What Does it Cost to Attend Denison University?
Planning for college costs is a challenge faced by many families. It’s not uncommon for private universities to cost over $60,000 each year, and even with financial aid the average American family can expect to pay more than $100,000 out of pocket for a four year degree from a private school. Consequently, it comes as no surprise that such a price tag can be daunting for many families.
What is a surprise, though, is that predicting the exact out of pocket cost for most families is very difficult, and some won’t know just what they will be asked to pay until their first bill arrives in the mail. That’s why we at CollegeVine have analyzed the costs of attending over 1000 colleges to help your family navigate college costs. In this post, we discuss what your family might expect to spend out of pocket at Denison University.
Why Are College Costs So Variable?
The reason that college costs vary so much from student to student is because of the wide range of factors that affect them. Everything from the school the student attends to how much the family earns and how much merit aid or scholarship money a student receives will impact how much a family pays out of pocket. While it’s difficult to predict just what your college costs will be, it’s helpful to break down some of the factors that will impact them to help you better understand how they’ll come into play.
One of the major factors that will affect your college costs is the college’s list price. List price, also referred to as sticker price, is essentially the all-inclusive cost of attending the college, including things like tuition, room and board, and any necessary fees. List prices can vary widely from one college to another, and public schools generally have lower list prices for in-state students, so it’s smart to consider a college’s list price when you first begin to think about college costs.
That being said, few families pay the entire list price so consider it a starting point. In fact, according to the National Center for Education Statistics, over 85% of full-time college students receive some kind of financial aid. For these purposes, net cost can be a more helpful statistic. Net cost is the amount that a family actually pays out of pocket after receiving financial assistance. Net cost depends on how much a family receives in institutional aid, merit aid, and federal, state, and local aid. The average net cost at a college can give you a clearer picture of how much families actually pay to attend that school.
What is the List Price at Denison University?
In the 2016-2017 school year, the list price at Denison University was $63,130. Being a private university, this list price is the same for both in-state and out-of-state students. Still, few students actually pay the entire list price. Instead, only those with a combined family income of $175k or more generally pay list price.
What is the Net Cost of Attending Denison University?
Denison has solid financial aid packages and offers generous merit aid. For students who qualify for financial aid, the average net cost with financial aid only is $54,313. For students without financial need who receive merit aid, the average net cost is $41,050.
What is the Cost Based on Income of Attending Denison University?
Financial aid is directly affected by a family’s income level. The less a family earns, the more financial aid they will typically receive. Hence, it’s a useful to break down net costs according to family income. At Denison, the net costs breakdown as follows.
|Average Net Price
How Much Merit Aid is Typically Awarded at Denison University?
Denison is among the top schools in the country when it comes to merit aid generosity. In 2017, 94.3% of students without financial needs received merit aid. The average merit aid award for a student without financial need was $22,080. This places Denison at 25th in the pool of over 1000 schools we analyzed for merit aid generosity.
How Many Students Take Out Loans to Attend Denison?
Taking out loans is neither overly common nor completely unusual at Denison. In 2017, 47% of students took out student loans to help fund their education. The average federal student loan per undergraduate student was $4,705.
A college education is essentially a long-term investment. For a significant upfront cost, you expect your student to receive lifelong higher earning potential. Looking at student outcomes from specific colleges can help you to gauge your potential return on investment.
At Denison, 80% of students who begin a degree complete it within six years. The average salary ten years after graduation is $48,800.
Local Area Cost Considerations
Tuition and fees won’t be your only expenses over the course of a four year degree. Other costs like transportation, groceries, or even off campus housing are bound to add up, so thinking about the local economy can help you prepare for some of those incidental costs.
Denison University is located in Granville, Ohio which is a suburb of Columbus. The cost of living index in Granville is 116, meaning it is about 16% more expensive than the national average. Groceries and transportation expenses are both slightly below average, but high housing costs drive up the cost of living in Granville. Students living off campus should expect to spend about $625/month on a studio apartment or $1191/month on a three-bedroom.
The job market in Granville is also generally aligned with the national average. Unemployment rates are average and while recent job growth has been below average, it’s projected to improve soon. The minimum wage in Ohio is $8.55/hr which is just a dollar above the federal minimum. There is currently a push by legislators to raise minimum wage to $15/hr by 2026, but nothing has been approved yet.
Other Ways to Pay for College
Scholarships are a great way to supplement college savings, and there are options for many different skill sets and niches. The largest scholarship program in the country is the National Merit Scholarship Program. This program attracts more than a million high school juniors each year who qualify by taking the PSAT. Eligible students receive awards based on their PSAT scores through the National Merit Scholarship Program, and other programs like the National Hispanic Recognition Program and awards from specific corporations or colleges. To learn more about the program, check out our post How to Qualify for the National Merit Scholarship Program.
Countless other scholarship options exist too. Some are large national talent searches and other recognize students on the local level or offer awards for special talents, community engagement, or special interests. You can find out more about the options that may be available to you in 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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