Every student thinking of attending college needs to find out what their cost of attendance is. COA in summary can be explained as the total amount of funding it will cost to attend a university for one academic year.
The COA is made up of your tuition and fees including other expenses such as books and supplies, transportation, personal expenses, room and board, loan fees, and other miscellaneous.
Cost of Attendance varies across institutions, your school’s cost of attendance will determine how much financial aid such as loans and grants you are eligible to get.
The COA is a figure that actually shows the average cost needed to attend college for each academic year.
The COA figure is peculiar to each student; it can be a little less or more than the average depending on your personal expenses.
The COAs are determined by the U.S. Department of Education for colleges in the United States.
Each school has its own COA, so it’s important to check with the individual school you’re interested in attending to get an accurate estimate of expenses. Note that the COA does not include costs such as travel costs associated with visiting a school, personal expenses, or miscellaneous expenses.
The COA also varies depending on whether you’re attending a full-time or part-time program, on your residency status (in-state or out-of-state), and on the type of program you’re enrolled in (undergraduate, graduate, or professional).
The best way to get an estimate of your personal COA is to use the Net Price Calculator (NPC) on a school’s website. The NPC will take into account your specific circumstances and provide a personalized estimate of your costs and potential financial aid.
What is included in COA?
- Tuition and required fees
- Room and board
- Allowances for books and supplies
- Transportation costs
- Personal expenses
- Miscellaneous expenses
- Study abroad expenses
- Meals
- Loans fees
The Cost of Attendance is one element that affects the Overall Price tag. Universities and colleges alter it on an annual basis in order to reflect these expenses. Most colleges make this information available on their school website and through other information channels accessible to students, this way students, parents, and guidance can compare schools.
How is COA used?
The Cost of Attendance, or COA, is the total amount of money that a college or university estimates it will cost for a student to attend school for one academic year.
The COA includes tuition and fees, books and supplies, room and board, transportation, and personal expenses. It is important to note that the COA is not necessarily the same as the actual amount of money that a student will need to pay to attend school; rather, it is an estimate of what the costs might be.
The federal government uses the COA to determine how much financial aid a student may need. To do this, they subtract the Estimated Family Contribution (EFC) from the COA. The EFC is the amount of money that the student’s family is expected to contribute towards their education.
The difference between the COA and the EFC is called the student’s financial need. The financial need is used to determine how much federal aid a student may receive in the form of grants, loans, or work-study.
The COA is an important number for any student receiving financial aid. It’s used to determine how much need-based scholarship or grant money you may receive, and it helps students understand the minimum amount they’ll need in loans at graduation time!
What’s the Difference between the Cost of Attendance and Tuition Fees?
The cost of attendance (COA) is a higher figure that includes not just tuition, but also room and board, books and supplies, transportation, and other related expenses. For many schools, the COA is considerably higher than the tuition fees alone.
Tuition refers to the cost of instruction at a school. It is generally charged per credit hour, quarter, or semester unit. Room and board are included in the COA calculation but may also be billed separately by some schools.
Transportation costs can include everything from gasoline to bus fares, while books and supplies vary depending on what type of program you are attending. Miscellaneous expenses can cover items such as entertainment, health care, and personal items.
List factors affecting Financial Aid
There are many different factors that can affect the amount of financial aid you receive. Some of these factors include your family’s income, your family size, your assets, and whether or not you have any other siblings attending college. Additionally, your school’s cost of attendance and its financial aid policies may also affect the amount of aid you receive.
Importance of COA
Students must be aware of the significance of the Cost of Attendance. The COA allows a student to understand Financial Aid, Loans, and Grants. A Cost of Attendance provides a student with the knowledge needed to assess his or her financial needs. A student learns how much financial assistance he or she is qualified to receive or borrow.
5 Main COA Expenses categories
- Â Â Â Transportation
- Â Â Â Room and board
- Â Â Â Personal Expenses
- Â Â Â Tuition and fees
- Â Â Â Books and supplies
How is the Cost Of Attendance Calculated?
There are a few different ways that the cost of attendance (COA) can be calculated, but the most common method is to simply add together the estimated costs for tuition, books and supplies, room and board, and other miscellaneous expenses.
This total can then be used as a starting point for financial aid eligibility based on your expected family contribution (EFC) from your Free Application for Federal Student Aid (FAFSA).
The first step in calculating your COA is to roughly estimate your tuition expenses. To do this, you will need to know the type of school you will be attending (public or private), as well as your residency status (in-state or out-of-state).
What is EFC?
The EFC is the amount of money your family is expected to contribute to your education each year. Your financial aid package will be based on both the COA and the EFC.
How to Calculate your financial need using COA?
If your School’s published COA is $22,000 and your EFC is $9000, Your financial need is calculated by subtracting your EFC from your COA, which means your Financial need is $13000.
Can you borrow more than the Cost of Attendance?
You can’t borrow more than the Cost of Attendance (COA) minus your Expected Family Contribution (EFC). Federal loans and other student aids are all capped at the COA. If you need more money to pay for college, you will have to find private loans or scholarships.
Why is COA a Confusing Number to know sometimes?
Calculating your Cost of Attendance (COA) can be confusing, especially because different schools may publish more than one number.
But what makes calculating your COA tricky is that every school has their own methodology for estimating these costs. For example, some schools may only include direct costs like tuition and fees in their calculation, while others may also include indirect costs like room and board for off-campus students or those who commute from home.
Other factors are In-state and Out-of-state students, professional or graduate students and other factors can contribute to making the COA a confusing number to determine.
