What does COA stand for in the context of financial aid?

In the context of financial aid, COA stands for Cost of Attendance. This term refers to the total expense a student incurs while attending college for an academic year. It includes not just tuition and fees, but also costs for room and board, books and supplies, transportation, and personal expenses. Understanding COA is crucial as it helps students and families assess how much financial aid is needed to cover all educational expenses.

The Cost of Attendance helps institutions determine a student's financial need by comparing it to their Expected Family Contribution (EFC). This allows schools to create financial aid packages that can include grants, scholarships, work-study, and loans to adequately support a student's education.

The other options do not accurately represent the term defined within the realm of financial aid. Understanding these definitions is essential for students navigating the financial aid process, ensuring they make informed decisions regarding funding their education.