00:00what's happening guys it's shane here
00:01and in today's video we are going to
00:03talk about the cost of college beyond
00:05just tuition so we're going to be
00:07talking about more than just the cost of
00:09going to college itself we're going to
00:11be talking about how much you have to
00:13pay for rent the extra expenses that are
00:15involved in college as well as the
00:17interest you have to pay after college
00:19and most importantly the opportunity
00:22cost of the time you spend in college
00:24which you could have been making money
00:26and you are going to be absolutely
00:28shocked by how expensive college
00:30actually is when you consider all of
00:32those factors but before we get into
00:34that make sure to gently tap that like
00:36button hit the subscribe button and ring
00:37the notification bell and let's get
00:39right into it now first of all let's
00:41talk about tuition let's get that part
00:43out of the way according to education
00:45data.org tuition for an in-state like
00:49university student so like a public
00:50college is going to be around 9 500 per
00:54year and an out-of-state student would
00:55be 27 000 and then they have students
00:58attending private universities spending
01:00about 37 000 a year on tuition and fees
01:03and a total of 53 000 a year with
01:06everything combined and then they have
01:08the average cost of college for all
01:10students at about 35 000 per year so
01:13again that's with everything combined
01:15now depending on the study you look at
01:17the research you look at these numbers
01:19are going to vary but generally speaking
01:21you know the total cost of college is
01:23usually going to be somewhere around 25
01:25to 35 000 per year and you can see that
01:27this goes well beyond just the tuition
01:29and basic fees so where are all of the
01:32other expenses coming from usually from
01:34a variety of different places and the
01:36second most expensive thing beyond the
01:38tuition is going to be housing now
01:41housing can vary drastically depending
01:43on what state you live in if you live in
01:45la you might be paying like 3 000 a
01:48month if you live out in like a state
01:50college in a small town you might be
01:52paying like 600 a month right so that
01:54could range from like 7 200 a year all
01:57the way up to like 36 000 per year now
02:01you can also reduce these expenses by
02:03getting roommates sometimes there are
02:06programs at the college where you can
02:07either get your rent partially or fully
02:09paid for for instance you could become
02:11an ra or resident assistant and that's
02:14going to pay for most of your expenses
02:15so you can see that where you choose to
02:17go to college and the choices you make
02:19in terms of you know how fancy your
02:21apartment is whether you get roommates
02:23if you are able to get into some of
02:24these different programs are going to
02:26seriously affect how much your housing
02:28is now the next most expensive thing
02:30after that is going to be food now
02:32college students including myself are
02:34notorious for spending way too much
02:37money on food i can't stop eating
02:40you probably just graduated high school
02:43and you know in high school you were
02:44probably eating breakfast and lunch at
02:46school and then you would go home and
02:48have dinner and then once in a while you
02:50might go out and spend some money on a
02:52restaurant but in college what ends up
02:54happening is instead of being in this
02:56very structured environment you have a
02:57lot of freedom and so you're probably
02:59going to end up going out and eating
03:01like twice sometimes even three times a
03:03day and this tends to add up like crazy
03:05so let's say you spend twenty dollars on
03:07each meal that's sixty dollars a day
03:09sixty times thirty is eighteen hundred
03:11dollars a month and that's not even
03:13including the groceries that you buy for
03:15yourself and it also doesn't include
03:17spending money on five dollar starbucks
03:18coffee right so food costs can get
03:20completely out of control if you're not
03:22careful i think the best life hack i
03:25ever did when it came to food costs was
03:27really two different things the first
03:29one was getting a crock pot the second
03:32one was pre-making my food for the week
03:34so basically getting like little glass
03:36bowls that you can put lids on top of
03:39pre-making the food putting them in the
03:41freezer and then i would just take the
03:42food with me when i went to college when
03:45i went off to classes and stuff now it
03:46doesn't mean you have to completely you
03:48know cut out going out to restaurants
03:50that's a very social event you know you
03:52can go out meet up with your friends or
03:54restaurants um but you just want to kind
03:56of do it in moderation next one on the
03:58list that can be a relatively high cost
04:01is going to be technology so us news for
04:04instance estimates that uh every student
04:07spends about a thousand dollars per year
04:10on technology that has to do with their
04:12schooling so for instance let's say you
04:14buy a 2 000 laptop when you're a
04:17like an apple laptop something like that
04:19and then you buy another one uh your
04:22that right there is your one thousand
04:24dollars per year and honestly if you
04:26count your phone in that equation if you
04:28count like getting tablets ipads that
04:31sort of thing it can get much higher
04:32than that so yeah that's another really
04:34big expense a thousand dollars a year is
04:37probably more on the conservative side
04:38if anything now another really big one
04:40is going to be transportation so a lot
04:42of students when they go off to college
04:44you know they'll take the bus they'll
04:45end up riding their bike and so maybe
04:47they don't get a car and depending on
04:48your college kind of how it's set up
04:50it's very possible to kind of like live
04:52that campus lifestyle without getting a
04:54car but if you are going to get a car it
04:56can be very expensive so for instance uh
04:59aaa which is an insurance company
05:00estimates that the cost of owning a car
05:03is about eight thousand six hundred
05:05dollars per year which is around seven
05:06hundred dollars per month now of course
05:08there's things you can do to make it
05:09less expensive first of all you could
05:11buy like kind of a cheaper car a car
05:13that's five to ten years old and a
05:15reliable build that's a really good
05:17choice especially if you're someone in
05:18college and you need to save money
05:20another big one is going to be book
05:23you know if you haven't gone to college
05:24yet you're probably in for a rude
05:26awakening uh sometimes what college
05:28professors will do is they'll make you
05:30buy a book and this book can be
05:32ridiculously expensive like 200 300 400
05:37but you'll probably think like okay i
05:38don't need to buy this book i can just
05:40buy the book from the year before for
05:42like 50 bucks and i'll be good to go
05:44well sometimes that works but sometimes
05:46what the professors will do is they will
05:48bundle the book itself with some kind of
05:51secret code that you need in order to
05:53access tests online that are a part of
05:56your grade so you basically are forced
05:58to buy the overpriced book in order to
06:01access these silly tests online or silly
06:03quizzes which is totally ridiculous it's
06:06uh such a slime ball move in my opinion
06:12but whatever anyways the total cost for
06:15books according to usnews.com is about 1
06:18240 dollars per year now because of all
06:21these costs the average student is going
06:22to end up spending on the low end eighty
06:25thousand dollars a year on the high end
06:27like a hundred hundred and twenty
06:28thousand a year now adding up all these
06:30costs the average student is going to
06:32spend about a hundred thousand dollars
06:34total on college um on the low end it's
06:36like 80 000 on the high end 120 000 and
06:39that's for a normal student who goes to
06:41like a state school right so for private
06:43schools it can get absolutely ridiculous
06:45like 300 000 plus so let's just say just
06:48to make this easy a hundred thousand
06:50dollars total cost now on top of that
06:52they usually graduate with about 37 to
06:5540 000 worth of debt and this debt
06:57generally is going to take them about 20
06:59years to pay off on average and during
07:02that 20-year time you are going to have
07:04compounding interest and sometimes the
07:06debt can double before it's fully paid
07:08off so you can see how this would just
07:10get higher and higher now
07:13they say the average cost of college in
07:15the united states is about 35 000 per
07:17year so if you multiply that by four
07:20that's going to be about a hundred and
07:22forty thousand dollars the only problem
07:24is many people about fifty percent
07:27nearly fifty percent are taking more
07:30like six years to graduate with a
07:32four-year degree and that can be for a
07:34number of different reasons first of all
07:36students oftentimes are going to be
07:38changing their majors they kind of
07:39flip-flop around a lot another big
07:41problem is some of the colleges are not
07:42very friendly when it comes to
07:44efficiently getting through college they
07:46want you to take all kinds of classes
07:48that you don't want to take and you
07:49probably don't need to take and then
07:51they'll tell you oh you have to take
07:52this class before you can take this
07:54class and this class before you can take
07:55this class but the only problem is this
07:58class is only offered in spring semester
08:00and this class is only offered in summer
08:02semester or something weird like that
08:04and so for those reasons and many more
08:06nearly 50 of students are taking much
08:08longer than four years to graduate with
08:10their degree a lot of the time it's more
08:12like six years now i'm not a conspiracy
08:15theorist or anything but if the student
08:17takes six years to graduate with a
08:19four-year degree the college ends up
08:21making more money so to me it becomes
08:24pretty obvious that colleges are
08:26incentivized to make it to where
08:28students have a lot of trouble
08:30graduating in just four years just
08:32saying something to think about so you
08:34can see how this would just get totally
08:36out of control the cost of college 35
08:39000 per student per year according to
08:41education data.org you multiply that by
08:44six years that is two hundred and ten
08:48thousand dollars then you add on all the
08:50student loan debt and you add on the
08:52interest on top of that and you can see
08:54how it can get extremely high now on top
08:57of that you have to also calculate
08:59what's known as opportunity cost now the
09:02reason for this is because during that
09:04time that you were going to college you
09:05know four years six years whatever it is
09:08you could have been working right you
09:10could have been out in the workforce
09:11making money so let's say you got a
09:13sales job and you were able to make 50
09:16000 a year for those six years that is
09:19300 000 total right so that's just an
09:21example and opportunity cost is really
09:24difficult to calculate because you know
09:26some people might take advantage of
09:28opportunities more than others but
09:30overall you can see how this would lead
09:32to the cost of college being much much
09:34higher than what the sticker price of
09:37tuition is so considering the cost of
09:39tuition all of the other costs that you
09:43interest rate as well as opportunity
09:46that's why education data.org estimates
09:49that the real the true cost of college
09:51could be north of 400 000
09:54and it's getting higher every single
09:57year now to be honest i do think that is
09:59a little bit of a stretch i think that
10:01the average student is not paying that
10:03much even if you add in opportunity
10:05costs and everything like that but i can
10:07definitely see uh where their argument
10:09comes from and that's why it is so
10:11important for you to have a good plan
10:14going into college make sure you can get
10:16through college on time sometimes even
10:18early a lot of the time you can actually
10:20graduate with a four-year degree
10:23in two to three years now you really
10:25have to plan it out you really have to
10:27know what you're doing make sure you go
10:29into it know exactly what you're going
10:31for and you know there's a lot of things
10:33that go into that i've made videos on
10:34this channel about that but it's totally
10:36possible for many many degrees out there
10:39that's something that of course i've
10:40talked about on this channel and i go
10:42deep into detail on how you can do that
10:44how you can get the most out of college
10:45with the least amount of time effort and
10:47money in my college 101 course which you
10:50can find down in the description below
10:51and people are absolutely loving the
10:54course so far i am getting ridiculously
10:56good feedback from it i'm probably not
10:58going to keep it at the same
10:59ridiculously low price that it is right
11:01now so you know you can check out the
11:03coupon code down below because that's
11:05probably the lowest that this is ever
11:06going to be check out my other videos
11:08right here i made them just for you go
11:10ahead gently tap that like button hit
11:12the subscribe button ring the
11:13notification bell and comment down below
11:15any thoughts comments criticisms etc
11:17that you have on the video and i will
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