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What Does It Cost to Attend St. Lawrence University?
When looking at colleges and comparing the prices of various institutions, it’s easy to get lost in the terms and jargon that revolve around the discussion of the economics of college. List price, financial aid net cost, and merit aid cost are just a sampling of the terminology surrounding the expense of college that’s used frequently, but not often explained.
With so much to consider, it’s no wonder that nearly half of families without a plan to pay for college feel frustrated, overwhelmed, and worried about covering the cost according to a survey by Sallie Mae.
Students looking at institutions with large list prices, like St. Lawrence University, will only feel their anxiety grow at the idea of paying for college. That is until they learn that most students do not pay list price for college. The majority of students who do pay full price are typically from families with annual incomes of more than $175,000 who were not in the top 30% academically of accepted students.
Keep reading to gain a better understanding of the actual expense of attending St. Lawrence University.
Highly Variable College Costs
The price of college fluctuates depending on the unique circumstances of both the student and the institution. The income level of a student’s family; financial aid received from federal, state, and local governments; institutional aid; and any merit scholarships received can all affect the overall cost of college. Because of this, net price—the published price of a college minus any financial aid awarded—is the preferred way to measure what college will really cost.
St. Lawrence University’s List Price
The list price for tuition, room, and board at St. Lawrence was $66,040 in 2016-2017. Because St. Lawrence is a private institution, the price is the same for both in- and out-of-state students. Remember, most students will not pay the list price.
What is the Price of St. Lawrence with Financial Aid?
Financial aid net price is any financial aid awarded to a student from grants and scholarships deducted from the list price of a college or university. The average net cost of St. Lawrence with financial aid is $55,824—over $10,000 less than the university’s list price.
The larger a student’s financial need, the more financial aid they will qualify for—making the overall cost of St. Lawrence significantly less expensive for a student from an economically challenged family than it is for students from affluent families.
Below are the average net costs for students based on their family’s income bracket:
|Family Income||Average Net Price|
What is the Merit Aid Net Price of St. Lawrence University?
Merit aid is awarded to students for a wide variety of reasons and is not based on financial need. Students commonly receive merit aid in the form of scholarships for their skill in the classroom or athletics, community service, and extracurricular activities.
Almost every St. Lawrence student (94.3% of students without financial need) are awarded merit aid. The average amount of merit aid awarded to students who don’t qualify for financial aid is $16,492. The result of St. Lawrence’s merit aid generosity is an average net price for students without financial need of $49,548, considerably lower than the university’s published price.
How Many Students Take Out Loans at St. Lawrence University?
For many students, scholarships and financial aid only cover a percentage of college. Many of those students will take out loans to cover the difference. 71% of St. Lawrence students take out student loans, with the average undergraduate borrowing $5,621 in federal student loans throughout their four years. Keep in mind, some students will also take out private loans to help pay for college.
What Do Student Outcomes Look Like at St. Lawrence University?
83% of St. Lawrence students graduate within six years, which is significantly higher than the national average of 60%. It also means they’re likely to graduate on schedule and avoid racking up additional expenses by adding extra years at college. The average salary of a St. Lawrence alumni ten years post-graduation is $50,100, about $10,000 more than the average salary in Canton, New York (home to St. Lawrence University).
Local Area Cost Considerations
According to Sperling’s Best Places, Canton, New York, has a cost of living index—a calculation used to indicate the general expense of living in a specific location—of 84.1. This makes Canton roughly 16% less expensive to live in the national average and substantially less expensive than the state average of 129.4.
St. Lawrence is a residential campus and almost all undergraduate students will live on campus. St. Lawrence has a variety of on-campus housing available—including themed houses and floors as well as Greek housing. For 2019, a maximum of 25 seniors will be allowed to live off campus. Those students will find that apartments in Canton range from $634 for a one-bedroom apartment to $1,203 for a four-bedroom apartment.
Working Can Help Offset Costs
St. Lawrence encourages students who want to work a part-time job on campus while enrolled at the university—believing it’s a compliment to a student’s academic experience. Students can learn more about on-campus employment at St. Lawrence from the university’s financial aid office.
In addition to being a financial resource to help offset the cost of college, campus employment can serve as an educational tool to increase a student’s job skills and enhance future career opportunities. Campus employment is meant to complement the student’s academic experience.
New York’s minimum wage is $11.10 an hour, appreciably more than the $7.25 federal minimum wage.
What Are Other Ways to Save on College?
On-campus employment or a part-time job in town are just a few of the ways to save on the overall expense of a college education. Scholarships can provide everything from a few thousand dollars toward your tuition to covering all your expenses and are an avenue every college-bound student should explore.
St. Lawrence University awards millions of dollars a year through institutional merit scholarships. Students are automatically considered for some of these scholarships, like the Trustee Scholarship, when they submit their application. Other scholarships, such as the Presidential Diversity Scholarship, involve filling out an additional form and writing an essay.
Another scholarship available to many students is the National Merit Scholarship. This prestigious scholarship is approximately valued at $2,500 and is awarded to students who scored in the top 1% on the PSAT/NMSQT during their junior year. To learn more about the National Merit Scholarship, read our blog How to Qualify for the National Merit Scholarship Program.
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