What Does It Cost to Attend Pepperdine University?
The price of college continues to rise, further making cost a major factor to weigh when comparing schools. A common mistake made by prospective students when analyzing the expense of their education is to rely on the published price of a college or university. Looking at the list price of a first-rate school like Pepperdine University can leave you believing that attending a particular institution is unaffordable, but you should know that most students don’t actually pay the published price.
Net price is the published price of tuition, room, and board at a college or university minus any grants or scholarships a student is awarded. Unlike published price, net price delivers the student a real idea of what they can expect to pay out of pocket for a particular college or university.
The cost of college is highly variable, even within net cost, as elements like federal, state, and local government aid, institutional aid, and merit scholarships can all impact the overall cost of college. Keep reading to learn more about calculating the real price of attending Pepperdine University, along with some regional expenses worth anticipating and a few ideas on how to cut costs while attending.
If Pepperdine University is on your list of dream schools, don’t miss our blog What Does It Take to Get into Pepperdine University?
The List Price of the Pepperdine University
Pepperdine University is at the high end of the price scale for colleges and universities. In 2016-2017, the list price for tuition, room, and board for both in- and out-of-state students was $68,352. Fortunately for many, the majority of students don’t pay full price at Pepperdine and those who do come from families who earn more than $175,000 a year and who fall outside of the top 30% of accepted applicants at Pepperdine University.
Financial Aid Net Price at Pepperdine University
The average net cost of Pepperdine University for students receiving financial aid is $59,785— just under $10,000 less than the university’s list price. Financial aid net price considers any grants or scholarships awarded to a student, deducting them from a college’s list price. In contrast to students in need of financial assistance, the average net price Pepperdine for students who don’t qualify for financial aid is $56,934.
Cost Based on Family Income of Attending Pepperdine University
The cost of matriculating at Pepperdine will range greatly depending on the family income level of a student. Listed below is what a student can expect to pay at Pepperdine University based on their family’s income:
|Average Net Price
*Pepperdine actually offers more aid on average to kids in the $75-110k range than in the $48-75K range.
Merit Aid Net Price at Pepperdine University
Merit aid is awarded without consideration for financial need and is commonly given for excellence in academics, athletic skill, or artistic talent. However, students can receive merit aid for a number of other reasons. Over half of the students at Pepperdine (52%) receive merit aid, with the average student without need receiving $11,418.
How Many Students Take Out Loans to Attend Pepperdine University?
Even accounting for financial aid and merit aid, many students will need to take out student loans to pay for college. Just under half (45%) of students at Pepperdine take out student loans; the average federal student loan per undergraduate student is $8,244.
Local Area Cost of Living Considerations
It should come as no surprise that attending college in Malibu, California—on a campus with an ocean view—comes at a cost. Malibu has a cost of living index of 566.7, a number designed to give an idea of the cost of living accounting for the price of necessities such as housing, transportation, utilities, groceries, etc. This means that Malibu is 466.7% more expensive to live in than the national average. It’s also more than double the average cost of living in California, which is 168.6.
Average Apartment Rental
Freshman, sophomores, and first-year transfer students are required to live on campus and have a meal plan at Pepperdine. 60% of the student body lives on campus, but housing is not guaranteed for juniors and seniors—on-campus accommodations for upperclassman are selected via a lottery.
According to Sperling’s Best Places, the average cost of a one-bedroom apartment in Malibu is $1,604. Two-bedroom and three-bedroom apartments are $2,040 and $3,005 respectively. In comparison, Pepperdine’s estimated cost of room and board on campus is $18,000.
The minimum wage in Malibu is $13.25 an hour, which is higher than both the California minimum wage, which ranges between $11 and $12 an hour depending on the number of workers employed by a business, and the federal minimum wage of $7.25.
Students looking to take on a part-time job at one of the area’s bars or restaurants while attending Pepperdine will discover hourly rates hovering near Malibu’s minimum wage. According to the popular job site Indeed, servers earn $12.96 an hour on average, and bartenders average $12.85 an hour.
Pepperdine’s Student Employment Office (SEO) works with the university’s departments and the local community to provide part-time opportunities, and over 2,000 students work on campus each year through a variety of programs. The SEO hosts a database of jobs accessible to job-seeking Pepperdine students.
Student Outcomes at Pepperdine University
Pepperdine graduates 86% of its students within six years, putting it far ahead of the national average of roughly 60%. The average salary for a Pepperdine student 10 years after graduation is $65,500, far ahead of California’s per capita income of $35,046.
Other Ways to Save
A great way for qualifying students to cut down on the cost of college is by participating in the federal work-study program—a federally funded financial aid program offered to students who demonstrate financial need. Through the federal work-study program, students work part-time jobs to pay for a portion of their education.
In addition to the federal work-study program, Pepperdine also offers the Pepperdine Work Program—an institutionally funded financial aid program offered to students who demonstrate financial need. Through the Pepperdine Work Program, students will either work on campus or with an approved off-campus partner.
Private scholarships are another popular method for reducing the cost of college. Pepperdine is a participant in the National Merit Scholarship Program, and so long as Pepperdine is a student’s final, first-choice school at the end of the process, the student may receive either a $1,000 or $2,000 scholarship. Pepperdine has also collected a variety of outside scholarships on their website for prospective students to examine.
Students should coordinate any awarded private scholarships with the University as they might alter need-based awards.
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