College Affordability

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Understanding the cost of college

Cost of attendance

Is college affordable?

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Understanding the Cost of College

Published tuition and fees vary by institution type. Since 2010, colleges increased tuition and fees at a slower rate than compared to earlier years. Average published tuition and fees have increased over time.

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Cost of Attendance

Students pay for more than just tuition and fees when enrolling in college. Costs for books, supplies, room and board, and other expenses are similar across institutions types. All student expense categories have increased over time, not just tuition and fees. Average federal cost of attendance has increased over time.
Is College Affordable?

No agreed upon measure of affordability exists. Affordability is subjective and requires that one take into account not only a student’s income and assets, but also the other expenses the student or family have. From a state perspective, one could ask – for which students, are college costs a barrier to enrollment? Measures of affordability, such as net price and EFC, vary by the type of college attended and generally increase as income increases.

Understanding the cost of college

Postsecondary

“College”, “postsecondary education”, or “higher education” are different ways of describing any type of education or training one receives after graduating from high school or getting a GED. The Minnesota Office of Higher Education (OHE) collects data on public colleges and universities in Minnesota, and private colleges which are licensed or registered under state law. To find a complete list of colleges visit the Institution and Data Search page on OHE’s website.

Published tuition and fees

The amount of tuition and required fees covering a full academic year most frequently charged to students. These values represent what a typical student would be charged and may not be the same for all students at an institution. If tuition is charged on a per-credit-hour basis, the average full-time credit hour load for an entire academic year is used to estimate average tuition. Required fees include all fixed sum charges that are required of the majority of students.

Sticker price

This term refers to the published tuition and fees of a college.

Cost of attendance

Books & supplies, federal cost of attendance

The average cost of books and supplies for a typical student for an entire academic year (or program). Does not include unusual costs for special groups of students (e.g., engineering or art majors), unless they constitute the majority of students at an institution.

Federal cost of attendance

The amount of tuition and fees, room and board, books and supplies, and other expenses that a full-time, first-time degree/certificate-seeking student can expect to pay to go to college for an academic year. Costs reported by the institutions are those amounts used by the financial aid office to determine a student’s financial need, and eligibility for federal financial aid.

Other expenses, federal cost of attendance

Other expenses include typical costs that students pay for transportation, and other personal expenses.

Off-campus housing, federal cost of attendance

Average costs for residing in any housing facility that is occupied by students but is not owned or controlled by the educational institution.

On-campus housing, federal cost of attendance

Any residence hall or housing facility owned or controlled by an institution within the same reasonably contiguous geographic area and used by the institution in direct support of or in a manner related to, the institution’s educational purposes.

Room and board, federal cost of attendance

The average cost of housing and meals for a typical student for an entire academic year (or program), based on the housing option chose by the student.

Is college affordable?

Affordable

This term implies that a student has adequate resources to pay for college expenses.

Expected Family Contribution (EFC)

EFC is a number used by the college to calculate how much financial aid you are eligible to receive. The number is based on a formula set by federal law based on reported income and assets on the Free Application for Federal Student Aid (FAFSA). Amounts vary based on number in the family, number attending college, age of the parent/guardian, employment status, and other factors.

Net price

This is the amount students and families must pay after subtracting all grants and scholarships. It’s also referred to as the out of pocket cost.