What Does It Cost to Attend Providence College?
The average cost of college continues to slowly rise and private institutions, such as Providence College, are leading the pack. According to U.S. News, the average price of tuition and fees at private colleges rose 3% in 2018-2019.
The increasingly large list prices of colleges are attracting the attention of prospective college students and their families—and not in a good way. A 2018 Sallie Mae survey found that 79% of students eliminated colleges from consideration due to them being deemed too expensive; more than half of all families eliminated colleges based on their perception they are too costly without even researching them.
If you have dreams of attending a respected and academically excellent school like Providence College, keep reading to learn why you shouldn’t be put off by the published price.
What is Net Cost?
The published price of a school like Providence College is valuable as a guideline for knowing the overall expense of an institution; however, it does not offer an accurate representation of the real cost of college.
The cost of college is variable and unique to each individual student, which makes net cost the favored metric for tabulating the expense of college. Net cost calculates any federal, state, or local aid, along with any institutional aid and merit scholarships a student receives, to give a clearer idea of the out-of-pocket cost of attending a particular school.
Providence College’s List Price
As you would expect, a highly regarded private institution like Providence College sits at the high end of the spectrum for college cost. The list price for Providence College, which includes tuition, room, and board, was $62,700 in 2016-2017 for both in- and out-of-state students.
However, most college students don’t pay list price for college, and those who do are typically from wealthy families with annual incomes of more than $175,000 who fall outside of the top third academically of accepted students.
Cost of Providence College with Financial Aid
Financial aid net price is the published price of a college minus any financial aid awarded through grants and scholarships. The financial aid net price for Providence College is $55,676 for both in- and out-of-state students.
Providence College Cost Based on Family Income
The price of college and the amount of financial aid received can vary greatly depending on the economic situation of a student’s family. For example, students with more financial need will pay less than students with no financial need.
Here are the average net costs for Providence College students after receiving financial aid based on family income:
|Family Income||Average Net Price|
Merit Aid Net Price at Providence College
Merit aid is a financial award given to students for a wide variety of factors including, but not limited to, academic success, athletic achievement, artistic talent, community service, and extracurricular activities.
27.5% of students without financial need are awarded merit aid, with the average student without need receiving $5,730.The average student who does not qualify for financial aid pays $56,970 to attend Providence College on average.
How Many Students Take Out Loans to Attend Providence College?
The majority of Providence College students take out loans to help finance their education. 75% of Providence College students have a student loan. The average federal student loan per undergraduate student across four years is $6,382.
Student Outcomes at Providence College
If you think of attending college as an investment in your future, it’s important to understand how that investment will pay off. The outcomes of attendees of Providence College would indicate that it’s a good investment.
Providence College graduates 83% of its students within six years, a much higher percentage than the national average. Ten years after graduation, the average salary of a Providence College alumni is $64,100—approximately $10,000 more than the average salary in Providence.
Local Area Cost Considerations
Local area costs like transportation and groceries can add up quickly and should be factored in when analyzing the expense of college. This is particularly true if your student is planning to live off campus.
Cost of living index is a number generated by calculating factors like housing, transportation, utilities, etc., and is used to give a general idea to the expense of living in a particular destination. According to Sperling’s Best Places, Providence, Rhode Island, has a cost of living index of 112.8, making it roughly 13% more expensive than the national average.
All Providence College freshmen, sophomores, and juniors are required to reside on campus, and seniors who wish to live off campus must obtain the college’s permission before doing so. Seniors with permission to live off campus will discover that housing is one of the factors driving Providence’s cost of living above the national average. The average rent for a one-bedroom apartment in Providence is $923, while two- and three-bedroom apartments command $1,100 and $1,379.
The minimum wage in Rhode Island is $10.50 an hour, putting it far ahead of the $7.25 federal minimum wage. Students who wish to work while attending Providence College will find the city offers all manner of part-time jobs.
Other Ways to Save on College
Although financial aid and student loans are perhaps the most prevalent ways in which students cover the cost of college, private scholarships provide an excellent opportunity to further reduce the expense of an education. Prestigious national scholarships like the Barry M. Goldwater Scholarship (awarded to highly qualified math, science, and engineering students) and the Udall Undergraduate Scholarship (for students interested in an environment-related career) are available to qualifying Providence College students.
Another prestigious scholarship available to Providence College students—unbeknownst to many of them—is the National Merit Scholarship. Every student who takes the PSAT and elects to participate is eligible for a National Merit Scholarship. Interested in learning more about the award? Read our blog How to Qualify for the National Merit Scholarship Program.
Of course, these are just a few of the numerous private scholarships available to college-bound students. If you’re interested in discovering more, check out some of the blog posts below:
- 15 College Scholarships for High School Juniors
- A Guide to STEM Scholarships
- Scholarships and Competitions for Students in the Performing Arts
The finances of college can be complex and confusing, but you don’t have to go it alone. Our College Application Program can help you better grasp the costs associated with college. Using our Finance Tool, students can gain further insight into the real cost of college, and gain a better understanding of the return on their investment of time and money into an institution, while one of our personal admissions specialists can help research scholarships and learn about a variety of funding options.
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