What Does it Cost to Attend Marquette University?
The average price for tuition, room, and board at four-year private colleges and universities continues to rise, with the average price jumping to $34,700 a year according to USA Today. That’s a rise of more than $7,000 over the past 10 years, and a growth rate that exceeds the inflation rate by more than 3%. As college prices at top-flight institutions such as Marquette University grow, it comes as no shock that students and their families are focusing on the price of school, along with looking for ways to reduce the cost.
Also not surprising is that students are interested in attending Marquette University. Featuring a stunning campus in downtown Milwaukee, following the Jesuit tradition emphasizing ethics and values, and ranking 89th in U.S. News’ 2019 edition of America’s Best Colleges, Marquette has a lot of attributes that jump out to potential students. Another notable characteristic of Marquette is its price.
If cost is a concern, don’t rush to rule out Marquette University—the majority of students don’t pay full price for school.
Why Are College Costs So Variable?
The cost of college fluctuates and is affected by a number of factors including the financial status of a student’s family, the amount of need-based aid a student receives, and if the student is awarded any merit-based scholarships.
The list price of an institution, also commonly referred to as “the cost of attendance,” is the stated price for tuition, room, and board. List price is a good starting point for getting an idea of the general expense of a college or university but is a poor projection of what a student will really pay for school, as only a small minority of students pay the list price at college.
To get a better sense of what college will actually cost, students should use net cost, which takes into consideration any federal, state, or local government aid, institutional aid, and merit awards received by a student and deducts them from the list price to produce a number that accurately portrays what students can expect to pay, either out of pocket or through loans, for their college education.
What is the List Price at Marquette?
The list price of Marquette University in 2016-2017 was $53,485. Because Marquette is a private college, the price is the same for both in- and out-of-state students. Keep in mind that only a small number of students will pay this amount—those who do are from wealthy families with incomes over $175,000 a year who are in the bottom two-thirds academically of accepted students.
What is the Financial Aid Net Price at Marquette?
Financial aid net price takes into consideration any financial aid given to students and deducts it from the list price of an institution. The price of Marquette University for students receiving financial aid is $47,077. Once again, because Marquette is a private institution, there is no variance between the cost for in- and out-of-state students.
What is the Cost of Attending Marquette Based on Income?
The annual income of a student’s family will be one of the factors used to determine how much financial aid a student receives. Typically, the more financial need a student has, the more aid they will receive. At Marquette University, the cost according to income breaks down as follows:
|Average Net Price
How Much Merit Aid is Awarded at Marquette?
Merit aid is financial aid given to students based on their accomplishments—commonly in academics, athletics, music, and art—rather than financial need. Marquette ranked 206th out of a field of more than 1,000 schools in a survey of U.S. colleges and universities for merit aid generosity.
A staggering 96.6% of Marquette students without financial need receive merit aid. The average amount given to students who don’t qualify for financial aid is $14,252, bringing the net price of Marquette to $39,233 for students without financial need.
How Many Students Take Out Loans to Attend Marquette?
Even with financial aid and Marquette’s merit aid generosity, the majority of the college’s students will take out loans to pay for college. 91% of undergraduates borrow money, on average taking out $5,962 in federal student loans.
Student outcomes are helpful for predicting the return on investment (ROI) offered by a college, informing potential students on everything from the likelihood of graduating on time (and avoiding costly extra years in college) to projecting a salary after graduation.
79% of undergraduates at Marquette graduate within six years of enrolling, which is considerably higher than other private, non-profit institutions (66%). Ten years after graduation, Marquette graduates earn a salary of $62,600 on average—roughly $10,000 more than the average salary in Milwaukee, Wisconsin, according to the website PayScale.
Local Area Cost Considerations
In addition to institutional expenses, the location of a college or university can have an impact on the expenses a student incurs; some places are simply more expensive to live than others. Milwaukee has a cost of living index of 90, making it 10% less expensive to live in than the national average.
Almost all (there are a few exceptions made for commuters and older students) first- and second-year students at Marquette are required to live on campus in residence halls. Marquette’s Office of Resident life maintains a website as a resource for students living off campus that offers information and tips for new and old renters alike. Here’s what upperclassman looking to live off campus can expect to pay for an apartment in Milwaukee:
- Studio: $623
- One bedroom: $756
- Two bedrooms: $923
- Three bedrooms: $1,148
Other Ways to Pay for College
A part-time job is a tried-and-true method for reducing the expense of college while attending school. The minimum wage in Wisconsin is $7.25, making it one of the 21 states in the country that doesn’t mandate a standard higher than the federal minimum wage. However, the city of Milwaukee offers a variety of employment opportunities for students who can anticipate finding a job that pays higher than minimum wage. According to the website Indeed, college-student friendly jobs in Milwaukee such as retail associate earns $11.96 an hour, while cashiers can expect an hourly wage of $11.63.
Marquette University also manages its own institutionally funded student employment program, filling roles such as food service workers, residence hall desk receptionists, and facilities service work. Different than the Federal Work-Study Program, participants in the student employment program are not limited to earning the amount listed on the financial award.
Scholarships are another method employed by college students to further reduce the high cost of school. Marquette offers a wide variety of merit-based scholarships to incoming students—ranging from general awards like the Marquette Club Scholarships to field-specific awards like the Diederich Scholarships. Learn about all the institutional scholarships available to Marquette students on the Scholarships and Scholars page of their website.
In addition to institutional scholarships, private scholarships are a great avenue for minimizing the expense of college. One such award is the National Merit Scholarship. Given to top scorers on the PSAT, the National Merit Scholarship is the largest scholarship program in the country. Marquette University guarantees the full $2,000 National Merit Award to all national merit finalists who have registered Marquette as their first-choice college. Learn more about this prestigious program in our article How to Qualify for the National Merit Scholarship Program.
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