What Does it Cost to Attend Rhodes College?
The cost of college in the U.S. is higher than all but one other country in the world. The United Kingdom holds the honor of being the most expensive country in which to attend college, however, despite this heftier price tag, students in the U.K. graduate owing considerably less money. According to CNBC, American students owe $37,172 upon graduating while those in the U.K. graduate with a debt of $30,800.
With tuitions at many top private, non-profit colleges such as Rhodes climbing to over $50,000 a year—and to over $60,000 at some schools—it’s no wonder that the price of an education is becoming a major factor for college-bound students when comparing institutions. Before making a life-altering decision about college based on price, it’s important to understand what a student will really have to pay for college, either out of pocket or with loans, and what they can expect for a return on their investment in a particular school.
College Costs are Highly Variable
One of the most important things to know about the cost of college is that most students do not pay a school’s list price. Since each individual student has distinct circumstances which are considered when applying to college, the price varies widely from student to student.
Calculating the net cost of a college is the preferred method for discovering what an institution will actually cost your family. Net cost is calculated by adding up any federal, state, and local aid, along with institutional aid and merit awards and deducting them from the published price of a college or university.
Keep reading to learn more about how much you might expect to pay for a Rhodes College degree, and to learn some tips for helping keep costs down.
Rhodes College List Price
List price, sometimes called “the cost of attendance” by colleges and universities, is the price of tuition, room, and board added together. The list price for Rhodes College in 2016-2017 was $59,754. Because Rhodes is a private school, the price is the same for both in- and out-of-state students.
As we mentioned before, most students do not pay the list price at Rhodes. Students who do end up paying full price are generally from financially well-off families earning more than $175,000 a year who placed in the bottom two-thirds academically of accepted students.
What is the Price of Rhodes with Financial Aid?
The amount of financial aid a student receives is one of the primary factors determining how much college will ultimately cost. The average price of Rhodes College with financial aid for both in- and out-of-state students is $51,486.
Cost of Rhodes College Based on Household Income
The income level of a student’s family has an enormous impact on how much financial aid a student receives. Typically, the greater the economic need of a student, the more aid they will receive. Below is a breakdown of what a student can expect to pay based on family income:
|Average Net Price
What is the Merit Aid Net Price? What is the Average Net Price for Students Without Need?
Merit aid is given for a variety of reasons—most commonly academics, athletics, music, art, and community service—and is awarded regardless of financial need. Rhodes College is exceptionally magnanimous with merit aid awards, placing 74th out of more than a 1,000 schools analyzed by CollegeVine for merit aid generosity.
86.4% of Rhodes College undergraduates without financial need receive merit aid—the average amount awarded is $19,272. This brings the price of Rhodes for students who don’t qualify for financial aid down to $40,482.
Loans and Debt
Even with financial aid and merit aid, many students still require loans to help pay for college. 88% of Rhodes College students take out federal student loans, borrowing $3,648 on average.
Student Outcomes at Rhodes
Student outcomes are an easy way for students to project how a school will return on their investment in it. Rhodes College graduates 79% of its undergrads within six years, a substantially higher rate than the 66% national average six-year graduation rate of private, non-profit colleges.
Ten years after graduation, the average salary of Rhodes alumni is $53,600, more than $6,000 higher than the $47,170 earned by the average resident in the surrounding area of Memphis, Tennessee.
Local Cost of Living Considerations
Located in Memphis, Tennessee, Rhodes students benefit from a cost of living below the national average. Memphis has a cost of living index of 84.3, meaning it’s 15.7% less expensive than the average U.S. locale.
First- and second-year students at Rhodes are required to live on campus in housing ranging from apartments to townhouses. Many upperclassmen choose to remain in student housing, enjoying the laundry, parking, cable television, and Wi-Fi available to students—at no additional cost—along with the convenience, security, and social life of the on-campus community.
Students who would like to live off campus will discover that housing in Memphis is extremely affordable, costing less than half of the national average. Apartments in Memphis range from $683 for a studio to $1,240 for a three-bedroom. Like any big city, students will want to choose the location of their apartment carefully—well-deserved or not, Memphis has a reputation for crime and ranked 4th on USA Today’s list of the 25 most dangerous cities in America.
If you’re trying to gauge the cost of living on campus against living off campus, the price for room and board for 2019-2020 ranges between $11,098 and $13,658 per year.
Other Ways to Save on College
A part-time job is a popular way for students to earn income and offset expenses while earning a degree. Tennessee is one of 21 states that does not have a minimum wage above the federally mandated $7.25/hour. The city of Memphis offers a host of opportunities to students wishing to work part-time and, despite the low minimum wage, positions commonly held by college students in the service industry such as bartenders ($13.33) and servers ($12.82) on average exceed it.
Scholarships are another fantastic way for students to minimize the expense of their education—as mentioned earlier, Rhodes is generous in rewarding the academic talent, service, and leadership of its students by awarding merit aid. Rhodes offers numerous institutional awards like the Presidential Scholarship, Dean’s Scholarship, and the distinguished Bellingrath Scholarship.
In addition to general scholarships, Rhodes College offers students the chance to win numerous specific awards. For example, the Clarence Day Scholarship is given to students from Memphis and Shelby County who have the potential to become future leaders in Memphis, while the Jack H. Taylor Scholarship in Physics is given to talented physics students who will continue their studies at the college level.
On top of the variety of institutional aid available to Rhodes College students, private scholarships offer even further opportunity to reduce the price of college. For example, the National Merit Scholarship is available to top-scoring students on the PSAT/NMSQT. Each year, approximately 7,500 students receive a scholarship via this prestigious program; read our blog How to Qualify for the National Merit Scholarship Program to find more about this awesome opportunity to get more money for college.
College is expensive and making an informed financial decision about it can have effects lasting well past graduation. Our College Applications Program can help students better understand how much college will cost, how much they can expect to make upon graduating, and how much they will owe once out of school. More than merely breaking down the financials, we can show students how to make school more affordable and even help them discover and apply for scholarships to further reduce the price of their education.