What room and board expenses are covered?
The student (beneficiary) must be enrolled at least half-time at a qualified college for room and board to be considered a qualified expense. For students living with their parents and for students living off-campus, the qualified room and board amount is the cost of attendance allowance for federal financial aid purposes at the college of choice. For students living on-campus, the qualified room and board amount is the actual amount charged by the college, even if it is greater than the cost of attendance allowance.
The beneficiary must be enrolled at least halftime for room and board expenses to qualify and there are limits on the total room and board allowed per academic year. The limit for room and board will be based on a stated “cost of attendance” provided by each institution. This allows for more realistic distributions in areas where the cost of living is higher.
The beneficiary must be enrolled at least half-time at an eligible post-secondary institution in order for room and board to be considered an eligible qualified higher education expense. For students living at home with parents, as well as students living in non-campus housing, the eligible educational institution’s “cost of attendance” allowance for purposes of determining eligibility for federal education assistance for that year will be the room and board amount treated as a qualified higher education expense. For students living on campus, the amount of room and board treated as a qualified higher education expense can be the actual invoice amount charged the student by the eligible educational institution, if it is greater than the “cost of attendance” allowance.
The beneficiary must be enrolled at least half-time at an eligible post-secondary institution which leads to a recognized educational credential in order for room and board to be considered an eligible qualified higher education expense. For students living at home with parents, as well as students living in non-campus housing, the eligible educational institution’s “cost of attendance” allowance for purposes of determining eligibility for federal education assistance for that year will be the room and board amount treated as a qualified higher education expense. For students living in housing owned or operated by the Eligible Educational Institution, if the actual invoice amount charged by the Eligible Educational Institution for room and board is higher than the “cost of attendance” figure, then the actual invoice amount may be treated as qualified room and board costs.
The cost of room and board may be treated as qualified higher education expenses only if it is incurred during an academic period during which the Beneficiary is enrolled or accepted for enrollment in a degree, certificate, or other program which leads to a recognized educational credential awarded by an eligible educational institution, and during which the Beneficiary is enrolled at least half-time. (Half-time is defined as half of a full-time academic workload for the course of study the student is pursuing based on the standard at the Beneficiary?s eligible educational institution.) The amount of room and board expenses that may be treated as a qualified higher education expense is generally limited to the room and board allowance applicable to the student that is included by the eligible educational institution in its ?cost of attendance? for purposes of determining eligibility for federal education assistance for that year. For students living in housing owned or operated by the
