Understanding the Cost of College Attendance: What It Means for You

What is the Cost of Attendance (COA)?

When planning for college, you’ll often hear the term “cost of attendance” (COA). This is a key figure that helps you understand the total expenses you’ll face at a specific school.

Key Components of Cost of Attendance (COA):

• Tuition and Fees: What you pay for classes.
• Room and Board: Housing and meal plans.
• Books and Supplies: Required course materials.
• Personal Expenses: Everyday costs like clothing and entertainment.
• Transportation: Travel costs, especially if you commute.
• Loan Fees: Costs related to taking out student loans.

Why COA Matters

The COA is crucial for several reasons:

• The COA is used by the school’s financial aid office to determine how much financial aid you can receive.
• It sets the cap on how much you can borrow in student loans and receive in scholarships and grants.
• The COA is usually higher than the actual bill you’ll get from the school because it includes estimates for personal expenses.

Example of Cost of Attendance

Here’s an example of the cost of attendance for the 2024-25 academic year at the University of Minnesota (for a Minnesota resident):

• Tuition and Fees: $16,116
• Room and Board: $11,870
• Books and Supplies: $1,000
• Personal Expenses: $2,220
• Transportation: $220
• Loan Fees: $82

Total COA: $31,508

Even though the total COA is $31,508, your actual bill might only be around $27,008. The difference, $4,500, could come back to you as a refund if you’ve maximized your student loans and financial aid.

(These figures are based on the most recent data available for the University of Minnesota. Always check with the university’s financial aid office for the latest information.)

Refunds and Responsible Spending

If you receive a refund check, remember it’s part of your student loans—money you’ll have to pay back with interest.

• Use refund money wisely for necessary expenses like books, supplies, and transportation, not on non-essential items like games or parties.

Adjusting Your Cost of Attendance (COA)

If your actual expenses are higher than the COA, you can request an increase from your financial aid office. This could be for things like:

• Special diet or medical needs.
• Childcare costs.
• Disability-related expenses.
• Higher-than-expected transportation costs.

Increasing your COA might allow you to get more financial aid or take out higher student loans, including private student loans.

Understanding Private Student Loan Rates

Navigating private student loans may seem scary, but we are here to help you. As a local credit union, we are here to help in any way possible. That’s why we offer our free to use (even for non-members) student loan marketplace. Find rates tailored to you in under 3-minutes!