A university calculates its "cost of attendance" by adding together the direct costs like tuition and fees, housing and meal plans, and then factoring in estimated indirect costs such as books, supplies, transportation, and personal expenses, essentially providing a comprehensive picture of what it would cost a student to attend for a year, including both on-campus charges and typical living expenses.
Key components of a cost of attendance:
Tuition and fees:
The primary cost of attending classes, including any additional fees for specific programs or services.
Housing and food:
Costs associated with on-campus living, including different room options and meal plans.
Books and supplies:
Estimated cost of textbooks, course materials, and other necessary supplies.
Transportation:
Allowance for travel to and from campus, including public transportation or personal vehicle expenses.
Miscellaneous expenses:
Other personal costs like clothing, laundry, and entertainment, usually included as a set amount.
Important points to remember:
Variation by living situation:
Students living off-campus will have different housing costs factored into their cost of attendance, typically based on average local rental prices.
Financial aid consideration:
The cost of attendance is used to determine a student's financial need and how much financial aid they may be eligible for.
Not always the final price:
The cost of attendance is an estimated figure, and a student's actual cost will depend on the financial aid they receive.
So to me there seems to be a few areas, where universities can inflate these numbers. I wonder if this is done on the honor system or if there is some sort of auditing process?