What Does it Cost to Attend Cooper Union for the Advancement of Science and Art?

College expenses are a concern for many families. This fact is relatively predictable given the rising cost of attending college. CNN reported that by 2016, the average family was paying over $100,000 out of pocket for a four-year degree from a private university. It comes as no surprise that more than 85% of college students receive some type of financial aid to help defray college costs.

What does come as a surprise for many families, though, is the difficulty of predicting college costs in advance. Wide variability in a number of different factors means that narrowing down college costs can be almost as intimidating as paying for them in the first place. That’s why we at CollegeVine have analyzed the costs of attending over 1000 different colleges to bring you this series. In this post, we look at how much your family might pay for a degree from Cooper Union for the Advancement of Science and Art.

Why Are College Costs So Variable?

Simply put, college costs vary widely because of the sheer number of factors that impact them. With so many cards at play, it’s rare that they will align in the same way from any one family to another. This means that price tags from one family to the next are bound to vary widely, but understanding some of the factors that influence them can help you to narrow in on what your own costs might be.

The first factor in college cost and arguably the most important is a college’s list price. This is basically the raw amount that it costs to attend a school including tuition, room and board, and any necessary fees. Sometimes people refer to the list price as a sticker price. The sticker price at a college can give you a baseline for comparing it to other colleges, but always confirm exactly what a sticker price includes before you draw any conclusions.

While list price gives you a good starting point for comparing college costs, net cost can be a more revealing data point. The average net cost at a college is the average amount that families pay out of pocket for their students to attend. Net cost is impacted by three primary factors. They are federal, state, and local aid, institutional aid, and merit scholarships. While average net cost is just a small glimpse of how much a family might pay to attend college, for many families it provides a clearer picture of college expenses.

What is the List Price at Cooper Union for the Advancement of Science and Art?

The list price at Cooper Union for the Advancement of Science and Art was $63,435 in the 2016-2017 school year. Cooper Union is a private college, so list price and other costs are the same regardless of where a student lives.

Having said that, few students actually pay list price. In general, only those families with a combined annual income exceeding $175k will pay the list price. Variation in familial income is a large factor in the variability of college costs at almost any given university.

What is the Net Cost to Attend Cooper Union for the Advancement of Science and Art?

The net cost to attend Cooper Union is $54,996 for students who qualify for financial aid. For students who do not qualify for financial aid, the net cost is $42,379.

What is the Income Based Cost of Attending Cooper Union?

The amount that a family receives for financial aid varies most significantly based on a family’s income. For our purposes, breaking down college costs according to family income then seems very reasonable.

At Cooper Union, the college costs based on family income are as follows:

How Many Students Receive Merit Aid at Cooper Union?

In 2017, merit aid was generous at Cooper Union. In fact, 100% of students who did not qualify for aid based on their financial needs, were offered merit aid. The average merit aid award for a student without financial need was $21,056. This places Cooper Union at 45th in the pool over 1000 schools we analyzed for merit aid generosity.

How Many Students Have Loans At Cooper Union?

Loans are another common way of helping to pay for Cooper Union. In 2017, 88% of students at Cooper Union had loans. The average federal student loan per undergrad student was $1,308.

Student Outcomes At Cooper Union

Paying for college can be thought of as a long term investment in the future. The initial expense is justified by long term increase in earning potential. Considering student outcomes can help to predict the possible return on your investment.

At Cooper Union, 86% of students who begin degree complete it within six years and the average salary ten years out is $64,900.

Local Area Cost Considerations

Cooper Union is located in New York, NY. This is one of the most expensive places to live in the country, so planning for increased spending should be an important consideration. The cost of living index in New York City is 209.3, meaning it is roughly twice as expensive as the national average. Groceries, transportation, and utilities are all significantly more expensive in New York, but the most significant expense is housing.

For students who want to live off campus in New York, rent prices are not cheap. A studio apartment averages over $1700/month and a three-bedroom goes for around $2600/month.

The job market in New York is around average. Unemployment rates and projected job growth are in line with national averages.   The minimum wage in New York state is currently $11.10 and it is slated to increase to $15/hr in coming years. The median hourly wage in NY is over $21/hr.

Other Ways to Pay for College

Scholarships can be a great way to help fund a college education. The National Merit Scholarship Program is one of the most widely recognized programs in the country. It attracts more than one million participants annually, as every high school junior who takes the PSAT is eligible. More than 50,000 students receive recognition and other awards are also given by the National Hispanic Recognition Program and other specific corporations and individual colleges. You can find more information about the program in our post How to Qualify for the National Merit Scholarship Program.

Many students find other scholarship opportunities that are good fits for them. These can range from large national contests to smaller, local or more specialized scholarship organizations. You can learn more about some of the scholarship opportunities available to you through these CollegeVine posts:

• 15 College Scholarships for High School Juniors
• 15 College Scholarship Resources for High School Students
• A Guide to STEM Scholarships
• Scholarships and Competitions for students in the Performing Arts

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