 When we talk about costs of study, what are the various components to that cost for undergraduate and graduate degrees? First of all, thank you very much for inviting me today. Well, basically for both undergraduate and graduate students, some of the elements that need to be taken into account are the tuition, the actual costs of the hours of study for each semester, the fees that a university will require, which are mandatory, the living expenses that will be room and board, that means dormitories or housing on campus or off campus, and of course food if it's provided by the university or for student has to pay for that on their own. The books, the insurance, which is very important in the United States for health insurance for students, personal and settling in expenses. Things that need to be taken account also are what part of the United States will a student be living in. The cost of living can vary greatly between the coasts of the U.S. and the center or the middle of the U.S. or the south southern part of the United States. The weather would of course affect the expenses if you come from a warmer climate and all of a sudden have to purchase additional clothing, things like that. For graduate students they may be coming with or without a family, so the expenses for the dependents would have to be taken into account as well, and whether the university offers on campus housing for graduate students, postgraduate students or not will also affect the budget. So really it is a holistic, comprehensive look at not just how much the tuition costs, but everything that surrounds those 12 months of the year. Costs are usually quoted on a nine month academic calendar, so another thing that students should look at is if they're going to stay and study over the summer, will that be an extra expense or not?