The answer, of course, is that you can afford it, if you’re lucky.
According to a new report, the average college student needs $4,100 in savings in order to cover tuition, room and board, and room and boarding.
That’s just a tiny fraction of what it costs to attend an elite school.
According the National Association of College and University Business Officers, a typical student needs about $13,400 in annual income to cover the costs of tuition and room, but about $20,000 for books, equipment, and fees.
The same report found that nearly two-thirds of students are spending more than $30,000 a year.
The average student spends about $17,000 annually on living expenses, according to the NACUBO study.
The cost of living is one of the biggest costs for college students, especially since the average cost of tuition at the four-year public four-credit institution is about $4.3,000, according the report.
But that’s not the only reason for the cost.
Students also need to pay for the college’s other expenses, like fees and room or board.
According a report from the National Conference of State Legislatures, students who spend more than three quarters of their discretionary income on college costs also have higher odds of missing out on scholarships.
Students who are in financial need can have their federal aid denied, while students in higher-income families can apply for more money.
There’s no way to say exactly how many students are relying on this kind of money, but it is likely to be significant.
In a recent survey, more than two-third of students said they are paying more than half of their income toward college expenses, and an additional 20 percent said they spend more on college than they are earning.
So if you want to get the most out of your education, it’s critical to have the resources to cover expenses and to have enough money to cover those costs.