Cost of Attendance
For financial aid purposes, the Cost of Attendance (COA) is an estimate of the amount it will cost to attend ICOM and includes direct and indirect costs. COA includes specific components such as tuition and fees, books and supplies, loan fees, and living expenses (room, board, transportation, health insurance, and personal expenses). The COA figures listed below are estimated and subject to change at any time without notice.
2019 – 2020 Estimated Cost of Attendance
|Estimated Yearly Cost of Attendance||Cost (OMSI)*||Cost (OMSII)**|
|Room and Board||$15,820||$14,237|
|Books and Supplies||$1,000||$500|
|Estimated Total Cost of Attendance||$78,915||$77,000|
*OMSI based on a 10-month academic year for Room and Board, Transportation, and Personal Expenses.
**OMSII based on a 9-month academic year for Room and Board, Transportation and Personal Expenses.
What are direct and indirect costs?
Direct costs are those billed by ICOM; including tuition and fees and if selected, student health insurance. Indirect costs include things that are not charged by ICOM to the student such as additional supplies, transportation to/from ICOM, personal expenses, and room and board.
How is the Cost of Attendance determined?
The categories that may be included as allowable costs for Cost of Attendance are outlined in federal law (Higher Education Act, Sec. 472). The institution determines how to set the corresponding amounts and how often it will review the amounts. At ICOM, the Cost of Attendance is reviewed and established annually for each class and will vary if the length of the academic year varies (for example 9 months of attendance versus 11 months of attendance). ICOM uses national statistics and data from sources such as the US Census Bureau, USDA, US Bureau of Labor Statistics, and others to set an average cost for each category.
Are there any expenses that aren’t covered by the Cost of Attendance?
Yes, the Cost of Attendance includes expenses the student is expected to encounter due to their attendance at the institution (education related expenses). Examples of costs not included in COA are:
- Expenses waived or paid by other sources would not be added to the COA.
- Expenses incurred during period of non-attendance (prior to beginning an academic year or in breaks between academic years are not included in the COA). This includes moving/relocation expenses.
- Expenses incurred by a spouse or dependent.
- Expenses considered in the evaluation of need through the FAFSA application.
- Expenses that fall outside of COA components such as vehicle purchase or lease, or consumer debt.
What else should I know about COA?
Students aid cannot exceed the established COA per Federal regulations. Aid awarded and disbursed by ICOM is to be used for the cost of the student’s education and educational related expenses incurred while attending ICOM.