According to 2012 data, four-year, public institutions in Maryland enroll a slightly higher share of students than is exhibited nationwide. In Maryland, 40% of all undergraduates and 52% of full-time undergraduates attend these institutions. Moreover, tuition and fees at Maryland public four-year institutions only increased 0.3% (or $31) according to the College Board. This marginal increase in tuition and fees was the result of a four-year tuition freeze that was initially implemented by Governor Martin O'Malley in 2006. Prior to the freeze Maryland tuition and fee rates were 32% above the national average in 2004 (College Board, 2012). Despite the successful moderation of tuition and fees, the state is still very much concerned with the issue of college affordability. This report focuses on the impact of net cost of attendance (NCOA) on student persistence and completion. NCOA is the student's cost of attendance minus all financial aid received. The more financial aid a student receives, the lower their NCOA. If a student receives no financial aid, the NCOA is simply the institution's cost of attendance or "sticker price." For this study, an institution's cost of attendance includes tuition, room and board (on or off campus), books, supplies, transportation, and fees. Thus, the cost of attendance reflects the attendance and commuter status of the student. The two research questions guiding this study are: (1) How does NCOA at public four-year institutions impact the odds that a student will return for a second year (i.e., persistence)? and (2) How does NCOA at public four-year institutions impact the odds that a student will complete a degree in four years (i.e., completion)? Findings indicated: (1) a significant number of students from low- and moderate-income households have considerable unmet financial need after all financial aid and expected family contributions (EFCs) are considered; (2) considerable inequities exist in second-year persistence and four-year degree completion by family income decile; and (3) NCOA had a statistically significant, negative effect on both persistence and four-year degree completion for students in the two lowest income quintiles -- that is, 40% of the students in each cohort sample.