Senior Picture Frames:
Most studios mark up their frames 100-600%. Sometimes more if they have their own "chop shop". Your wallet will be better off looking for department store sales or clipping hobby store coupons.
Negotiating for Senior Pictures:
You may get the traditional, handsome, fine "Corinthian" leather-bound portfolio for what may seem a reasonable price, but beware. You are probably buying your own un-retouched proofs. These prints are what the studio prepared to let you order your images in the first place - so why pay for them? You wouldn't purchase your menu at the restaurant, would you? These prints cost the studio pennies and the "Handsome Corinthian Leather" Senior Picture Portfolio probably cost them less than $10 wholesale in bulk. Plus, if you didn't buy the proofs, they'd just have to throw them away. Try to negotiate that the senior picture studio includes the portfolio and proofs with the deal if you agree to upgrade to a bigger package -- if you absolutely have to have it. It's a better deal for both of you. If negotiations stall, ask to see the manager or owner. The sales staff is trained NOT to go to the manager unless the customer specifically asks for "the manager".
Senior Picture Composite or Multi-Digital Images:
$35 to $150 for a "creation fee". Yeah, most senior picture studios pay the high school or college summer intern minimum wage to make these for them. Most likely they take about 2 minutes to "create" and they probably use a generic template that they use for everyone else (take a look at their samples and you'll see). That can mean you're paying them $10 to $50 per minute to make these senior pictures for you - yowza!
You can create your own senior picture images by purchasing software and computers at these stores online!