Understanding the costs
Determining the cost of college
The cost of attendance (COA) is the total amount to attend a college each year.
Each school determines its annual average COA using a formula established by Congress.
Don't forget: Your actual expenses will vary based on your child’s lifestyle.
Some expenses depend on your child’s choices
- Public or private school
- In-state or out-of-state school
- Living on campus, off campus, or at home
Some expenses, such as the cost of textbooks, are similar regardless of which school your child attends.
Sallie Mae's Education Investment Planner lets you estimate and compare total education costs at over 5,500 colleges and graduate schools.
| Tuition |
$3,508 |
| Estimate for books |
$823 |
| Estimate for transportation |
$394 |
| Room and board |
$6,453 |
| Estimate for personal expenses |
$2,479 |
| Total cost of attendance |
$13,657 |
| Tuition |
$29,500 |
| Additional required fees |
$1,140 |
| Estimate for books/supplies |
$810 |
| Estimate for transportation |
$330 |
| Room and board allowance |
$8,435 |
| Estimate for personal expenses |
$1,010 |
| Total cost of attendance |
$41,225 |
Knowing the COA is only the first half of figuring out college costs. What really counts is how much you'll pay out of pocket.
Sallie Mae's Education Investment Planner can help you understand and explore your funding options based on a combination of savings, scholarships and grants, and student loans; forecast estimated repayment costs if student loans are part of your financing plan; and share plans with family and friends for feedback and discussion.
Evaluating affordability
Now that you have a ballpark figure of how much it may cost to send your child to college, learn how you may be able to afford it. You might be surprised.