How much does college cost? A complete guide to tuition, fees and financial aid

The total cost of college attendance includes much more than tuition. In addition to college tuition costs, students should budget for housing, meals, books, transportation, personal expenses and other educational costs. Understanding a school's cost of attendance — and the financial aid available — can help you estimate what you'll actually pay.

What is cost of attendance?

One of the most important numbers to understand when comparing colleges is the cost of attendance. The cost of attendance is a standardized estimate colleges use to calculate your total educational expenses for one academic year. It's also the figure schools use when determining your eligibility for financial aid. While your actual expenses may differ, the cost of attendance provides a useful estimate for comparing colleges. 

Net price typically includes:

• Tuition. Tuition is the cost of taking classes and earning college credit. 
• Fees. Colleges may charge mandatory fees that support student services, technology, recreation and campus facilities. 
• Housing and meals. Living expenses vary depending on whether you live on campus or off campus. 
• Books and supplies. These expenses include textbooks, course materials and required equipment. 
• Transportation. This includes bus or light rail fare, parking fees if you drive, and rideshare costs.
• Personal expenses. These vary based on your spending habits but could include clothes, entertainment and hobbies.

After adding up the totals, be sure to factor in any financial aid you might receive. That will leave you with your net price. The net price is the amount you'll likely pay after grants and scholarships are applied. Unlike loans, grants and scholarships generally don't need to be repaid, making net price a more useful figure than tuition alone when comparing colleges. 

Cost of attendance = estimated total cost.

Net price = cost after grants and scholarships.

Your cost of attendance depends on factors such as:

• Whether you're a resident or nonresident.
• Your degree program.
• Whether you live on campus, off campus or at home.
• The number of credit hours you take.
• Your personal spending habits.

Many colleges also provide a net price calculator or cost of attendance calculator that estimates your expenses based on residency, housing choices, enrollment status and potential financial aid. These tools can help you compare colleges before applying. ASU's cost of attendance calculator can help you estimate your total cost before financial aid. 

College financial aid

College financial aid can significantly reduce your out-of-pocket costs. Financial aid may come from federal and state governments, colleges, private organizations, or employers. The earlier you apply, the more opportunities you may have to receive aid. 

Types of financial aid

• Federal aid
• Grants. Grants are typically awarded based on financial need and usually don't have to be repaid. 
• Work-study. Federal Work-Study allows eligible students to earn money through part-time jobs while attending college. 
• Federal student loans. Student loans can help cover college costs but must generally be repaid with interest after graduation. 

The Free Application for Federal Student Aid shows you how much of this federal aid you qualify for. Be sure to complete the FAFSA each year.

• Institutional scholarships, such as ASU’s New American University Scholarship, which you’re automatically considered for upon admission.
• Program scholarships. 
• Private scholarships. If you choose ASU, you can check Scholarship Universe to see what’s out there once you’re admitted.
• Student employment. ASU has more than 10,000 student workers.
• Loans. Only borrow as a last resort.

How to estimate your college costs

1. Review the school's cost of attendance.

2. Complete the FAFSA.

3. Estimate grants and scholarships.

4. Subtract grants and scholarships to calculate your net price.

5. Consider any student loans or work-study opportunities.

6. Estimate your personal expenses. 

Common misconceptions about college costs

So, how much does college cost? The answer depends on the college you attend, where you live, your enrollment status and the financial aid you receive. Looking beyond tuition to understand the full cost of attendance — and comparing each school's financial aid opportunities — can help you make a more informed college decision.