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Understand My Costs

Understand My Costs

As you develop a plan to finance your college education, it is important to understand the total cost. Total cost is a combination of direct and indirect costs. Direct costs include tuition, fees, room and meal plan.  These are the costs most students consider first when budgeting for their education. In addition to direct cost, students should consider indirect costs such as books, transportation and living expenses. A sound plan needs to account for both direct and indirect cost.

The resources below may help you form a clearer picture of the costs you’ll need to meet through both financial aid and/or an out-of-pocket family contribution.

Direct Costs

For the 2020-2021 academic year, a full-time undergraduate living in the typical residence hall and signed up with the typical meal plan would have the following direct costs:

Tuition                                   $40,288

Fees                                      $1,740

Orientation fee (one time)   $250

Room                                    $7628

Meal Plan                             $5918

Total Direct Costs                $55,824

Indirect Costs

Indirect costs are different for each student. These costs may include books, supplies, computer, transportation, air travel, recreation and others.  You should be thorough in calculating your indirect costs so that your budget will be as accurate as possible.