1 / 31

Undergraduate Cost of Attendance

Undergraduate Cost of Attendance. Heather McDonnell Sarah Lawrence College. Determined by law HEA Act Section 472 “The cost of education is the estimate of a student’s educational expenses for the period of enrollment” Reasonable as determined by the institution. Cost of Attendance.

Download Presentation

Undergraduate Cost of Attendance

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Undergraduate Cost of Attendance Heather McDonnell Sarah Lawrence College

  2. Determined by law HEA Act Section 472 “The cost of education is the estimate of a student’s educational expenses for the period of enrollment” Reasonable as determined by the institution Cost of Attendance

  3. Cost of Attendance • The Cornerstone COA Minus EFC Minus Resources Equals Financial Need

  4. Basics of Attendance • Must be reflective of “real” costs • The “Billables” • Tuition • Fees • Dorm charges or rent & utilities • Meal plan

  5. Basics of Attendance • Must be reflective of the possible costs • The “non Billables” • Books • Supplies • Travel • Personal needs

  6. Additional COA Allowances • Only if applicable: • Dependent care • Study Abroad • Disbability needs • Co-op related expenses • Required loan fees • Telecommunications

  7. Basic Components • Tuition and Fees • Tuition for the same courseload (can be average) • Mandatory fees (required of all) • College • Equipment • Student Association • Lab • Studio • Health • Transportation • Athletic

  8. Basic Components • Book and Supplies • Average costs can be used • Campus or local bookstore • Local merchants • Average costs related to a curriculum • Film students are required to produce an 8 minute reel ($1,200 per reel to develop) • Computer purchase

  9. A Word About Computers • COA amounts are determined by the institution • Adding a computer purchase is at the discretion of each institution • Can do it case by case (PJ) • Is there a computer center on campus?

  10. Room and Board • Need to know the student’s living arrangements • On campus • Direct and billable charges • Off campus but not with a relative • Actual or average rent, utilities and groceries • Off campus with a relative • Maintenance costs • $ per square foot • Meals while on campus

  11. Travel • Intended to cover the cost between the institution and the student’s primary residence • How many times per year • Modest and economical travel by public means • Align with residence calendar • Closed during winter break • International students?

  12. Personal Expenses • Reasonable upkeep • Clothing • Change of climate from primary residence to institution • Grooming • Pretty PLEASE! • Medical and Dental Expenses • Maintenance and prescriptive • Recreation • Modest and reasonable

  13. Additional Allowances • Dependent care • Both Elderly and Child Care • Affecting class, study, internship and commuting time • Actual expenses incurred • Documentation easily obtained • Not to exceed reasonable costs in the community • Not financing expensive choices

  14. Additional Allowances • Study Abroad programs • Increased transportation • Initial and recreational • Visa and passport • Medical insurance • Many insurance companies do not cover overseas medical expenses

  15. Disability • Special Services • Not covered by any one else • Personal assistance • Adaptive equipment • Medical needs • Transportation

  16. Loan fees and Telecommunications • Loan fees actually assessed • DL. FFEL, and private • Can use the average of borrowers assessed fees by loan type • Distance Learning • Tuition, fees and books & supplies, if required • Travel, room and board • Only if specifically incurred while fulfilling residential training

  17. Post Enrollment Expenses • Absolutely NOT!

  18. Other Factors • Periods of Enrollment greater than 9 months • Find the monthly cost (divide COA by 9) 36000 = 4000 9 Multiply 4000 by the extra months enrolled

  19. Guiding Principles • After “reworking” a student’s COA • WHAT RESOURCES DO YOU HAVE TO MEET THE NEW UNMET NEED?

  20. Guiding Principles • Nothing shall be construed to limit our professional judgment • Document (paper trail) • Case by case basis

  21. Professional Judgment • Documentation may include but is not limited to: • A statement from the student or parent describing the unique circumstance; • Receipts, copies of statements—such as a credit card statement, utility bills, rent receipts, lease, cancelled checks, print of computer screen; and/or • Other third party documentation—such as car repair estimates, statements from faculty /staff, doctors, lawyers, or others who know the student’s situation. “Reputable, disinterested, third-party individual

  22. Acceptable Documentation • Statement from student regarding mileage to and from classes • Statement from mechanic for car repair(s) • Copy of mechanic bill • Public transportation receipts • Airfare receipts

  23. Guidelines • Reasonable rea·son·able Function: adjective1 a : being in accordance with reason <a reasonable theory> b : not extreme or excessive <reasonable requests> c : MODERATE, FAIR <a reasonable chance> <a reasonable price> d : INEXPENSIVE2 a : having the faculty of reasonb : possessing sound judgment <a reasonable man> Merriam-Webster Dictionary

  24. How do you determine “reasonable” • “Modest but adequate” • National or regional data • BLS • Regional adjustments • College Board Information • Survey of your students provides best information

  25. Electronic SurveysI Can’t Just Go Do That! • Oh, yes you can! Come with me for a tour. • Surveymonkey.com or other instrument. • Design survey in your office. • Questions apply to your specific population. • Ask as much or as little as you need. • Automatically tabulated for your use. • Great documentation for when callers complain.

  26. The Process • If using a survey web site, will pay a minimal amount per month to leave survey “open” (less than $50 when we used it) • You chose the site, and e-mail students the link and time period. • University of Georgia had 4,000+ respond out of 19,000 who received e-mail this year.

  27. What Does it Look Like? • Can be customized for particular populations • Briefer is better • Sent to all aid recipients; might want to consider all students. • Automatically tabulated; very cost efficient.

  28. What are the Results? • Very detailed, broken down by however you word questions on survey. • University of Georgia asked for class by program of study. Costs were reported to increase as class standing increased, pharmacy students spend much less than other graduate levels, off-campus has become less costly than some of our residence halls.

  29. More Results • As you develop several years of data you can see trends in categories of students. • Some years costs actually decrease. • 193 COA’s at the University of Georgia • Books and living expenses vary for undergraduate, graduate, law, vet-met, pharmacy, etc. as well as tuition differences.

  30. Resources • NASFAA Cost of Attendance Monograph, revised June 2007 – EXCELLENT! • Bureau of Labor Statistics – Consumer Expenditure Survey http://www.bls.gov/cex/home.htm#overview • The College Board Living Expense Budget http://www.collegeboard.com/highered/res/leb/leb.html • Search: electronic survey sites – definitely review list of 20 ways to design a good survey

  31. Thank you for your kind attention

More Related