What Does It Cost to Attend Furman University?
Even the most put-together and best-prepared high school students can be surprised at the cost of college when comparing different institutions. This is especially true when looking at distinguished private schools such as Furman University that have lists prices greater than $60,000 a year. Before ruling out a school because of its expense, know that a variety of factors unique to each student influence the overall cost of college and most students don’t pay full price for college.
Although predicting the cost of a particular college is difficult due to the distinct circumstances surrounding each student, we can help you better understand what the price of college will really be and share some ideas for further lowering the cost.
Why Are College Costs Highly Variable?
The list price of a college—sometimes called the cost of attendance—includes the price of tuition, room, and board at a particular institution. While the sticker price of a school like Furman can give you an idea of the general expense of a school, the number can be misleading as most Furman students pay below list price.
Net cost—the price of tuition, room, and board, minus any federal, state, and local aid, along with any institutional grants and merit-based scholarships—is a much better indicator of what a student can expect to pay for college.
What Is the List Price at Furman University?
Furman University is a private institution, so the price of attendance is the same for both in- and out-of-state students. The list price of Furman in 2016-2017 was $63,018. As mentioned before, most students do not pay the university’s published price. Students who do pay full price are in general from wealthy families with incomes over $175,000 a year who were in the bottom two-thirds academically of accepted applicants.
What Is the Financial Net Cost of Attending Furman University?
The net cost—the list cost minus any need-based aid—at Furman University is $54,121 for both in- and out-of-state students.
What Is the Income-Based Cost of Attending Furman University?
The primary determining factor for how much need-based aid a student will receive is their income level. Typically, the greater the financial need of a family, the more need-based aid a student will receive, and the less college will cost. Below are the average net prices Furman students can expect to pay based on their income level:
|Family Income||Average Net Price|
How Much Merit Aid is Typical at Furman University?
Furman University is extremely generous in awarding merit aid. Roughly nine out of ten (89.2%) students without financial aid receive merit aid. The average amount of merit-based aid received by students without financial need is $16,344, bringing the cost of Furman for students who don’t qualify for financial aid to $46,674.
How Many Students Take Out Loans to Attend Furman University?
Despite assistance like financial aid and merit scholarships, many students still need to take out loans to pay for school. 42% of Furman students have loans, with the average amount borrowed through federal student loans being $4,156.
Furman University Student Outcomes
Student outcomes are a good way for students and their families to anticipate a return on their investment in college. Furman has an excellent six-year graduation rate of 83%, which is far ahead of the 60% national average. Ten years after graduation, the average salary of a Furman alumni is $51,200, which is slightly better than the $48,925 average salary of a Greenville, South Carolina, (home of Furman) resident.
Local Area Cost Considerations
The cost of living index—a calculation of a variety of expenses used to produce a general idea of the overall price to live in a particular location—in Greenville, South Carolina, is 95.3 according to Sperling’s Best Places. This makes Greenville modestly less expensive than the average U.S. city or town (the average cost of living index is 100).
Furman believes the residential experience of college is a critical part of a student’s education. With that in mind, students are required to live on campus all four years. Furman provides a variety of housing options for students, offering everything from residence halls to on-campus apartments.
South Carolina’s minimum wage is aligned with the federal minimum wage at $7.25 an hour. Greenville is home to more than 600 eateries and five separate shopping districts, which is great news for students looking to work a part-time job. According to the job site Indeed, servers in Greenville earn $10.81 an hour on average while the average hourly rate for retail associates is $10.76 an hour.
Other Ways to Help Fund a College Education
Scholarships are a fantastic way for college students to reduce the cost of their education. Furman University is generous when it comes to awarding merit-based scholarships and all applicants are considered for merit-based awards for their academic achievement.
In addition to academics, Furman University awards scholarships for both athletics and music. Prospective student-athletes are directed to contact the athletics staff to learn about scholarship opportunities. Talent-based scholarships are also available to incoming music students and based on an audition process. Learn more about Furman’s music scholarships here.
Furman University also encourages students to seek out other scholarship programs in order to further cut college costs. One of those programs is the National Merit Scholarship Program. National Merit Scholarships are awarded to the top 1% of scorers on the PSAT/NMSQT—learn more about this prestigious scholarship by reading our post How to Qualify for the National Merit Scholarship Program.
If Furman University is on your college list but you’re unsure how you will afford it (or even what your out-of-pocket cost will be), CollegeVine is here to help. Our College Applications Program can help you better grasp what college will cost, help you formulate a financial strategy, and offer insight into what you can expect to earn with your degree. You can even further cut the expense of college by working one-on-one with our admissions specialists to research and apply for scholarships!
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