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Cost of Attendance
Financial Terms 1
Term | Definition |
---|---|
Cost of Attendance | The total estimate dprice of attending a school. This includes many items like Tution & Fees, Housing, meal plans, books & supplies, transportation, health insurance, personal expenses, and other education costs. |
Tuition & Fees | The estimated cost of paying for college registration for 1 year. Fixed cost that typically stays the same from year to year. |
Housing | The estimated cost of the housing option provided by a college for 1 year. Often referred to as the cost of living at a dorm. |
Meals | The estimated cost of the eating options provided by a college for 1 year. These plans often give students who purchase a plan meal points, or meal credits to use at cafeterias and/or stores. |
Books & Supplies | The estimated cost of paying for books in 1 year. This cost is a variable cost because it will be based on the student's schedule and classes that term. |
Transportation | The estimated cost of paying for getting to/from in 1 year. This cost is a variable cost because it will be based on the student's schedule and classes that term. |
Health Insurance | All students enrolled in college must have a health insurance plan. The college itself can provide health insurance to a student unless he/she already has one. If a student already has a health insurance plan, the student can opt out via a waiver. |
Personal Expenses | This is an estimated variable cost since all students are different. This cost assumes students will spend money on themselves and may include things like clothing, and other personal needs. |
Other Education Costs | This is an estimated cost that is included because there may be other costs that apply to the student. This may include, but is not limited to technology, supplies, and other items that are school-related. |
Fixed cost | a cost that does not change. In other words, it is a cost that stays the same. Examples include, but are not limited to, monthly rent, monthly phone bills, or monthly medications. |
Variable cost | A cost that may change. Examples include, but are not limited to, weekly groceries, cost of clothing, and/or unexpected costs. |
Sticker Price | The sticker price is the number that most schools list in their brochures, online web-pages, or other informational materials. |
Net Price | The net price is the same number as the sticker price, except you MUST subtract scholarships, grants and other financial aid. In other words, it is what you actually pay and is often LESS than the sticker price. |