Every US institution publishes a cost of attendance -- these estimates are the best way to compare costs associated with enrolling in a graduate program.
Understanding Cost of Attendance
The cost of attendance figure includes fixed expenses (like tuition and fees) and estimated expenses (like rent, food, and supplies). Put together those expenses helps you understand the true cost of attending a graduate program, factoring tuition and cost of living into a single total. MICA uses a 10-month student budget: August through May. Some institutions use a 9-month budget, others a 12-month budget. Be sure to double-check each institution's cost of attendance to ensure you're making an accurate comparison.
How Cost of Attendance is Used
Not only is the cost of attendance helpful for planning your student budget, but it is also used for two practical parts of the admission process:
- Federal Student Aid (FAFSA): When awarding federal aid funding, the FAFSA uses MICA's cost of attendance figure to determine how much funding you might require. When you correctly complete the FAFSA form, you qualify for federal loan funding equal to the cost of attendance minus scholarships. Students are not required to take all student loans offered; you can customize what you borrow to what you need.
- I-20 for Student Visas: If you are an international student, you are required to demonstrate that you have financial resources to cover the cost of attendance minus scholarships in order to receive a student visa. For more information on financial requirements for international students, please visit our I-20 preparation page. International students are not eligible for federal student loans without a US citizen or permanent resident as a cosigner.