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COA, part of the Free Application for Federal Student Aid (FAFSA), is the estimated cost of attending a college or university. It factors in several expenses that college students and their families are expected to cover. COA is used to determine how much financial aid you could potentially receive. When you are accepted to a college or university, you receive a letter outlining your financial aid package. This letter includes your COA, your expected family contribution (EFC)âwhich as of 2024 is determined by a government-calculated formula called the Student Aid Index (SAI)âand resources to help you cover the COA.
In order to determine need-based financial aid, schools consider the COA and SAI, as well as any scholarships or grants that you may have earned. Most schools calculate COA for an entire year of college, which combines the fall and spring semesters.
Components of COA
Basic elements of COA include:
Tuition and fees
Course materials, like textbooks and computers
Room and board, or any other housing expenses
Transportation costs
Where applicable, students and their families may be required to cover additional costs, including:
Study-abroad expenses
Allowance for childcare or other dependent care
Costs associated with any disabilities
Other miscellaneous personal expenses
Covering COA
There are several forms of financial assistance that can help students and their families cover COA. They are usually outlined in a studentâs financial aid letter, and may include:
