- Other student stories:
- “My cost of attending wasn’t what my college said.”
- “I couldn’t afford the colleges that accepted me.”
- “I took 6 years to graduate, and it cost me way more than I thought.”
- “All my choices offered financial aid. But some were scholarships and some were loans.”
- “I didn’t realize FAFSA had a deadline.”
- “Why I wish I kept track of my loans.”
- “I spent money on a scholarship service I could have gotten for free.”
- “I missed my chance to apply for scholarships.”
- “The college I chose wasn’t right for me.”
- “I don’t want to borrow more in student loans than my family and I can afford.”
“When I chose the college I would go to, a big part of that decision was the Cost of Attending that the school had on their website. But after my first year, if turned out my actual costs were very different. Is there some way I could have known that earlier? Because maybe I would have picked a different school.”
College Money Matters Responds
It’s always important to keep in mind that any college’s Cost of Attending, or COA, is an estimated average of all students at the school. In addition, most schools use their own formula for determining COA, so the estimates (after tuition) won’t be very consistent between schools.
Your best option: base your COA estimate on your own personal cost of attending for each of your choices. You can start by asking yourself cost-related questions like these:
Questions to ask when estimating your cost of attendance
- What are my basic costs? This will likely be on the college’s website. It should include the cost of tuition, books, campus housing and meal plan.
- What’s my cost of transportation? Whether you plan to commute to the school or live on campus and come home occasionally, how much will it cost you to get to the school and back?
- What special health needs will I need to pay for? This can include things like medicines, other healthcare needs, individual dietary requirements, and any special items you may need to support your health and wellness.
- What personal expenses will I have beyond my academic needs? These would be things like going out, movie or concert tickets, haircuts, cosmetics, and other lifestyle and entertainment choices you’ll need money for.
- If I live off-campus, what are the local rental prices like in the area? The good news here is that your financial aid package and federal grants and loans can help pay for off-campus rentals.
- Will I need to pay for storage over the summer? If your college is far from home, you may need to keep furniture, clothing and other items near campus between college years.
- Will prices go up over my years in college? It’s very possible that over four years, the cost of various items (maybe even including tuition) could go up. So that should go into your estimate, too.
Tools for calculating your personal cost of attending
Watch our video on how to calculate your own personal cost of attending and download our budgeting worksheet here.
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