What does it cost to attend Northeastern University?
The price of attending college has risen rapidly in recent years as factors like increased demand, reduced state support, and growing student services have pushed prices up almost across the board. Unfortunately, wages for students with college degrees haven’t kept pace with the increasing expense of attaining one. A college education is an investment that can have a long-term effect on a person’s financial health; because of this, it’s extremely important to understand the real cost of an institution and what a student can expect to earn after graduation.
Comparing the cost of different colleges seems like it might be an easy task. However, the list price will rarely capture the actual cost of a college education. In fact, the majority of students attending a university such as Northeastern will pay below list price.
When comparing the cost of colleges, we recommend using net cost, the list price of a college or university minus any scholarships or grants a student may receive. Accounting for financial aid received, such as federal, state, and local aid, along with institutional grants and merit scholarships, net cost presents a student with a good perspective on the real cost of college.
If your child is interested in attending Northeastern, keep reading to learn about the cost associated with the institution and with living in Boston. Also, don’t miss our blog What Does It Take to Get Into Northeastern?
What is the List Price at Northeastern University?
Attending a highly ranked, well-respected institution isn’t cheap. Northeastern’s annual list price for tuition, room, and board for both in- and out-of-state students is $65,503. Before sticker shock sets in, it’s important to note that very few students pay full price for college and the majority of those who do come from wealthy families with incomes over $175,000.
What is the Financial Aid Net Price at Northeastern University?
Financial aid net price is the published price of college minus any scholarships or grants a student is awarded. The average net cost of Northeastern for both in- and out-of-state students receiving financial aid is $56,754.
What is the Income-Based Cost of Attending Northeastern University?
Like most colleges, Northeastern University attracts a diverse range of students, including students from varying financial backgrounds. Accordingly, students will find the price of Northeastern varies greatly based on family income level. Below are the net tuition prices for Northeastern students based on family income:
|Family Income||Average Net Price|
In- and out-of-state students without financial need can expect to pay $57,204 for Northeastern University.
How Much Merit Aid do Northeastern Students Receive?
41.8% of Northeastern students are awarded merit aid, with an average award of $8,299. Students in the top 10% to 15% of Northeastern’s applicant pool are considered for competitive merit awards which range between $10,000 and $25,000 annually. In a pool of over 1,000 schools analyzed by CollegeVine, Northeastern ranked 416th in merit aid generosity.
How Many Northeastern University Students Take Out Loans?
Even with grants and scholarships, many students still need to take out student loans to pay for college. 82% of Northeastern students have students loans, with the average federal student loan per undergrad being $3,506.
Student Outcomes at Northeastern University
83% of students graduate from Northeastern University within six years. Within ten years of earning their degree, Northeastern graduates earn a median salary of 67,400, considerably more than the median salary of $54,485 for the average Bostonian.
Local Area Cost Considerations
Boston offers everything you would expect of a major city in the heart of the Northeast, including music, museums, professional sports teams, fine dining, and nightlife. Of course, this comes at a cost, namely the cost of living. Boston is one of the United States’ most expensive cities. The cost of living—a general aggregate of expenses such as housing, utilities, groceries, services, etc.—in Boston is 181.6, making it more than 80% more expensive than the national average (100), and more than 40% higher than the Massachusetts average of 139.
Housing in Boston is the biggest factor driving Boston’s high cost of living index. The city’s housing cost index is 313.9, 213.9% more than the national average of 100. One-bedroom apartments in Boston command $1,836 a month, almost double the national average of $930. Two- and three-bedroom apartments fetch $2,238 and $2,805 a month respectively.
The minimum wage in Massachusetts is $12 an hour, significantly higher than the federally mandated rate of $7.25 an hour. According to Indeed, students with internships will make an average of $12.47 an hour. Students with jobs in the service industry can also expect to earn more than minimum wage in Massachusetts—retail associates make $13.53 and cashiers command $16.97 an hour on average.
Ways to Save Money on College
Work has long played a role in a Northeastern education. The university’s co-op program affords students the chance to alternate between academics and employment—preparing the student for a career after college (and earning money along the way). Generally beginning the second semester of a student’s sophomore year, students in the co-op program will alternate between a semester of academic study and a semester of full-time work.
Scholarships are another way for college students to help reduce the cost of college. Northeastern has numerous scholarship programs that any prospective student will find worth exploring. For example, the Torch Scholars Program provides support for first-generation college students. Northeastern University is also committed to being a contributing member of the city and offer a handful of scholarships to Boston Area students.
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