What Does it Cost to Attend Skidmore College?
College costs are climbing, and so is the number of families who need help paying for college. With a four-year degree from a private university costing the average family more than $100,000 in 2016, it’s not wonder that so many families are turning to financial aid, loans, and scholarship programs to help foot the bill.
What is surprising, though, is how difficult it can be to predict just what your family’s college costs will be. That’s why, in this series of posts, we at CollegeVine analyze over 1000 colleges to give you a closer look at what you can expect to pay. In this post, we look at how much your family might expect to spend on a degree from Skidmore College.
Why Are College Costs So Variable?
The reason that it’s so hard to predict just how much you’ll pay for college is because college costs vary based on so many different factors. Everything from the specific college your student chooses to your family’s income and your student’s accomplishments can impact how much comes out of your pocket. While it may be hard to predict college costs, it gets easier when you break down the factors that impact them.
One of the largest factors in college cost is a college’s list price. You can think of this as a the sticker cost of attending that college. This number usually includes tuition, room and board, and any necessary fees, but it does not take into account your financial aid or other financial assistance. You can think of it as the starting point in considering college costs.
The net cost of attending a college is the amount that a family actually pays out of pocket. This tends to be the list price reduced by whatever grants, scholarships, or other assistance a family receives. Net cost varies broadly depending on how much aid or other funding a family secures. It typically is impacted by federal, state, and local aid, institutional aid, and merit scholarships. While the average net cost at a college gives you a clearer idea of how much families are actually paying to attend that school, the amount that your family will pay is still specific to your unique circumstances.
What is the List Price at Skidmore?
The list price at Skidmore in 2016-2017 was $67,000. Skidmore is a private school, so its list price doesn’t vary based on a student’s state of residence. It is the same for both in-state and out-of-state students. It should be noted, though, that few students actually pay the list price. Those who do tend to be students who come from families with a combined annual income of $175k or more.
What is the Net Cost of Attending Skidmore?
The average net cost of attending Skidmore for students who qualify for financial aid is $57,438. Again, this is the same for both in-state and out-of-state students.
For students who don’t qualify for financial aid, the average net cost of attending Skidmore is $66,973.
What is the Cost Based on Income of Attending Skidmore?
While average net cost can give you a glimpse of what some families are paying at Skidmore, it doesn’t help you to narrow in costs based on your specific circumstances. Financial aid varies according to how much a family earns, so breaking down net cost by income can be a more helpful metric.
At Skidmore, the average net costs according to family income breaks down as follows:
|Family Income||Average Net Price|
How Many Students Receive Merit Aid to Attend Skidmore?
Skidmore is a fairly selective school with a talented student body. It is typical of schools of this level to offer only minimal or no merit aid whatsoever. This is the case at Skidmore. In 2017, only 0.2% of students at Skidmore were receiving merit aid, and the average merit aid award for a student without financial aid was only $27. This places Skidmore at 911th in the pool over 1000 schools we analyzed for merit aid generosity.
How Many Students Take Out Loans to Attend Skidmore?
Taking out a loan to help pay for a Skidmore education is not at all uncommon. In the 2016-2017 school year, 53% of students had taken out loans. The average federal student loan per undergraduate student was $2,961.
College is a significant expense upfront, but it can have long term financial benefits. People with a college degree tend to have more earning potential than those without, so thinking of a college education as an investment in the future is good perspective.
Student outcomes at specific colleges can help you to gauge the return you might expect on your investment there. At Skidmore, 88% of students who begin a degree complete it within six years, and the average salary ten years out of graduation is $49,700.
Local Area Cost Considerations
Aside from the expenses directly associated with a college education, there will also inevitably be cost of living expenses that contribute to your out-of-pocket cost over the course of a four-year degree program. The local cost of living can have an impact on these expenses and on your student’s earning potential while still in school.
Skidmore is located in Saratoga Springs, NY. The cost of living index in Saratoga Springs is about 125, meaning it is roughly 25% more expensive than the national average. While transportation and grocery costs are slightly below average, the high cost of housing drives up the cost of living there. In March of 2019, the average rent in Saratoga Spring was $2005/month, up nearly 13% from the year before.
The job market in Saratoga Springs is decent. Unemployment rates and job growth projections are both roughly in line with the national averages. Minimum wage in New York state is currently $11.10 and this is set to increase to $15/hr in coming years. The median hourly wage in the state of New York is over $21/hr.
Other Ways to Pay for College
Financial aid and loans can be a big help for many families paying for a college education, but they are not the only options out there. Scholarships are another great way to help defray out of pocket costs, and many different options exist.
The National Merit Scholarship Program is one of the most widely recognized scholarship programs in the country. High school juniors who take the PSAT are considered for scholarships through this program based on their scores. Other students are also considered based on their scores for awards from the National Hispanic Recognition Program and other specific corporations and individual colleges. You can find more information about the program in our post How to Qualify for the National Merit Scholarship Program.
The National Merit Scholarship Program is just one of many scholarship programs your student might consider. Scholarships exist at nearly all levels, from large national pools of applicants to smaller, localized or specialized niches. To learn more about some of the opportunities out there, check out these great CollegeVine resources:
- 15 College Scholarships for High School Juniors
- 15 College Scholarship Resources for High School Students
- A Guide to STEM Scholarships
- Scholarships and Competitions for students in the Performing Arts
The financial aspect of a college education can be the most daunting part for many families. At first, expenses may seem hard to predict and resources may be difficult to locate. Luckily, there is plenty of help out there for families who need it. For more assistance anticipating college costs, applying for financial aid, or securing scholarships, consider the benefits of the CollegeVine Applications Guidance service. Here, you will be paired with a personal admissions specialist from a top college who can provide step-by-step guidance through the entire application process, including the funding options available to your family.
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