What Does it Cost to Attend DePauw University?
Planning for college costs is a significant concern for many families, and this is more and more true as college costs continue to rise. In 2016, the average family paid over $100,000 for a degree from a private four-year university and over $50,000 for a four-year degree from a public university. It’s no wonder that so many families apply for financial aid, loans, and scholarships to help shoulder the financial burden.
One thing that makes planning for college costs especially difficult is the broad range of variability from one family and college to the next. Predicting college costs is difficult, but doing so accurately is also very important. In this series of posts, we at CollegeVine take a close look at college costs at over 1,000 different schools to help families determine just how much they might pay to attend college. In this post, we look at how much you might expect to pay at DePauw University.
Why Are College Costs So Variable?
The main reason that college costs vary so much is the large number of factors that impact them. Because it’s rare for every factor to line up in exactly the same way, it’s also rare for two families to pay the same exact amount out of pocket, even at the same school. Having a better understanding of what the factors are and how they come into play can give you a better idea of what your family might expect to pay for college.
The starting point for determining college costs is typically a college’s list price, or sticker price. This is the cost of attending the school full-time, including tuition, room and board, and fees. It does not take into account any type of financial aid, so it’s basically the highest amount anyone might expect to pay there. At some schools with a large number of commuter students, room and board might be excluded from the sticker price, so always confirm what’s included when you compare sticker prices.
Net cost is the next step in considering college costs. Net cost is the amount that a family pays out of pocket to attend a school, and it depends on how much a student receives in federal, state, and local aid, institutional aid, and merit scholarships. The average net cost at a college can help to indicate what you might expect to pay after deducting financial assistance from the list price.
What is the List Price at DePauw?
In 2016-2017, the list price at DePauw was $60,888. DePauw is a private school, so students pay the same list price regardless of their state of residence. Few students actually pay the entire list price, though. The students who do tend to pay list price usually have a combined family annual income of $175k or more.
What is the Net Cost of Attending DePauw?
For families for qualify for financial aid, the average net cost of attending DePauw is $51,753, regardless of that student’s state of residence.
What is the Cost Based on Income of Attending DePauw?
The amount of financial aid a family receives is typically directly linked to their income, with lower income levels receiving more financial aid. For this reason, it can be helpful to further break down net cost according to income level.
At DePauw, the net cost according to family income level is as follows:
|Family Income||Average Net Price|
How Many Students Take Out Loans to Attend DePauw?
It’s not entirely uncommon for DePauw students to take out a loan to help defray initial college costs. In 2017, 36% of students had loans to help pay for college and the average federal student loan per undergraduate student was $4,999.
The initial cost of college can seem daunting, but viewing it as a long term investment in the future is a smart way to frame your thinking. Student outcomes at the colleges you consider can help to give you an idea what kind of return you can expect on your investment.
At DePauw, 83% of students who begin a degree program complete it within six years and their ten-year average salary is $54,000.
Local Area Cost Considerations
Another consideration while planning for college costs should be the local economy. Cost of living expenses can vary broadly across the country, and while tuition and fees make up the bulk of your college expenses, there will inevitably be other costs that arise, especially if your student chooses to live off campus at some point.
DePauw is located Greencastle, IN. The cost of living index in Greencastle is 85.4, meaning it is about 15% below the national average. While utilities, healthcare, groceries, and transportation are all priced below average in Greencastle, the biggest cost savings comes in the form of housing which is priced roughly 33% below average. A studio apartment in Greencastle rents for about $605/month while a three-bedroom rents for roughly $1100/month.
The job market in Greencastle is also decent. Unemployment rates are slightly below average and projected job growth is slightly higher than average. Minimum wage in Indiana is slated to increase to $10/hr in June 2019, and will reach $15/hr by 2021. The median hourly wage is roughly $18/hr.
Other Ways to Pay for College
Scholarships are a great way to augment your family’s college funds. Some people think that you must be a nationally ranked athlete or top scholar in order to secure one, but in reality there are many scholarship options available at many different levels.
One of the biggest scholarship programs in the country is the National Merit Scholarship Program, through which high school juniors who take the PSAT qualify for awards based on their scores. Other students can also qualify for awards by taking the PSAT through the National Hispanic Recognition Program and other scholarships sponsored by 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.
Of course, the National Merit Scholarship is just one of many programs available. Plenty of scholarships exist on a smaller scale too, for specialized niches, students from specific regions, or students of a certain background or identity. To learn more about some of the scholarships available check out these CollegeVine posts:
Footing the bill for a college education is a difficult enough task on its own. It doesn’t need to be made harder by uncertainty surrounding just how much you’ll need to budget. For more assistance anticipating college costs, applying for financial aid, or securing scholarships, consider the benefits of the CollegeVine Applications Guidance service. Here, you will be paired with a personal admissions specialist from a top college who can provide step-by-step guidance through the entire application process, including the funding options available to your family.
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