Cost of Attendance Presented by: Donna Quick
Basi Basic Need Need Eq Equation Cost of attendance (COA) – Expected family contribution (EFC) = Need
Pu Purposes of of Studen Student Budg Budget Cons Construction truction • Develop realistic budgets • Accurate cost projections • Equity • Not intended to be an enrollment management tool • Budgets for different categories
Pr Principl ples of of St Studen udent Budg Budget Cons Construct truction on • Comprehensiveness • Reasonableness • Systematic development • Documentation
Setting Costs • Institutional costs • Fixed and set by school (e.g., tuition and fees) • Noninstitutional costs • Not set by school (e.g., off ‐ campus room and board) • Reflect local market conditions
Stud Studen ent Budget Budget Sour Sources ces • Primary sources • Sensitive to specific student circumstances and provide data on actual student expenses • Example: student surveys • Secondary sources • Verify student data and validate final budget figures • Examples: published sources, faculty/staff, community sources, and various indices
COA COA Com Componen onents ts and and Allo Allowances • Set by statute • Apply to all Title IV programs • Three basic components • Six additional allowances, as applicable • May use average or actual costs
COA COA Gener General Concep Concepts ts • Federal Pell Grant Program • Always use full ‐ time, full ‐ year COA • All other Title IV programs • Typically based on full ‐ time, full ‐ year COA • Adjusted for summer as needed • Adjusted for less ‐ than ‐ full ‐ time enrollment and less ‐ than ‐ full ‐ year attendance
COA COA Gener General Concep Concepts ts For simultaneous enrollment at multiple schools under consortium agreements, including study abroad, values of like budget items must be: • Combined into a single amount for each cost component to prevent double counting • Applied on full ‐ time, full academic year basis when awarding Federal Pell Grant funds
Basic Basic COA COA Com Componen onent Allo Allowances nces Tuition and fees • Amounts normally assessed students carrying same academic workload, as determined by institution • May include costs for rental or purchase of equipment, materials, or supplies required of all students in same program of study
Ex Exam ample: ple: We Weighted Av Average Tuitio ition Char Charge Tuition: in ‐ state = $2,000; out ‐ of ‐ state = $4,000 • 9,000 in ‐ state students; 1,000 out ‐ of state students • Weighted full ‐ time tuition 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
Basic Basic COA COA Com Componen onent Allo Allowances nces • Books and supplies costs • Transportation costs • Miscellaneous personal expenses • Personal computer rental or purchase
Basic Basic COA COA Com Componen onent Allo Allowances nces Room and Board • Students without dependents living at home with parent(s) • Students without dependents living in institutionally ‐ owned or operated housing • Students living in on ‐ base military housing or in off ‐ base housing for which a military basic housing allowance is provided • All other students
Additional Additional COA COA Allo Allowances nces • Dependent care • Disability ‐ related • Cooperative education • Study abroad • First professional credential • Educational loan fees
COA COA Re Restrictions Certain cost components are excluded for students who are: • Enrolled less than half time • Enrolled in correspondence programs • Incarcerated
COA COA Recalcu lculations ions Rules differ among Title IV programs: • Federal Pell Grant, Iraq and Afghanistan Service Grant (IASG), and Teacher Education Assistance for College and Higher Education (TEACH) Grant programs • Campus ‐ based programs • Federal Direct Student Loan (Direct Loan) Program
Non Non ‐ Tit Title IV IV Aid Aid and and COA COA • Prepaid tuition plans have no effect on COA • State ‐ provided non ‐ Title IV aid designated to cover a specific COA component may be excluded from estimated financial assistance (EFA), if also excluded from COA, and vice versa
Content courtesy of NASFAA CORE 2015 ‐ 2016
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