COA

The Cost of Attendance (COA) is an estimate of a student’s educational expenses for a period of enrollment. It is established annually and used to determine a student’s maximum financial aid eligibility for an academic year. In accordance with regulations governing federal student aid programs, a student’s total financial aid package, including loans, may never exceed the COA.

Expenses Not Covered

Federal regulations state that the student budget must only include education-related expenses. Examples of costs that will not be included in the COA are:

• Spousal expenses.
• Moving or relocation expenses.
• Vehicle purchase or lease.
• Consumer debt, such as monthly credit card, vehicle, or student loan payments.

Periods of Non-Enrollment

Federal student loans are not available to cover expenses incurred during vacations or summer breaks. They may be borrowed during eligible periods of enrollment only. There are no exceptions to this rule.

Establishing and adhering to a budget based upon the standard allowances included in the COA can be a challenge for some. Some expenses, such as tuition and health insurance premiums, are established annually, making planning relatively simple. However, expenditures for monthly living expenses often fluxuate and, if not closely tracked, can cause students to exceed their budget. In order to avoid financial pitfalls, minimize stress, and achieve your goal of becoming a physician, it is imperative that you develop good spending habits and exercise self-discipline by creating and adhering to a lean personal budget.

Students who are receiving financial aid are encouraged to live as inexpensively as possible while enrolled at ACOM. Plan your living expenses carefully, and don’t assume that you need the full amount of the COA. You may be able to live for much less than the available allowances. Itemizing what you actually spend may help you to see where to cut costs. The Federal Student Aid website provides excellent resources to help you calculate your expenses and identify areas in which you may be able reduce your spending. In addition, we encourage you to utilize the many financial management resources available at http://www.cashcourse.org/, such as their Monthly Budget Worksheet.

We have listed a few suggestions for lowering your expenses while in school.

• Live with roommates in order to reduce the amount you pay in rent.
• Turn off lights and electronic devices when they are not in use to reduce energy costs.
• Learn to cook. You can eat healthy, delicious meals at home for a fraction of the price of dining out.
• Evaluate your wireless plan and eliminate unnecessary options.
• Shop in bulk, buy generic brands, and take advantage of coupons and store specials.
• Take advantage of loan deferment options.
• Walk or bike whenever possible.
• Plan all of your trips in advance and accomplish as many tasks as possible in a single trip. This will help to minimize your vehicle fuel and maintenance costs.
• When asked for gift ideas, ask for gift certificates to the places where you often shop.
• Avoid library fines, speeding tickets, and other needless expenses.
• Avoid snack and soda machines.
• Limit your purchases of expensive specialty coffee.
• Pay with cash or your debit card. Avoid using credit cards whenever possible.

Dependent Children

If you have children or other legal dependents who reside in your household and are under twelve years of age as of the first day of the academic year, you may be eligible to have an allowance for dependent care added to your COA. The allowance may be used to cover care during periods that include but are not limited to class time, study time, field work, internships, and commuting time. The amount of the allowance will be based on the number and age of eligible dependents and should not exceed reasonable costs in the community for the type of care provided.  This allowance is subject to a cap of $10,000 per student per academic year. Requests should be submitted no later than 30 days prior to the end of the term in which the costs are incurred. Requests will be reviewed on a case-by-case basis and are subject to the approval of the Director of Financial Aid.

Major Vehicle Repairs

If your vehicle requires a Major Repair in order to remain operational for the purpose of commuting to and from ACOM, we may be able to increase your COA. For the purpose of this policy, Major Repair is defined as the repair of a vehicle’s engine, transmission, drivetrain, axles, exhaust system or other major component. To be eligible for consideration under this policy, the repair costs must be incurred by the student during a period of enrollment at ACOM. This allowance is subject to a cap of $2,500 per student per academic year. Additional allowances for general vehicle maintenance costs are not permitted. Requests should be submitted no later than 30 days prior to the end of the term in which the costs are incurred. Requests will be reviewed on a case-by-case basis and are subject to the approval of the Director of Financial Aid.