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Graduate Cost of Attendance Karen Sokol, Seton Hall Law G. Dino Koff, Geisel School of Medicine at Dartmouth Jill Bertrand, Harvard University.

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Presentation on theme: "Graduate Cost of Attendance Karen Sokol, Seton Hall Law G. Dino Koff, Geisel School of Medicine at Dartmouth Jill Bertrand, Harvard University."— Presentation transcript:

1 Graduate Cost of Attendance Karen Sokol, Seton Hall Law G. Dino Koff, Geisel School of Medicine at Dartmouth Jill Bertrand, Harvard University

2 Overview Quick review of the construction of our costs of attendance Tools we use to validate the expenses we use Sharing the data with students or other departments Variables we all deal with

3 Bedtime Reading Higher Education Act of 1965, as amended SECTION 472. COST OF ATTENDANCE

4 Standard Components Tuition & Fees Room/Board (Rent/Food) Books & Supplies (Computer) Miscellaneous/personal Transportation Loan Fees Credit Card Debt

5 Variable and Allowable Dependent Care Disability Expenses Study Abroad Less than half-time Cost of First License/Certification

6 Special Programs Internships Study Abroad Short Programs Conferences Law School Bar Exam Expenses

7 Families Spouse or Family Insurance Specialty Schools for Dependents Dependent Care Allowance Moving

8 BudgetYear 1 (10 mos.) Year 2 (10 mos.) Year 3 (12 mos.) Year 4 (12 mos.) Tuition$53,436 Rent (inc. utilities)8,000 9,4009,700 Food2,750 3,6003,900 Books and Equipment1, Microscope National Board/USMLE Exam 05352,4100 Local/Elective/USMLE/On Doc. Travel 250 1,1001,500 Student Activity Fee120 Health Insurance2,100 Disability Insurance60 Student Services Fee1,250 Miscellaneous3,4053,0304,2804,680 TOTAL$73,101$72,391$78,55677,446 Geisel COA

9 Budget Construction at Geisel Yearly Surveys Rent Food Travel Credit Card Debt Interview Costs (4 th year only) Entertainment Dining Out Medical Costs (co-pay and deductible) Dental Expenses Car Payment

10 Survey Monkey

11 Did You Know? Geisel Average : Rent: $684 Food: $225 CC Debt: $638

12 Did You Know? (Filtered) Geisel Average: Rent: $620 Food: $201 CC Debt: $605

13 Dental Expenses $111

14 Harvard Graduate School of Arts & Sciences COA Tuition$37,576 Facilities Fee$2,486 Active File Fee$300 Student Health Fee$930 Health Insurance$2,168 Graduate Student Council Fee $25 Total$43,485 Single Student Married Student Food$5,170$8,240 Housing$13,550$19,660 Books$900 Miscellaneous$5,570$5,925 Total$25,190$34,725

15 Budget Construction at Harvard Graduate School of Arts & Sciences Survey students in a base year Annually adjust for cost of living increase until next survey year /prices/consumer_price_indexes_cost_of_livin g_index.html /prices/consumer_price_indexes_cost_of_livin g_index.html

16 Harvard Business School MBA COA SingleMarried/DP Married/DP with One Child Married/DP with Two Children Tuition$53,500 HUHS Student Health Fee $930 Student Health Insurance Plan $2,168 Insurance Spouses/Dependents $0$4,922$7,506$8,804 Program Support Fee $6,690 Room & Utilities $10,800 ($1,200/mo) $16,641 ($1,849/mo) $21,123 ($2,347/mo) Board, Personal, Other $13,112 ($1,457/mo) $16,949 ($1,883/mo) $21,583 ($2,398/mo) $27,985 ($3,109/mo) Total$87,200$101,800$113,500$121,200

17 Budget Construction at Harvard Business School Conduct survey every other year Short survey with some open ended questions Continually find students spending too much on entertainment and recreational travel In general, find living expense budgets to be accurate

18 Seton Hall Law COA DIRECT COSTS FULL-TIME LAW Tuition $48,230 Fees$ 840 Total Tuition and Fees$49,070 INDIRECT COSTS Books/Supplies $ 1,400 Loan Fees* $ 204 LIVING EXPENSES Rent/Food $13,950 Transportation$ 1,800 Miscellaneous Expenses$ 4,572 TOTAL LIVING EXPENSES $20,322 TOTAL BUDGET$70,996

19 Budget Construction at Seton Hall Student Surveys –every other year College Board ed/financial-aid/living-expense ed/financial-aid/living-expense Health Insurance $3,770 annual

20 Licensing Expenses Step 1 Step 2 Residency Interviews Bar Exam

21 Thorny Issues Consortium Agreements Short Programs Family Issues- Health Insurance Legal Fees Credit Card Debt What Else Home Repair Undergrad/Graduate Previous Debt (non deferrable )

22 1.Au pair 2.In vitro 3.Slate Roof 4. New furnace 5.Bed Bugs 6.Kitchen Fires 7.Natural Disasters 8.Pet Surgeries 9.Recreational Travel 10.Supporting Extended Family Members 11.Private Schools for Kids while participating in Study Abroad Eleven Unique COA Increase Requests What Requests are in your Top 11?

23 NASFAA Monographs Monograph 20: Developing the Cost Attendance: Defines acceptable expenses and outlines consistent approaches for establishing reasonable levels for those expenses, while avoiding specific citation of figures, averages, or ranges

24 FSA Resources FSA Coach: /module.htm#m /module.htm#m FSA Handbook Vol. 3 Vol3Master1213Jun14.pdf Vol3Master1213Jun14.pdf

25 Thank You Karen Sokol, Assistant Dean for Enrollment Services G. Dino Koff, Assistant Dean of Student Affairs and Director of Financial Aid Jill Bertrand, Financial Aid Compliance and Training Officer


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