Each term you are enrolled you add the costs of fees, books and supplies, and your living expenses. However, additional costs include debt that you are accruing through new borrowing each term, either through student loans or credit cards – or most likely both. Also, each term you are not graduated you are losing out on income from full-time employment.
The illustrations below are based on an assumed base cost of $111,000 for the first four years and additional conservative estimates of per semester costs as follows:
Fees $2,000
Books & Supplies $1,000
Living Expenses $2,500
Debt burden $2,500
Lost income $6,000 (based on assumed $24,000 annual income for full-time employment with a bachelor’s degree)
YEARS TO GRADUATION
Can you afford to push graduation day back?