What Does it Cost to Attend Kalamazoo College?
Planning to fund a college education is not an easy task. College costs are on the rise, and most families need help shouldering the financial burden. The National Center for Education Statistics reported in 2016 that 85% of college students were receiving some type of financial aid. This comes as no surprise considering that the annual sticker prices at many top colleges now exceed $60,000.
One element of planning for college that can make the process especially difficult is the broad range of how much families spend. Predicting college costs isn’t simple and no single formula can tell you exactly how much you’ll spend. That’s why CollegeVine has analyzed the costs at over 1000 colleges to help simplify the process for you. To learn what your family might pay for a degree from Kalamazoo College, don’t miss this post.
Why Are College Costs So Variable?
How much families pay for college varies widely because of the many factors that influence various forms of financial assistance. The amount that a family contributes will change depending on the college, the family, and the specific student. To better understand these factors, it’s helpful to take a closer look.
One of the largest factors in how much a family pays for college is what college the student attends. This is because the list prices at colleges also have a broad range, and list prices are essentially the financial starting point for how much college will cost. A list price, sometimes also referred to as a sticker price, is the all-inclusive cost of attending that college. It generally includes tuition, room and board, and any necessary fees. Sometimes, at schools with many commuter students, it will exclude specific expenses like room and board, so you should always confirm what a list price includes when you compare it to the prices at other schools.
List price is a helpful starting point, but not very many families actually pay the entire list price as most receive some type of financial assistance. Consequently, net cost can be a much more useful metric. The net cost is the amount that a family actually pays out of pocket at a college, and it varies depending on how much that family receives in institutional aid, merit aid, and federal, state, and local aid. The average net cost at a college gives you a clearer idea of how much families actually pay for a student to attend.
What is the List Price at Kalamazoo College?
In the 2016-2017 school year the list price at Kalamazoo was $57,116. Because Kalamazoo is a private school, this list price is the same for students who live in state and those who live out of state.
Not many students actually pay the entire list price, though. Generally only those students whose combined family annual income exceeds $175k and who rank outside of the top 30% of accepted students academically will pay the entire list price.
What is the Net Cost of Attending Kalamazoo College?
The average net cost of attending Kalamazoo after financial aid assistance only is $48,275. Again, this remains the same for both in-state and out-of-state students.
The average net cost of attending Kalamazoo for students who do not qualify for financial aid is $37,905 due to the generous merit aid packages awarded by Kalamazoo.
What is the Net Cost Based on Income of Attending Kalamazoo College?
The amount of financial aid that a family receives varies primarily based on how much that family earns. Breaking down net costs according to family income level can give a clearer picture of how much your family might pay to attend Kalamazoo.
|Average Net Price
How Much Merit Aid is Typically Awarded at Kalamazoo College?
Kalamazoo tends to be very generous when it comes to merit aid. In 2017, 92.7% of students who did not qualify for financial aid were awarded merit aid. The average merit aid award for a student without financial need was $19,211. This places Kalamazoo at the highly respectable 76th place in the pool over 1000 schools we analyzed for merit aid generosity.
How Many Students Take Out Loans to Attend Kalamazoo College?
Loans are also a common piece of the college funding puzzle for students at Kalamazoo. In 2017, 68% of students at Kalamazoo held college loans. The average federal student loan per undergraduate student at Kalamazoo is $5,204.
Since college is a significant upfront expense that can lead to an increased earning potential in the long-run, it can be helpful to consider it an investment in the future. Taking a closer look at student outcomes from specific colleges can help you to gauge the potential return on your investment there.
At Kalamazoo, 80% of students who begin a degree complete it within six years. The ten year average salary after graduation is $48,700.
Local Area Cost Considerations
Over the course of a four year degree it’s inevitable that expenses aside from tuition and room and board will arise. Your student will likely spend on transportation, groceries, or even off campus housing. This means that it’s worth considering the local cost of living.
Kalamazoo College is located in Kalamazoo, Michigan. The cost of living index in Kalamazoo is 83.1 meaning that it is roughly 17% more affordable than the national average. While groceries, transportation costs, and utility fees are all around the national average, housing is significantly more affordable in Kalamazoo, driving down the overall cost of living. Studio apartments in Kalamazoo rent for roughly $528/month and three-bedroom apartments go for around $1062/month.
The job market in Kalamazoo is not very strong. The unemployment rate is above average and projected job growth is below average. Minimum wage in Michigan is currently $9.45/hr and it is slated to increase to $12.05/hr by 2030.
Other Ways to Pay for College
Another way to help fund your college education is through scholarships. While some students might consider scholarships a benefit reserved for only the most elite students in the country, scholarship programs come in many different shapes and sizes.
One of the largest scholarship programs in the country is the National Merit Scholarship Program, which attracts more than one million participants each year. To participate, high school juniors need only to take the PSAT. Students qualify through their scores for awards through the National Merit Scholarship Program, the National Hispanic Recognition Program, or specific corporations or colleges. To learn more about the program, check out our post How to Qualify for the National Merit Scholarship Program.
There are many other scholarship programs out there too, ranging from small local awards, highly specialized niches, or large national talent searches. You can learn about some of the programs that may be an option for you 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!