Cost of Attendance and Packaging
Cost of Attendance
The cost of attendance (COA) is the average amount of money needed to cover costs related to attending AOMA for one academic year (three terms). This cost includes tuition and fees, books, and supplies, living expenses, transportation, and other miscellaneous expenses.
Estimates of living expenses are updated annually, and are drawn from US Census Bureau estimates of cost of living in Austin, TX. The cost of tuition is based on the average enrollment of students enrolled full-time in AOMA’s Master’s program.
Example Cost of Attendance (Estimated)
The cost of attendance figures listed below are estimates, and are subject to change. Figures are based on three-month academic quarters (terms), and are reflective of a student starting his/her first term in Fall 2011.
2011 - 2012 Academic Year (three terms)
|Books & Supplies||$1,500|
|Room & Board||$9,153|
|Average Loan Fees||$205|
Financial Need and Packaging
A student’s financial need is determined by subtracting the EFC from the COA. This number is used as the basis of eligibility for need-based financial aid, like Direct Subsidized Loans and Federal Work Study. The Financial Aid Office packages Direct Subsidized Loans first (depending on the student's eligibility), followed by Direct Unsubsidized Loans, Federal Work Study, and Direct PLUS Loans. The difference between the Direct Subsidized Loan award and the total Direct Loan limit for graduate/ professional degree students ($20,500) may be covered by unsubsidized loans, if the student elects to borrow these funds. Students must recertify for financial aid each three-term BBAY, and may make changes to their aid selections at this time.
The following is an example of how financial need is calculated and used to award need-based aid. The calculations below refer to AOMA’s three-term BBAY, and represent an example of an aid package. Individual award amounts will differ depending on a student’s eligibility.
|Cost of Attendance||$25,686|
|Expected Family Contribution||- $0|
|Direct Unsubsidized Loan, Maximum Available||- $20,500|
|Federal Work Study Award||- $2,000|
|Personal Income or Direct PLUS Loan||- $3,186|