What Does it Cost to Attend Georgetown University?

College costs are on the rise, which isn’t a surprise to many people as this pattern has been established for decades. In 2016, CNN reported that the average family paid $104,400 for a four-year degree from a private school and $56,840 from a public school. While these numbers represent a rough estimate of what a family might expect to pay, they actually do very little to pinpoint the exact college costs for specific families.

As college costs rise, so do the number of families applying for financial aid.  According to the National Center for Education Statistics, 85% of students received financial aid in 2016. The variability of financial aid packages makes anticipating the exact out of pocket costs even more difficult. In this series, we analyze the various factors that impact college costs for thousands of schools across the country. To learn more about how much you can expect to spend on a degree from Georgetown University, don’t miss this post.

Why Are College Costs So Variable?

There are a few different factors that impact how much a family pays for college; because these factors are unlikely to line up in exactly the same way from one family to the next, it’s difficult to put a precise number on college cost. It can be helpful, though, to have some understanding of what these factors are.

The primary factor in how much a family pays for college is the list price. The list price, also sometimes referred to as sticker cost, is the raw amount that a college charges. It typically includes tuition, room and board, and any necessary fees like registration or library fees. Although the sticker price is usually all-inclusive, it may not include room and board at some schools with a large number of commuter students. When you compare sticker prices, always be sure that you know exactly what is included.

While list price is a good starting point for considering college costs, a more helpful data point is net cost. This is how much a family actually pays for college out of their own pocket. Net price is influenced by three factors: government aid (federal, state, and local ), institutional financial aid, and other scholarships. These factors vary significantly from one family to another, but looking at the average net cost of a college can give you a clearer idea of how much the average family pays.

What is the List Price at Georgetown University?

Georgetown University is a private school, so the list price there is the same for both in-state and out-of-state students. In 2016-2017, the list price at Georgetown was $69,313.

You should realize, though, that it’s unusual for a student to pay list price. Generally, only students from families who earn $175k+ per year end up paying the total list price.

What is the Net Cost of Attending Georgetown University?

Because a relatively small percentage of students actually pay the list price, it can be more helpful to look at average net cost. The average net cost of attending Georgetown University is $58,229.

What is the Cost Based on Income of Attending Georgetown University?

The most influential factor impacting how much a family pays for college is their combined annual income. For this reason, it can be helpful to break down college costs by family income bracket.

The average net cost of attending Georgetown University as broken down by family income is as follows:

How Much Merit Aid is Typically Awarded at Georgetown University?

Merit aid can have a significant impact on a family’s net cost, but at a school like Georgetown University where the applicant pool is already highly selective, students do not receive merit aid from the institution. Georgetown University doesn’t award any scholarships based on achievements, and instead only awards grants based on financial need.

How Many Students Take Out Loans to Attend Georgetown?

Loans can also help to finance a college education, though they are typically less desirable than other forms of aid like grants, which do not have to repaid. At Georgetown, 91% of students take out a loan to help fund their education. The average loan amount per student is $3,023 over the course of their college career.

Student Outcomes

Paying for college can represent a large financial commitment for many families, but remember that a college degree can have a significant impact on long-term income potential. Students with a college degree generally earn much more than their counterparts without one. Therefore, thinking of college costs as an investment can lend helpful perspective, and considering student outcomes gives you some idea of the return you can expect on your investment.

At Georgetown University, 94% of students graduate within six years and their average salary 10 years after graduation is $93,500.

Local Area Cost Considerations

Tuition, fees, and room and board are only some of the costs that your student will incur over the course of a four-year degree. Many others will be linked directly to the cost of living in the area of your student’s college. Most students will also need to consider groceries, transportation, and even local housing costs, should they choose to live off-campus.

Georgetown is located in Washington, DC where the cost of living is considerably high. In fact, the cost of living index in Washington, DC is 173.9, or nearly 74% above average. The two factors that impact the high cost of living most significantly are transportation and housing. In Washington, DC, you can expect to pay over $1400 per month for a studio rental, or $2200 per month for a 3-bedroom apartment.

The job market in Washington, DC is not great, but it is getting better. The unemployment rate is 5.6%, which is 1.7% above the national average, but job growth is also above average and is predicted to continue to climb. Minimum wage in Washington, DC is $13.25/hour and the median hourly wage is $33.82.

Other Ways to Help Fund a College Education

Financial aid isn’t the only way to help fund a college education. Private scholarships are also something that students and families can pursue independently of financial aid.

One of the largest scholarship programs in the country is the National Merit Scholarship program. Every high school junior who takes the PSAT can qualify for a National Merit Scholarship by scoring in roughly the top 1% of test takers and entering finalist selection. There are also other scholarships available through the program, like the National Hispanic Recognition Program and other awards sponsored by corporations or individual colleges. To learn more about the program, check out our post How to Qualify for the National Merit Scholarship Program.

Countless other scholarship programs exist. Some are large national programs with selective pools of applicants and others are smaller, more specialized programs available only locally or to certain niches. To learn more about some of the opportunities out there, check out 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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