Graduate Cost of Attendance

1. Graduate Cost of Attendance Karen Sokol, Seton Hall Law G. Dino Koff, Geisel School of Medicine at Dartmouth Jill Bertrand, Harvard University

2. Overview • Quick review of the construction of our costs of attendance • Tools we use to validate the expenses we use • Sharing the data with students or other departments • Variables we all deal with

3. Bedtime Reading Higher Education Act of 1965, as amended SECTION 472. COST OF ATTENDANCE

4. Standard Components • Tuition & Fees • Room/Board (Rent/Food) • Books & Supplies (Computer) • Miscellaneous/personal • Transportation • Loan Fees • Credit Card Debt

5. Variable and Allowable • Dependent Care • Disability Expenses • Study Abroad • Less than half-time • Cost of First License/Certification

6. Special Programs • Internships • Study Abroad • Short Programs • Conferences • Law School Bar Exam Expenses

7. Families • Spouse or Family Insurance • Specialty Schools for Dependents • Dependent Care Allowance • Moving

8. Geisel COA

9. Budget Construction at Geisel • Yearly Surveys • Rent • Food • Travel • Credit Card Debt • Interview Costs (4th year only) • Entertainment • Dining Out • Medical Costs (co-pay and deductible) • Dental Expenses • Car Payment

10. Survey Monkey

11. Did You Know? Geisel Average: Rent: $684 Food: $225 CC Debt: $638

12. Did You Know? (Filtered) Geisel Average: • Rent: $620 • Food: $201 • CC Debt: $605

13. Dental Expenses $111

14. Harvard Graduate School of Arts & Sciences COA

15. Budget Construction at Harvard Graduate School of Arts & Sciences • Survey students in a base year • Annually adjust for cost of living increase until next survey year • http://www.census.gov/compendia/statab/cats/prices/consumer_price_indexes_cost_of_living_index.html • http://www.bls.gov/cpi/tables.htm

16. Harvard Business School MBA COA

17. Budget Construction at Harvard Business School • Conduct survey every other year • Short survey with some open ended questions • Continually find students spending too much on entertainment and recreational travel • In general, find living expense budgets to be accurate

18. Seton Hall Law COA

19. Budget Construction at Seton Hall • Student Surveys –every other year • College Board • http://professionals.collegeboard.com/higher-ed/financial-aid/living-expense • Health Insurance $3,770 annual

20. Licensing Expenses • Step 1 • Step 2 • Residency Interviews • Bar Exam

21. Thorny Issues • Consortium Agreements • Short Programs • Family Issues- Health Insurance • Legal Fees • Credit Card Debt • What Else • Home Repair • Undergrad/Graduate Previous Debt (non deferrable)

22. Eleven Unique COA Increase Requests Au pair In vitro Slate Roof 4. New furnace Bed Bugs Kitchen Fires Natural Disasters Pet Surgeries Recreational Travel Supporting Extended Family Members Private Schools for Kids while participating in Study Abroad What Requests are in your Top 11?

23. NASFAA Monographs • Monograph 20: Developing the Cost Attendance: Defines acceptable expenses and outlines consistent approaches for establishing reasonable levels for those expenses, while avoiding specific citation of figures, averages, or ranges

24. FSA Resources • FSA Coach: http://www2.ed.gov/offices/OSFAP/fsacoach/module.htm#m-1006-0-0 • 2012-2013 FSA Handbook Vol. 3 http://ifap.ed.gov/fsahandbook/attachments/Vol3Master1213Jun14.pdf

25. Thank You Karen Sokol, Assistant Dean for Enrollment Services Karen.Sokol@shu.edu G. Dino Koff, Assistant Dean of Student Affairs and Director of Financial Aid Gordon.d.koff@dartmouth.edu Jill Bertrand, Financial Aid Compliance and Training Officer jill_bertrand@harvard.edu