1 / 31

Cost of Attendance

Module 5. Cost of Attendance. Basic Need Equation. Cost of Attendance – Expected Family Contribution = Need. Basic Cost of Attendance Components. Apply to all Title IV programs Three basic components Tuition and fees

cade-moon
Download Presentation

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. Module 5 Cost of Attendance

  2. Basic Need Equation Cost of Attendance – Expected Family Contribution = Need

  3. Basic Cost of Attendance Components • Apply to all Title IV programs • Three basic components • Tuition and fees • Books, supplies, transportation, and miscellaneous personal expenses, including a reasonable allowance for the rental or purchase of personal computer • Room and board

  4. Additional Allowances • Additional allowances for: • Dependent care expenses • Disability-related expenses • Cooperative education program expenses • Study abroad expenses • First professional credential cost, at the option of the school • Educational loan fees

  5. Tuition • May use actual or average tuition charges • May establish separate averages for separate categories • If one overall average tuition charge is used, it must be a weighted average

  6. Example: Weighted Average Tuition Charge • Tuition: in-state = $2,000; out-of-state = $4,000 • 9,000 in-state students; 1,000 out-of state students • Weighted average: • Weighted average tuition charge for COA = $2,200 $2,000 x 9,000 = $18,000,000 + $4,000 x 1,000 = 4,000,000 $22,000,000 $22,000,000 ÷ 10,000 = $2,200

  7. Fees • Include in COA if: • Necessary for student’s program of study; or • Required of all students or a broad category of students

  8. Equipment, Materials, and Supply Charges • Rental or purchase cost allowed if the item is required for all students in the same program of study • Equipment costs allowed for students receiving instruction through telecommunications technology

  9. Books, Supplies, Transportation, Miscellaneous Personal Expenses • May establish single allowance for books and supplies or allowances for different categories • Transportation allowance must be reasonable • Miscellaneous personal allowance should enable a reasonable standard of living

  10. Personal Computer Cost • Reasonable costs for rental or purchase of computer equipment allowed if student is enrolled at least half time • Computer need not be required by student’s program • May be purchased in the summer for use in the following fall enrollment period • School determines conditions and documentation for adding costs to budget

  11. Room and Board • Three categories • Students without dependents living at home with parent(s) • Students without dependents living in institutionally-owned or operated housing • All other students • Only the student’s expenses can be included (i.e., cannot include expenses of other household members)

  12. Room and Board • Subcategories allowed • If room and board is supplied at no charge, that component of the COA would be zero • If room and board is charged and the charge is then waived, the value of the room and board is included in the COA

  13. Dependent Care Allowance • Dependent may be student’s child or other person • May be actual amount determined on a case-by-case basis or an average amount • May not exceed reasonable cost in community for the kind of care provided • Includes class time, study time, field work, internships, and commuting time

  14. Disability-Related Expense Allowance • Student’s disability-related expenses that are reasonably incurred and not provided by another agency or program • Must be determined and documented on an individual basis

  15. Cooperative Education andStudy Abroad Allowances • Cooperative education program expenses • Costs associated with work experience • Study abroad • Costs associated with study abroad • Home institution must accept coursework for credit

  16. Cost of Professional Credential • Effective July 1, 2006, the COA may include the one-time cost of obtaining the first professional credentials for a student in a field requiring professional licensure or certification

  17. Educational Loan Fees • Must be included in COA if student borrows a FFEL or Direct Loan • May use actual or average fee amount for FFEL or Direct Loan • May use actual fees for all other types of educational loans • If loan declined or lower amount requested, must ensure an overaward is not masked

  18. Cost of Attendance Restrictions • Costs are more restrictive for students who are: • Enrolled less than half time • Enrolled in correspondence programs • Incarcerated

  19. COA Restrictions • Less-than-half-time students • Tuition and fees • Books, supplies, and transportation costs • Effective July 1, 2006, room and board costs for not more than three semesters or the equivalent, of which not more than two semesters may be consecutive • Dependent care expenses

  20. COA Restrictions • Correspondence study • Tuition and fees • Books and supplies, if required • Transportation, room, and board, if incurred specifically for required residential training

  21. COA Restrictions • Incarcerated students • Tuition and fees • Books and supplies, if required

  22. COA Professional Judgment • Flexibility in developing budget for student with documented exceptional circumstances • Cannot include post-enrollment costs (except for cost of first professional credential) • Cannot create new COA components

  23. Non-Title IV Aid and COA • Effective July 1, 2006: • Investment value of prepaid tuition plans is considered an asset, although not considered an asset of the dependent student • State-provided non-Title IV aid designated to cover a specific COA component may be excluded from estimated financial assistance if it is also excluded from the COA, and vice versa

  24. Recalculation of COA: Federal Pell Grant Program • Recalculation of Federal Pell Grant COA is not required for cost changes unless school’s policy is to recalculate for a change in costs • When recalculation of Federal Pell Grant award is required, any changes to Federal Pell Grant COA must be taken into account

  25. Recalculation of COA: Campus-Based Programs • COA may be recalculated as part of overaward resolution

  26. Recalculation of COA: FFEL and Direct Loan Programs • If the student temporarily ceases at least half-time enrollment before loan proceeds delivered or disbursed, recalculation is required to determine whether the student continues to qualify for the entire loan

  27. Purposes and Principles of Student Budget Construction • Realistic • Adequate • Moderate • Documented • Non-manipulative

  28. Fixed Institutional Costs Tuition Fees Institutional room and board Student Expenses • Noninstitutional • Costs • Books and supplies • Transportation • Personal expenses • Off-campus housing • Utilities • Food • Dependent care • Medical

  29. Student Budget Sources • Primary Sources • Personal interviews • Student budget questionnaires • Student expenditure diaries • Secondary Sources • Institutional publications • Institutional faculty and staff • Community sources • Local indices • Regional indices • State indices • Federal indices

  30. Student Budget Sources Publishers Weekly http://www.publishersweekly.com/ U.S. Department of Labor Bureau of Labor Statistics http://stats.bls.gov The College Board’s “Trends in College Pricing 2005” http://www.collegeboard.com/trends

More Related