1 / 17

Cost of Attendance

Module 5. Cost of Attendance. Basic Need Equation. Cost of attendance (COA) – Expected family contribution (EFC) = Need. Purposes of Student Budget Construction. Develop realistic budgets Accurate cost projections Equity Not intended to be an enrollment management tool

tamar
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 (COA) – Expected family contribution (EFC) = Need

  3. Purposes of Student Budget Construction • Develop realistic budgets • Accurate cost projections • Equity • Not intended to be an enrollment management tool • Budgets for different categories

  4. 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

  5. Student Budget Sources • Primary sources • Sensitive to specific student circumstances and provide data on actual student expenses • Example: student surveys • Secondary sources • Verify student data and final budget figures • Examples: published sources, faculty/staff, community sources, and various indices

  6. COA Components and Allowances • Set by statute • Apply to all Title IV programs • Three basic components • Six additional allowances, as applicable • May use average or actual costs

  7. COA General Concepts • 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

  8. COA General Concepts 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 Title IV aid

  9. Basic COA Component Allowances 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

  10. 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

  11. Basic COA Component Allowances • Books and supplies costs • Transportation costs • Miscellaneous personal expenses • Personal computer rental or purchase

  12. Basic COA Component Allowances 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

  13. Additional COA Allowances • Dependent care • Disability-related • Cooperative education • Study abroad • First professional credential • Educational loan fees

  14. COA Restrictions Certain cost components are excluded for students who are: • Enrolled less than half time • Enrolled in correspondence programs • Incarcerated

  15. COA Recalculations Rules differ among Title IV programs: • Federal Pell Grant, IASG, and TEACH Grant programs • Campus-based programs • Direct Loan Program

  16. Non-Title IV Aid and 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

More Related