What Does It Cost to Attend Harvey Mudd College?
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As you and your child whittle down your list of prospective colleges, there is a lot to consider: academics, job potential, and campus life to name just a few. There is another big factor looming, one that can have an effect lasting well past graduation, and that is the price. However, when comparing the price of colleges like Harvey Mudd many parents look at the published price, which might not be an accurate representation of what college will actually cost.
Although the published price of a college or university provides a good baseline idea of the expense of an institution, the truth is that very few students pay the listed price. A better number to use when comparing colleges is the net cost, which takes into consideration any financial aid awarded along with other factors such as merit scholarships to produce a truer idea of what college will cost.
Due to the unique circumstances of each student and the differences between institutions, this number will be exclusive to each student and vary between institutions. Because of differences in aid and grants, it’s not uncommon for a college with a higher published price to be more affordable a college with a more affordable listed price.
Keep reading to learn more about the cost of attending Harvey Mudd College.
The List Price of Harvey Mudd College
The published price—which includes tuition, room, and board—for attending Harvey Mudd College in 2016-2017 was $71,917 for both in- and out-of-state students, which makes it one of the most expensive colleges in the United States. However, consider that most students do not pay list price for college.
Typically those who pay full price for college are students coming from wealthy families earning more than $175,000 a year who are not in the top 30% of accepted students at Harvey Mudd College academically. For instance, both in- and out-of-state students who don’t qualify for financial aid will pay an average net price of $67,403.
Financial Aid Net Price
Net price is the cost of a single academic year after any scholarships or grants are subtracted from the list price. Accounting for financial aid, the average net cost of Harvey Mudd College dips considerably, costing in- and out-of-state students $61,389—that’s more than $10,000 less than the list price. Listed below is the cost of attending Harvey Mudd College adjusted across a spectrum of family incomes:
- Average net price for families with an income below $30,000: $15,762
- Average net price for families with an income between $30,001-$48,000: $16,726
- Average net price for families with an income between $48,001-$75,000: $25,102
- Average net price for families with an income between $75,001-$110,000: $18,643*
- Average net price for families with an income over $110,000: $42,967
*Harvey Mudd actually offers more aid on average to students in the $75-110k range than in the $48-75K range.
Merit Aid Net Price
Merit aid is awarded to students for their skill in any number of fields, but most commonly academics, athletics, and art. Not influenced by financial need, merit aid is used to entice desirable students to their institution and is available to any student they believe is deserving. Merit aid net price is the price of college minus any merit aid awarded.
42.9% of students without financial need at Harvey Mudd College receive merit aid, with the average student without need awarded $4,514.
Student Loans and Debt
Student loans play a role in paying for Harvey Mudd College for the majority of students, as 66% of attendees take out loans with the average federal student loans per undergraduate student amounting to $4,874 per academic year.
Local Area Cost of Living Considerations
The location of Harvey Mudd College in Claremont, California, also adds to the expense of the school. The cost of living index for Claremont is 196—meaning it is 96% more expensive than the average place to live in the U.S. and expensive even by California standards, as the overall cost of living index for the state is 169.
Average Apartment Rental
Harvey Mudd College is a residential campus where collaboration is encouraged both in and out of the classroom. With that in mind, 99% of Harvey Mudd students live on campus for all four years. However, if a student chooses to live off campus, they should be prepared for the cost of rent—the high cost of housing is the main contributor to the expensive cost of living in Claremont. The average cost of a one-bedroom apartment in Claremont is $1,560 a month while the average cost of a two bedroom is $2,020.
The minimum wage in California for workers employed by businesses with less than 25 employees is $11, while the minimum wage for those employed by a business with 26 or more employees is $12. According to Indeed, the average salary for an intern in California is 25% above the national average, as interns earn on average $15.98 an hour. Students looking to moonlight taking part-time work in food service will also exceed national averages, earning $12.72 an hour, 17% better the U.S. average.
Attending a prestigious and competitive college such as Harvey Mudd College requires students to spend a great deal of effort in pursuit of academics, in addition to the monetary cost of school. For graduates of Harvey Mudd, the return on that investment is high: 91% of students graduate within six years and earn an average salary of $88,800 after ten years.
Other Ways to Save
There are numerous ways students can cut the cost of college. Part-time jobs are one way in which students can earn an income while enrolled at Harvey Mudd. Harvey Mudd College also offers work-study opportunities both on and off campus.
Internships are another way that students at Harvey Mudd College make money at school while exploring future career paths and creating professional networks. Most internships at Harvey Mudd occur over the summer; however, some upperclassman intern during the academic year.
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