Final answer:
The cost of going to college for a student who owns their own home and doesn't plan to live in the dorm includes out-of-pocket costs like room and board and an opportunity cost of lost earnings.
Step-by-step explanation:
The cost of going to college for a student who owns their own home and doesn't plan to live in the dorm is not limited to just the tuition, books, and other expenses. There are also out-of-pocket costs like room and board that need to be considered. Additionally, attending college comes with an opportunity cost of lost earnings as it is impossible to work at a paying job while attending classes and studying.