Paying for College - Overview

The costs of attending college can vary widely, depending on whether the school is a community college, a state university, or a private college or university. Are you in-state or out of state? Will you graduate in 4 years? And it’s more than just tuition, room & board. In general, the total cost of attending college includes:

• Tuition & fees

• Books & supplies

• Room & board (consider area's cost of living)

• Transportation

• Health insurance

• Personal expenses

• Number of years attending (read about Graduation Rates)

However, the “sticker price” of a particular school is only the beginning. Depending on the school, your family’s financial situation, your academics, your financial and/or merit aid, the cost may be reduced significantly.

Joining a sorority or fraternity will add to your personal expenses and some can be very costly. Check with your college and the chapter to see what your expenses will be.

Here is the calculation used by all U.S. colleges & universities:

COA - EFC = DN

Cost of Attendance minus Expected Family Contribution equals Demonstrated Need

Cost of Attendance (COA)

All colleges are required to calculate their estimated cost of attendance & have the information readily available. You can generally find it on a school’s Financial Aid page, or on sites such as Naviance, Big Future, or College Data.

Expected Family Contribution (EFC)

Expected Family Contribution is an amount officially determined by filling out the FAFSA (Free Application for Federal Student Aid) and possibly the CSS/Financial Aid PROFILE (depending on the school’s requirements). However, there are calculators that will closely estimate your EFC, such as this one. See Fairview's FAFSA and CSS PROFILE page for more information.

Demonstrated Need (DN)

Often times, Demonstrated Need will be met in a Financial Aid package from the college, which may include:

Scholarships and Grants 

Need or merit-based awards from federal, state, school or other sources that do not need to be paid back

Work-Study

Paying jobs provided by school

Loans

Federally backed student loans

Unfortunately, not all schools are able to meet 100% of a student's Demonstrated Need. This may be an important factor when choosing which schools to apply to. You can learn whether a certain school will meet a student's Demonstrated Need by looking at its profile on sites such as Big Future, or College Data.

• Expected Family Contribution Calculator

• Consumer Financial Protection Bureau: Paying for College

• Colorado Department of Higher Ed Financial Aid Planning for Students