Value of attendance is the estimated quantity you’ll pay for school in a given yr. It’s an official quantity decided by every school and consists of tuition and costs, books and provides, room and board, transportation and private bills. Generally, folks check with price of attendance as COA.
You could find the price of attendance in your college’s web site. There could also be a number of COAs listed that differ by housing state of affairs. For instance, the fee for a pupil residing on campus will likely be completely different from a commuter pupil’s.
Value of attendance represents the total value of a faculty earlier than any help — it’s the college’s “sticker value.” Nevertheless, many college students obtain monetary help, grants or scholarships and pay much less.
How is price of attendance used?
Faculties use price of attendance to find out how a lot monetary help you’re eligible for. Faculties calculate help eligibility by subtracting your anticipated household contribution, or EFC, from the college’s price of attendance. This figures the utmost quantity of need-based help you’ll be able to obtain.
The EFC is predicated on data you enter on the Free Utility for Federal Scholar Support, or FAFSA. It represents the federal authorities’s estimation for the way a lot your loved ones can afford to pay for schooling, both out of pocket or by way of pupil loans.
For instance, in case your college’s COA is $20,000 and your EFC is $7,000, then your monetary want is $13,000. Want-based help can embody scholarships, Pell Grants, work-study and sponsored federal pupil loans, the place the federal government pays the curiosity when you are at school.
The quantity of help you get could also be lower than your calculated monetary want.
You may get an thought of what you’ll be able to count on to really pay through the use of a internet value calculator that considers the official price of attendance, your EFC and the help out there at that college. Each college that accepts federal help has one. Use the web value to check your prices at completely different faculties; the Shopper Monetary Safety Bureau has a price of attendance comparability instrument to assist together with your analysis.
Does price of attendance have an effect on pupil loans?
Value of attendance impacts the quantity of pupil loans you’ll be able to borrow. You possibly can’t borrow greater than the price of attendance minus different help, and your college tells lenders — authorities and personal — how a lot mortgage cash you’re eligible for.
Federal pupil loans even have limits not associated to price of attendance. For instance, a dependent freshman pupil can solely borrow as much as $5,500 in federal pupil loans no matter want or COA. In the event you want more cash after you attain your federal pupil mortgage restrict, you’ll be able to fill the hole with different sources like household financial savings or merit-based scholarships or grants. You possibly can meet any leftover quantity past that with personal pupil loans.
Key phrases on this story
Value of attendance (COA): Estimated annual college bills, together with tuition and costs, books and provides, room and board, transportation and private bills. Faculties subtract your anticipated household contribution, or EFC, from their price of attendance to calculate the utmost quantity of need-based help you’ll be able to obtain. Anticipated household contribution is the quantity the federal authorities estimates your loved ones pays for school.
Anticipated household contribution (EFC): An estimate from the federal authorities of how a lot cash your loved ones can afford to pay towards your school schooling. Faculties subtract your EFC from their price of attendance to calculate the utmost quantity of need-based help you’ll be able to obtain.
Web value calculator: Software that calculates the faculty’s complete price — together with tuition, room and board and books — minus any grants and scholarships that the scholar is eligible for. All faculties that provide federal monetary help will need to have an internet internet value calculator to assist college students and fogeys contemplating out-of-pocket prices.