What is the opportunity cost of going to college for a student receiving a scholarship?

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Since scholarships often cover not only tuition fees but the cost of living as well, then the opportunity cost in such a scenario will be determined by the potential income a student on scholarship could’ve gained if he or she did not choose to attend college instead. Nevertheless, if it is not a full-ride scholarship, the opportunity cost will still be calculated based on the expenses that a student has.

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