The study examined cost as a predictor of student engagement along with ability self-concept and task value. Self-report data gathered from 226 Filipino college students were analyzed using Hierarchical Regression. Results showed that all three variables predicted student engagement, although only one cost dimension predicted it. This dimension is outside effort cost, which involves activities and responsibilities that are not part of students’ classes, but require their time and attention. The results confirmed the study’s hypothesis in which an increase in cost leads to decreases in student engagement. Also, ability self-concept and task value have positive relationships with student engagement such that increases in both lead to increases in affective, behavioral, and cognitive engagement. Such engagement has indicators that include participation, enjoyment, working with classmates and attentiveness in class. Findings of the study are discussed in the context of the Expectancy Value Theory.