What Does it Cost to Attend Georgia Institute of Technology-Main Campus?
Reputed for its academic excellence, Georgia Institute of Technology-Main Campus, better known simply as Georgia Tech, ranked 34th overall in U.S. News and World Report’s ranking of national universities, 4th in most innovative schools, and 8th among all public schools. In addition to its outstanding academics, Georgia Tech’s tree-lined Atlanta campus, beloved athletics program, and exceptional post-graduate outcomes attract students from around the country and the globe. Another notable characteristic of Georgia Tech? The price.
According to the CollegeBoard, between 2008-2009 and 2018-2019, the average published price of tuition and fees rose by $2,670 at public four-year institutions like the Georgia Institute of Technology. These rising costs have made the price of an institution a primary consideration for many students when considering colleges. When evaluating the cost of college, one thing to be conscious of is using the correct numbers; college costs are variable and students commonly pay less than the published price of an institution. Read on to learn more about what your family can expect to pay for a degree from Georgia Institute of Technology.
Why College Costs Are Highly Variable
College costs vary depending on numerous factors unique to each student. Variables such as how much money a student’s family earns annually, to how many scholarships a student wins will have an effect on the overall cost and often results in students paying less than the list price.
List price—sometimes called “the cost of attendance”—is the price of tuition, room, and board at a college or university, and it is a flawed metric for measuring the cost of college. Net cost is a better barometer for calculating costs as it takes a student’s federal, state, or local government aid, plus institutional aid and merit scholarships, and deducts them from the school’s list price to arrive at the amount a family can expect to pay out of pocket.
What is the List Price at Georgia Tech?
The list price of Georgia Institute of Technology-Main Campus in 2016-2017 was $27,420 for in-state students and $46,612 for out-of-state students. Keep in mind the majority of students do not pay a school’s list price. Students who do pay full price for college generally fall outside of the top 30% of accepted students academically and come from wealthy families with incomes of over $175,000 a year.
What is the Georgia Tech Financial Aid Net Price?
One of the primary reasons for students paying less than an institution’s list price is financial aid. The average financial aid net price—the list price of a school minus any need-based aid given to a student—at Georgia Tech is $24,979 for in-state students and $45,171 for out-of-state students.
What is the Family Income-Based Cost of Attending Georgia Tech?
The cost of matriculating at Georgia Tech will range greatly depending on the family income level of a student. Listed below is what a student can expect to pay based on their family’s income:
|Family Income||Average Net Price|
How Much Merit Aid Do Georgia Tech Students Receive?
Merit aid—non-need-based awards, generally given to students based on academic, athletic, artistic, or special-interest merit—is an excellent way for students to cut the cost of attendance at college. However, prospective Georgia Tech students will have to be particularly exceptional to stand out.
16.1% of Georgia Tech undergraduates without financial need receive merit aid, with $1,373 being the average amount of merit aid awarded. This makes the average cost of Georgia Tech for students who don’t qualify for financial aid $26,047 for in-state students and $46,239 for out-of-state students.
A CollegeVine analysis of over 1,000 schools ranked the Georgia Institute of Technology 729th for merit aid generosity due to the relative scarcity of merit aid awards on campus.
How Many Georgia Tech Students Take Out Loans?
For many students, loans are what make attending college possible—helping to make up the difference between an institution’s list price and what need- and merit-based awards cover. More than three-quarters (77%) of Georgia Tech students have loans, with the average amount borrowed in federal student loans totaling $3,793.
Student Outcomes at Georgia Tech
Understanding the student outcomes of a college or university is a great way to evaluate a school’s return on investment. 80% of undergraduates at Georgia Tech graduate within six years of matriculating, far exceeding the 59% average of four-year public institutions.
Ten years after graduating from the Georgia Institute of Technology-Main Campus, alumni can anticipate earning a salary of $79,100, which is more than $20,000 over the $58,856 salary earned by the average Atlantan.
Local Area Cost Considerations
Atlanta, Georgia, home of the Georgia Institute of Technology-Main Campus, is moderately more expensive than the average U.S. location. The city’s cost of living index is 115.4, which makes Atlanta 15.4% more expensive than the national average.
Georgia Tech has no restrictions for living off campus, although the majority of first-year students choose to reside on campus. Of the approximately 20,000 students on the main campus, about 8,000 students live on campus while the other 12,000 live off campus. For undergraduates looking to live off campus, we’ve listed the average apartment rents below:
- Studio: $1,058
- One bedroom: $1,086
- Two bedrooms: $1,243
- Three bedrooms: $1,604
Since Atlanta is a major metropolis, Georgia Tech has created a guide to the neighborhoods around campus. For students calculating the expense of living on campus versus off campus, the price of housing at Georgia Tech in 2019-2020 is $6,918 and the freshman meal plan costs $5,172.
Some students will work a part-time job while pursuing their studies to help cover some of their college costs or everyday expenses, and Atlanta provides a wide variety of employment opportunities. The minimum wage in Georgia is $5.15 an hour, which is less than the federal minimum wage of $7.25. The federal minimum wage applies to most jobs, however, with the exception of those not covered under the Fair Labor Standards Act which may pay the lower rate.
Ways to Save Money on College
Georgia Tech awards numerous scholarships for a variety of reasons including academic excellence, financial need, and choice degree program. The Provost Scholarship is noteworthy as it awards 40 first-year, non-resident students an out-of-state tuition waiver. Another notable scholarship available to Georgia Tech students is the Stamps President’s Scholarship Program which is given to students for academic merit, strong leadership potential, and exceptional character.
Students can also look to outside scholarships to help reduce college costs. One such scholarship available to high-achieving students is the National Merit Scholarship Program. Open to students who score in the top percentile on the PSAT, roughly 7,500 students a year receive funding through this prestigious program. Although Georgia Tech no longer sponsors this award, some National Merit scholarships that are jointly funded by the College Board and corporate supporters remain available to students. To find out more about Georgia Tech’s National Merit Scholarship Program policy, visit their webpage National Merit and National Achievement Scholarships. And to learn more about this distinguished award, read our blog How to Qualify for the National Merit Scholarship Program.
If you’re having difficulty understanding the true cost of college, CollegeVine can help. Our College Application Program can assist in calculating college costs, return on investment, and projected debt. We show students and families how to maximize financial aid, research scholarships, and how to apply and win outside awards. Contact our team today to learn more.
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