Hi, we are slowly receiving acceptance letters here and there with merit award amounts. I’m trying to calculate the true cost of attendance because I feel some of the schools are not completely honest when they post their COA. Especially when it comes to meals, fees, and books. But looking at different schools posted COA, it seems as if there is an average to these amounts. What is the best way to really calculate COA?
Costs that are directly billed by the college (tuition, various fees, room, board) are clearly presented on each school’s website. There shouldn’t be any confusion about these costs. Costs that are typically not directly billed (books, travel, personal expenses, etc.) can only be estimated based on a variety of unique circumstances. You will have to take your student’s situation into account in coming up with a best guess here.
The COA at my daughter’s school varies based on type of housing. Students don’t know if they’ll get their housing preference until the month before move in. My $.02 would be to take the most expensive housing estimate just in case.
You can usually find meal fees by looking at the meal plans offered. But I confer that books, travel, and personal expenses depend on the student. For instance, I was a liberal arts major my freshman year and the books required for my major never cost more than $200 combined. But I knew premed students who had several books that were over $200 each.
Most schools will not update the cost of attendance for the 2019-2020 academic year until about May or June…or after. Costs for tuition, fees, room and board have the potential to increase.
The best you can do is look at the current cost of attendance adding about 3% because that seems to be the average increase in costs per year, and subtract the aid your kid has received. The remaining amount will be billed to you.
Then you need to add in personal expenses and books.
If the schools your student is accepted to guarantee to meet full need for all, and their costs increase, your aid probably will too.
BUT if your student is accepted to schools that do not guarantee to meet full need for all, your aid might not be adjusted at all if the costs to attend increase.
Finaid.org has a comparison tool that might give you some ideas of things to include: http://www.finaid.org/calculators/awardletteradvanced.phtml
For my kid, I just dug through the university website to find out details that I needed. You can even get a better book cost estimate by locating the textbook lists for the courses that are likely for freshman year.
Keep in mind if your student will be flying to the school, flying home on the holidays can be very expensive compared to cost other times of the year. Now is a good time to see what a flight might cost for winter break.
To piggy back on @mamom”s post, don’t. Forget the cost of getting to/from the airport, luggage fees, food money or additional money if there is a delay/cancellation.
Also keep in mind if your child gets a scholarship for a specific amount of money (8k, 10k, 20k/year) the scholarship will not increase as the cost of tuition increases. If your child receives a half tuition/full tuition scholarship, the scholarship will increase as tuition cost increases
Merit scholarship. Need-based awards increase with increase in tuition if it is a meets 100% of need college, and could increase even with schools that are somewhat less than meets 100% need.
What schools that do not meet full need DO increase need based aid when tuition costs go up the summer before freshman year…but well after financial aid awards are received.
@thumper1 University of Michigan for OOS students is one I am familiar with.