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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.

For example, these are the annual costs for an in-state resident at one public institution:
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

Here’s an example at a private institution:
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.