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Cost of Attendance

Cost of Attendance. Purpose Components Construction Considerations Tools for Schools Q & A. Topics. The cornerstone of establishing financial need Limits total aid a student may receive Is an estimate of the educational expenses for the period of enrollment Is set by each institution.

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Cost of Attendance

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  1. Cost of Attendance

  2. Purpose • Components • Construction Considerations • Tools for Schools • Q & A Topics

  3. The cornerstone of establishing financial need Limits total aid a student may receive Is an estimate of the educational expenses for the period of enrollment Is set by each institution What is the Cost of Attendance?

  4. Reflect reasonable & realistic costs Allows students to make educated decisions ; accurate cost projections Equity in financial decisions Not intended to be an Enrollment Management Tool What is the Purpose?

  5. Institutional Costs • Tuition and fees • On-campus room & board Non-Institutional Costs • Off-campus room & board • Books & supplies • Transportation • Miscellaneous personal expenses • Reflect current market conditions Basic Allowable Costs

  6. Amounts normally assessed students carrying same academic workload, as determined by institution • Include tuition only for coursework that is credited toward the student’s degree • Separate categories for types of student • In/out-of-state • Undergraduate/graduate • Actual vs Weighted Tuition

  7. Tuition: in-state = $2,000; out-of-state = $4,000 • 9,000 in-state students; 1,000 out-of state students • Weighted average: $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 Weighted average tuition charge for COA = $2,200 Example: weighted average tuition

  8. To be included in COA fees must be: • Required of all students • Required for the student’s course of study • Examples: lab fees for biology class, art fees • Required of a broad category of students • Undergraduate vs. Graduate • Parking fees • Typically fees paid to third parties are not allowable • Rental or purchase of equipment, materials, or supplies are allowable if required of all students in the same course of study • May be included under professional judgment Fees

  9. Students without dependents living with parents • School must determine amount • May have lower room and board costs • Students without dependents living on campus • Actual charges or • Weighted average of all room • Students with dependents • Allowances for dependents of independent students are not included • The income protection allowance accounts for these expenses • Students living in on-base military housing or in off-base housing for which a military basic housing allowance is provided Room & Board

  10. Cost of travel between residence and school • Travel necessary to complete the degree • Parking fees • Maintenance on an existing vehicle • Payments for purchase of a car may NOT be included Transportation

  11. Intended to enable students to live at a reasonable standard Clothing Laundry Personal hygiene Recreation ADDITIONAL COA ALLOWANCES Dependent care Disability-related Study abroad First professional credential Educational loan fees Miscellaneous

  12. NASFAA Monograph Number 24 • SFA Handbook Volume 3,Chapter 2 • http://professionals.collegeboard.com • http://stats.bls.gov/cex/home.htm • (Bureau of Labor Statistics) • Average cost of utilities • Miscellaneous personal, Personal hygiene, Clothing • Recreation • www.census.gov (consumer price index) • www.ssa.gov/cola(Cost-of-Living Adjustment) Tools for Schools

  13. Apartments.com Survey of Student Body Child Care Centers Professional Associations Book Store Manager Cafeteria Manager Other Tools

  14. Back at the Office • Verify your P&P is up-to-date • Be consistent • Identify your process for “exceptions” • Establish a periodic & annual review schedule What’s Next

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