COA vs. Actual Cost

Paying for College
1

<p>Okay, so I got my official award decision today and I'm very satisfied and grateful. However, I have a few questions about the cost of attendance. I know they add in transportation, personal expenses, etc. Here's the example from my college. </p>

<p>Cost of Attendance Component<br>
Books and Supplies<br>
$1,020.00
Board<br>
$4,156.00
Activity Fee<br>
$310.00
Personal Expenses<br>
$1,350.00
Room<br>
$4,156.00
Transportation<br>
$1,022.00
Tuition<br>
$33,742.00
Total:<br>
$45,756.00</p>

<p>Now I received $39,886 from the school in scholarships and some aid. I also have so far received a $1,000 scholarship from a local Rotary, and could potentially be awarded another $1,000-2,000 in other awards from local organizations. So that's $40,886. My question is I only actually owe the school the Board, Activity Fee, Room, and Tuition? The others are just estimates. My travel expenses will be virtually zero since I live an hour away. So my parents should only directly owe $1,478 to the school?</p>

<p>EDIT: </p>

<p>Wait, I think I have an additional $2,500. One of the scholarships I received from the college was worth $12,500 with 10,000 from the school and 2,500 from an outside resource. Maybe this below will help you guys answer my question.</p>

<p>Cost of Attendance </p>

<p>$45,756.00
Estimated Family Contribution<br>
$3,370.00
Initial Need<br>
$42,386.00
Outside Resource<br>
$2,500.00
Need<br>
$39,886.00</p>

2

<p>Does the amount of scholarships you received meet your full need?</p>

<p>If it doesn’t, then yes, it will work in your favor. If it does, then the outside scholarships you’ve been awarded will only subtract from your fin aid package.</p>

3

<p>Yes your parents will only owe the direct costs less any aid. </p>

<p>But, as neethus says, the outside scholarships may reduce your aid depending on if your full need is met and on your schools policies.</p>

4

<p>Be sure the college is not going to use your other outside scholarships to lower their grant to you. In other words, if you get outside money from other sources, to them this means you need less from them, and they can turn that money over to some other student who is in need. So tuition,a. fee, room and board are $42,679. so $2,788 is what your parents will owe the school. But someone will need to pay for books, food not included in the meal plan, any outside activities you do and books and supplies, and that can add up, especially books at $200 each.</p>

5

<p>You’re right that books, transportation, and personal expenses are variable catagories. In my son’s budget the travel costs were estimated just about right (we live across the country from his college), but his book costs have been somewhat lower and his personal expenses have been significantly lower. The latter depends a whole lot on discretionary choices.</p>

6

<p>I agree with 'rentof2… if you buy all new books, you may find yourself paying more than $510 per semester. If you buy all your books used (and especially if you get them online instead of through the campus bookstore), you’ll probably spend less. Personal expenses are the big variable…how much shopping, partying, outside entertainment (like movies off campus, going out to dinner) and how much take-out food you order beyond your food plan.</p>