Cost of Attendance
Cost of Attendance
Cost of Attendance
Your cost of attendance (COA) is an estimate of the expenses you might encounter while attending Rowan University and includes more than just tuition and fees. Think of it as your personal budget for living expenses and going to school for the next nine months (the academic year).
The Cost of Attendance is based on a full-time, nine-month enrollment period, which comprises the fall and spring semesters. Although the actual cost of attending Rowan University will vary depending on the decisions you will make regarding housing and food, whether to purchase or rent your textbooks, and your personal spending habits. The Cost of Attendance is not the bill! Instead, our office uses the Cost of Attendance, in conjunction with the FAFSA results, to determine the types and amounts of financial aid you will be able to receive during the school year. It allows students and parents to borrow enough funds to pay for expenses, including those that are not billed directly by the University. Examples of these expenses include purchasing or renting your textbooks or a computer, getting back and forth from home to campus, and your personal spending needs.
The COA impacts the amount and types of aid you receive
The Cost of Attendance represents the maximum amount of aid you may receive during the academic period. This includes all forms of aid such as loans, grants, scholarships, work-study, tuition waivers, etc.
Financial aid is a fluid process and at times students may receive additional aid such as scholarships later in the term after they already have been awarded financial aid up to their cost of attendance. In these instances, less favorable forms of financial aid may be reduced to make "space" for these new awards.
For example, if a student receives an additional scholarship after the cost of attendance has been covered, we may be required to reduce other aid to make room in the budget. When this happens, the less favorable forms of aid such as private loans, PLUS loans, and federal student loans will be the first type of aid reduced.
COA and Financial Need
What's included in the cost of attendance?
What's Included in the COA?
As dictated by Congress, we must provide you an estimate of these specific common expenses incurred by students attending Rowan University. These are the updated definitions of commonly used COA terms based on the statutory changes in section 472 of the HEA, incorporating the changes described above for the 2023-24 award year and beyond:
Tuition and fees—An amount normally assessed to a student carrying the same academic workload, as determined by the institution.
Books, course materials, supplies, and equipment—An allowance for books, course materials, and equipment, which must include all such costs required of all students in the same course of study, including a reasonable allowance for the rental or upfront purchase of a personal computer, as determined by the institution.
Federal student loan fees—An allowance for the cost of any Federal student loan fee, origination fee, or insurance premium charged to the student or the parent of the student.
Transportation—An allowance, as determined by the institution, which may include transportation between campus, residences, and place of work.
Miscellaneous personal expenses—An allowance, as determined by the institution, for a student attending the institution on at least a half-time basis.
Living expenses—An allowance for food and housing costs, as determined by the institution, to be incurred by the student attending the institution on at least a half-time basis, including—
- A standard food allowance that provides the equivalent of three meals each day, regardless of whether a student chooses institutionally owned or operated food services (i.e., board or meal plans). Institutions must provide an allowance for purchasing food off campus for a student who does not elect institutionally owned or operated food services.
- Housing allowances for students residing in institutionally owned or operated housing with or without dependents must be based on the average or median amount assessed to such residents for housing charges, whichever is greater.
- Housing allowances for students living off-campus must include rent or other housing costs.
- For dependent students living at home with parents, institutions must include a reasonable standard allowance for living expenses that is not zero.
In accordance with federal regulations: for students attending less than half-time, the Total Cost of Attendance is reduced to include only tuition and fees; an allowance for books, supplies, and transportation; and dependent care expenses.
In certain situations, your Cost of Attendance may be increased to reflect these allowable expenses. If your situation includes these expenses, please contact our office.
Study abroad expenses—An allowance for reasonable costs, as determined by the institution, for a student in a study abroad program approved for credit by the home institution.
Cooperative education costs—An allowance for reasonable costs, as determined by the institution, associated with such employment for a student engaged in a work experience under a cooperative education program.
Dependent care —An allowance based on the estimated actual expenses incurred for dependent care, based on the number and age of such dependents.
Disability-related expenses—An allowance, as determined by the institution, for expenses associated with a student’s disability, including special services, personal assistance, transportation, equipment, and supplies that are reasonably incurred and not provided for by other agencies.
Professional licensure, certification, or a first professional credential—An allowance for the costs associated with obtaining a license, certification, or a first professional credential, for a student in a program that prepares them to enter a profession that requires such a qualification.
Financial Need
Federal regulations require that your total student financial aid, including loans, not exceed your cost of attendance. For most students financial aid only meets part of their financial need.
Completing the Free Application for Federal Student Aid (FAFSA) is the first step in determining the types of aid for which you are eligible.
Once you have completed your FAFSA, your Student Aid Index (SAI) is calculated according to a formula established by law. The SAI is not a dollar amount that you are expected to pay toward school but a measure of your family’s financial strength. The SAI formula takes into account many variables including your (and your parents' if you are a dependent student):
- Income and assets
- Number of people living in your household
- State of residence
Your SAI does not vary from school to school regardless of the actual cost of the institution you are attending. However, your financial need will vary according to each school's cost of attendance.
Determining Financial Need
Cost of Attendance - SAI = Financial Need
Example: You are an undergraduate In-State Rowan University student living on-campus. Your Cost of Attendance is $32,539 and your SAI is 5,591. Your financial need is $26,948 (32,539-5,591). Therefore, you are eligible for need-based aid that does not exceed $26,948. Need-based aid includes grants, subsidized loans and work-study.
Example: You are an undergraduate In-State Rowan University student living on-campus. Your Cost of Attendance is $32,539 and your SAI is 38,788. Your financial need is $0 (32,539-38,788). A student with this profile will not be eligible for grants or work-study, but instead would be offered an unsubsidized student loan. Additional non-need-based aid can help cover your costs. This student could still receive scholarships and borrow private education loans, or a parent PLUS loan up to the total cost of attendance.
