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Don’t go to third party websites, even U.S. News, to look for the direct costs charged by a college. Go right to the college’s website. That’s where the no-kidding accurate information is going to be.
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