Cost of Attendance Presented by: Donna Quick Basi Basic Need Need Eq - - PowerPoint PPT Presentation

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

• f 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

• f St

Studen udent Budg Budget Cons Construct truction

• n
• 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

• nents

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

• nent 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:
• 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

Basic Basic COA COA Com Componen

• nent Allo

Allowances nces

• Books and supplies costs
• Transportation costs
• Miscellaneous personal expenses
• Personal computer rental or purchase

Basic Basic COA COA Com Componen

• nent Allo

Allowances nces

Room and Board

• Students without dependents living at home with parent(s)
• Students without dependents living in institutionally‐owned or
• perated 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