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College Costs |    

Cost of Attendance

Determining Educational Expenses

Financial aid professionals annually research the current expenses for a full-time student to attend CU-Boulder. Only expenses required for attending the university are included. The Colorado Commission on Higher Education and the Department of Education have established guidelines that are followed in calculating educational expenses and inflation is taken into consideration.

Cost Budgets

Cost budgets are the estimated reasonable expenses for attending CU-Boulder. These budgets are developed by the Office of Financial Aid for each academic year and for each summer session. The budgets include: (1) direct education expenses (tuition, fees, books, and supplies) and (2) indirect education expenses (room, board, personal, medical, and transportation).

Because cost budgets include many categories, you may spend more or less than the budget outlines. For example, you may only spend $400 for books and supplies even though the amount budgeted is higher. However, you may pay more for your rent and utility bills than the amount budgeted. The amount you spend, except for tuition, fees, and books, is up to you and depends on the lifestyle you choose. The cost budget reflects the costs for living comfortably, but not extravagantly, in Boulder. If you choose to live a more affluent lifestyle, you need to plan on spending more of your own money.

If you have unusual expenses not reflected in the standard budget, you can submit a Professional Judgment appeal.

Costs Included in the Budget

The student cost budgets for the 2006-07 academic year include the following:

Tuition

Estimated undergraduate tuition ranges from $5,643 to $8,343 for resident students and from $23,539 to $26,389 annually for nonresidents, depending on the academic program. The Bursar's Page has more information about tuition.

Fees

Mandatory student fees are estimated at $1,089.16 for undergraduates and graduate students. The Bursar's Page lists all of the fees.

Books and Supplies

The $1,698 allowance for books and supplies includes an allowance for supplies and photocopying.

Room and Board

The $8,300 room and board allowance is the estimated cost of living in university housing. You can find more information about housing at housing.colorado.edu.

The off-campus room and board allowance also includes food, rent, and utilities. The total budgeted for students living off campus is $7,640.

Personal Allowance

This category includes clothing as well as recreational and personal expenses and is estimated at $1,161.

Transportation

The cost of maintaining an automobile for the academic year is included for Colorado residents. The budget for out-of-state students (nonresidents) includes two round-trip airline tickets. The total allowance is $675 for residents and $1,639 for non-residents.

Medical

The budget for medical expenses ($1,746) includes mandatory medical insurance through the university's student group plan. Additional services such as prescriptions and laboratory fees at the student health center and one routine dental exam, cleaning, and one filling are also included. If you already have health insurance, you can apply for a fee waiver through Wardenburg Health Center.

Emergency medical treatment is considered an extraordinary expense. Students who need help paying for emergency care can appeal for an increase of their cost budget and may receive additional financial aid. Documentation of emergency care must be provided to a financial aid counselor.

Child Care Costs

Allowable day-care costs (if applicable) are figured at $750 per month per child for two children. This amount is based on a survey of Boulder area costs for full-time child care. Child care expenses are not included in the standard budget, but if you have child care expenses, we can increase your cost of attendance based on the amount you spend on child care. Complete the Child Care Expenses Form (PDF) to do so.


Sample Budgets

Single Student Cost Budgets 2007-08 (Nine Months)

  On-Campus Housing: Off-Campus Housing:
Tuition and Fees: Resident / Non-Resident $ 6,635 / $ 24,7971 $ 6,635 / $ 24,7971
Books/Supplies 1,698 1,698
Room and Board2 9,088 8,091
Personal3 1,197 1,197
Transportation: Resident / Non-Resident 1,215/1,891 1,215/1,891
Medical Expenses 1,800 1,800
Total $$21,633/ $40,471 $20,636 / $39,474

1First figure is in-state tuition, second figure is out-of-state tuition. All figures are based on full-time enrollment in the College of Arts and Sciences and assumes that resident, undergraduates have applied for and authorized use of the College Opportunity Fund.

2Off-Campus rent, utilities, and food is included.

3Personal includes personal, recreation, and clothing costs.

Importance of Money Management

Most financial aid programs do not keep up with the rising costs of attending college, so it is very important for you to manage your financial resources wisely. You are probably living the most frugal years of your life while in college, and you may be learning for the first time how to manage your own money and stretch your dollars. Money problems can be a major obstacle to a successful and enjoyable experience in college. This fact sheet of tips will help you manage your money more efficiently.

Good money management helps solve the mystery of where your money goes, allowing you to know your financial situation at all times and avoid a financial crisis. Effective money management strategies include deciding what extras you can afford at any particular time.

Managing Your Money Effectively

Budgeting is a personal matter, and you should find the system that works best for you. You may like a detailed budget plan, or you may manage better using a few simple techniques. The following suggestions can be a part of your own money management.

The basic steps to budgeting are the same, no matter what system is used:

  1. Estimate your income for the budget period. Include your savings, financial aid, summer job and school-year earnings, and any contributions from your family.
  2. Estimate expenses. Fixed expenses such as tuition and fees should not vary within the academic year. Other costs, such as off-campus room and board, transportation, and personal expenses may vary, but are within your control. Anticipate special expenses such as deposits, telephone installation fees, and gifts, and include these in your planning. You should know which expenses, such as tuition and fees, must be paid in full and which expenses can be paid weekly or monthly. Plan ahead and set aside the money in advance for these expenses.
  3. Keep a record of actual expenses. You should keep a budget notebook and write down what you spend. Listing expenses by categories gives you an accurate picture of how you spend your money. For example, you might separate direct and indirect education expenses. Indirect expenses include transportation, room and board, medical, and personal expenses, while direct expenses are tuition, fees, books, and supplies. In a broad category such as personal expenses, it is easy to lose track of exact expenditures, so break down this category further into clothing, recreation, personal items, and household expenses.

Stretching Your Budget

The following tips can help you stretch your dollars:

Housing

  1. Try to find roommates to share the rent.
  2. If you plan to live on campus, choose lower-cost accommodations.
  3. Married students or single parents should consider living in university-owned family housing.
  4. Use the Off-Campus Student Services Office to locate a room or apartment and a roommate.

Grocery Shopping

  1. Determine a food budget and make menu plans. Stick to both.
  2. Read labels and use unit pricing to calculate the best buys.
  3. Try store brands or generic items.
  4. Buy produce and fresh fruit in season.
  5. Use a grocery list and don't shop when you're hungry.
  6. Use coupons wisely; buy multiples of sale items that you use frequently.
  7. Read ads for food specials.
  8. Avoid buying convenience foods; they are more expensive.
  9. Meal plans are available through the university. Check with the housing office or UMC food service for prices.

Books and Supplies

  1. Softback books are less expensive than hardback editions.
  2. Buy used books whenever possible.
  3. Share or exchange books with classmates when possible.
  4. Check out library volumes or use texts placed on reserve.
  5. Conserve on notebook paper; write on both sides.
  6. When selling used books, be selective. You may want to keep some for research or graduate study later on. If you do sell your used books, try to sell them to other students instead of back to the bookstore. Often you can get a better price.
  7. Many supplies (such as paper, pencils, pens) cost less at chain grocery or discount stores.

Saving Tips

  1. Shop during sales and buy only the items you would ordinarily buy.
  2. Take advantage of free concerts, plays, lectures, and other activities on campus and in the community.
  3. Try the bartering system with skills such as typing and babysitting.
  4. Read ads carefully and check various stores for the best price on items you need.
  5. Shop at garage sales for bargains to decorate and furnish your room or apartment.
  6. Never owe more than 15 percent of your monthly income.
  7. Deposit enough money in a separate savings account each month to cover your fixed expenses. Don't use that money for anything else.
  8. Shop infrequently.
  9. Understand why you go shopping. If it is because you're bored or depressed, find something less expensive to do instead. Leave your credit card at home to avoid impulse buying.

After a couple of months of keeping a list of expenses, you should have a good idea of where your money is going. At this point, you can adjust your spending pattern and revise your budget. If you have questions or have financial problems, financial aid counselors are often able to help you identify sources of assistance.

Practice Budget Sheet

Annual Income
  Summer job earnings    
  School year earnings    
  From savings    
  From parents/relatives    
  Scholarships    
  Grants and loans    
Total Annual Income   Divided by 12 = Total Monthly Income $  
 

Monthly Expenses

  Estimate Actual   Estimate Actual
  Major fixed expenses                                         Flexible expenses                                      
  Tuition/Fees       Books and Supplies    
  Rent       Food and beverages    
  Medical insurance       Gas and electric    
  Auto insurance       Household supplies    
  Property (Renter's) insurance       Clothing    
        Auto upkeep (gas, oil)    
  Debt payments       Recreation    
  Auto       Personal care    
  Other       Gifts    
        Telephone    
  Savings       Medical and dental    
  Emergency fund       Transportation    
  Other       Other    
           
  Column 1 Subtotal       Column 2 Subtotal    
    plus Column 1 Subtotal    
    Total Monthly Expenses  $  $
Adapted from Iowa State University Extension Service

 

    

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