What Does it Cost to Attend Elon University?

Many families anticipating college expenses experience sticker shock when they see the annual price tag attached to most four-year universities. This is because it’s not uncommon for these prices to exceed $60,000 per year. Luckily, most families don’t end up paying this out of pocket, thanks to help from financial aid and other resources.

That said, how much do families end up paying for college? CNN reported in 2016 that the average American family was paying upwards of $100,000 for a degree from a private four year college. Should your family prepare for the same?

Predicting college costs can be difficult because many factors impact how much you will ultimately pay for college. In this series of posts, CollegeVine analyzes costs at over 1000 schools to help you more accurately predict how much you’ll spend. To learn what you might pay at Elon University, don’t miss this post.

Why Are College Costs So Variable?

Simply put, college costs vary widely due to the vast number of factors that affect them. Everything from the college to the family to the specific student will play a role in a family’s out of pocket costs. To better understand how much you might pay, it helps to break these factors down a little.

A college’s list price is a good starting point when considering college costs. A list price is basically the all-inclusive cost of attending a certain college without any financial assistance. This generally covers tuition, room and board, and any additional fees. List prices can be under $20,000 or more than $60,000. You should also understand, though, that most families do not pay the list price.

Net cost is the amount that families actually pay out of pocket for a student to attend college. This takes into account all forms of financial assistance, so net cost will vary from family to family depending on how much they receive in institutional grants, merit scholarships, and government aid. The average net cost at a college is the average amount that families pay out of pocket to send a student there.

What Is the List Price at Elon University?

The list price in 2016-2017 at Elon University was $48,099. Although list price at public schools may vary according to a student’s state of residence, Elon is a private university so its price remains the same regardless.

Few families actually pay the total list price, though. Usually only those with a combined family annual income of $175k or more should expect to pay the entire list price.

What Is the Net Cost of Attending Elon University?

The average net cost of attending Elon University after financial aid is $44,310. This is the same for both in-state and out-of-state students.

The average net cost of attending Elon University without financial aid is $45,704.

What Is the Net Cost Based on Income of Attending Elon University?

The primary factor affecting how much financial aid a family receives is that family’s income level. This means that net cost will vary according to income level, and breaking down costs by income level can provide a clearer picture of how much your family might pay. At Elon University, the net cost according to family income level is as follows.

How Much Merit Aid is Typically Awarded at Elon University?

Merit aid is not a rarity at Elon University. In 2017, 32.8% of students without financial aid at Elon University received merit aid. The average merit aid award for a student without financial need was $2,395. This places Elon at 653rd in the pool over 1000 schools we analyzed for merit aid generosity.

How Many Students Take Out Loans to Attend Elon?

Taking loans is also not uncommon at Elon University. In 2017, 57% of students at Elon held loans to help pay for college. The average federal student loan per undergraduate student at Elon was $4,046 across all 4 years.

Student Outcomes at Elon University

People with college degrees generally have higher earning potential than those without, so considering college expenses as a long-term investment is a helpful way to frame these financial decisions. Student outcomes provide a helpful metric for gauging the likely return on your family’s initial investment in a college education.

At Elon, 81% of students who begin a degree finish it within six years. The ten year average salary after graduation is $51,900.

Local Area Cost Considerations

Tuition, room and board, and fees won’t be the only expenses over the course of a four-year degree program. Other costs like transportation, groceries, or even off-campus housing are bound to add up. This means that it’s worth considering the local cost of living, too.

Elon University is located in Elon, North Carolina. The cost of living index in Elon is 96.9, meaning it is just slightly below the national average. Transportation and groceries are particularly affordable there, and housing runs about average. A studio apartment in Elon rents for about $650/month and a three-bedroom goes for around $1240/month.

The job market in Elon is fairly good. Unemployment rates are slightly below the national average and while recent job growth was below average, projections are for it to exceed averages in the near future. Unfortunately, minimum wage is North Carolina is set at the federal minimum of $7.25/hour, but a new bill is being pushed to increase it to $12/hour by 2024.

Other Ways to Fund a College Education

Another great way to supplement college funding is through scholarships. These exist in many shapes and sizes if you know where to find them.

The largest scholarship program in the country is the National Merit Scholarship Program, which attracts more than one million students each year. To be eligible, high school juniors simply need to take the PSAT. Awards are granted for high scorers and through other organizations like the National Hispanic Recognition Program, or specific corporations and colleges. To learn more about the program, check out our post: How to Qualify for the National Merit Scholarship Program.

Many other scholarships are out there, too, ranging from large national programs to smaller, local programs or specialized awards for specific niche skills or qualities. Your student can learn about some of the programs that may be an option for them by reading these 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

Curious about your chances of acceptance to your dream school? Our free chancing engine takes into account your GPA, test scores, extracurriculars, and other data to predict your odds of acceptance at over 500 colleges across the U.S. We’ll also let you know how you stack up against other applicants and how you can improve your profile. Sign up for your free CollegeVine account today to get started!