What Does it Cost to Attend SUNY Binghamton?
College is expensive, and it’s getting even more so. In 2016, CNN reported that the average American family was paying more than $50,000 out of pocket for a four-year degree from a public university, and nearly twice that for a degree from a private college. Shouldering the financial burden of college is a significant concern for many families entering the college application process.
Navigating this huge transition is made even more difficult by the complexity of college expenses. It is hard to predict just how much your family will end up paying for college, which is why we at CollegeVine have analyzed college costs across the country. In this series, we analyze the cost of attending hundreds of colleges to help your family better predict just how much you’ll pay. To learn more about the cost of attending SUNY Binghamton, don’t miss this post.
Why Are College Costs So Variable?
Many people wonder why college costs vary as much as they do. The fact is, college costs vary so much because families, students, and schools vary too. Everything from which college your student ultimately attends, how much scholarship money they earn, to what your family’s income is and how many other children you have in college can impact your final out of pocket expenses.
One of the most important pieces of information to determine college costs is a college’s list price. This is sometimes also referred to as a sticker price, and it is basically the all-inclusive cost of attending that school without any financial assistance. Generally, this will include tuition, room and board, and any necessary fees. Some commuter schools will not include room and board in the list price, so be sure to confirm exactly what’s included when you compare sticker prices.
Luckily, most families do not actually pay the list price as they’ll ultimately receive some kind of financial assistance. The net cost of a college is the actual amount that a family pays out of pocket for their child to attend. This varies according to how much assistance that family receives in the form of institutional aid, merit aid, as well as any federal, state, and local aid. A college’s average net cost can provide a much clearer picture of how much real families are actually paying to send their students there.
What is the List Price at SUNY Binghamton?
SUNY Binghamton is a public university that is part of the State University of NY system. This means that New York residents receive reduced tuition. The list price at SUNY Binghamton for state residents during the 2016-2017 school year was $24,861. For out-of-state students, the list price was $39,941.
Most students do not pay the full list price, though the affordability of public schools means that financial aid and merit aid packages generally amount to less than those of private colleges. Still, the only students who will generally pay the entire list price are those from families with an annual income of $175k or more.
What is the Net Cost of Attending SUNY Binghamton?
For students receiving only financial aid, the net cost in 2016-2017 was $23,129 for in-state students and $38,209 for out-of-state students. For students not eligible for need-based financial aid, the average net cost was $24,431 for in-state students and $39,511 for out-of-state students after any merit aid was applied.
What is the Net Cost Based on Income of Attending SUNY Binghamton?
The primary factor in determining how much financial aid a family receives is that family’s annual income. That means that if we look at net cost as it breaks down by family income, you’ll have a clearer picture of how much your family might pay. At SUNY Binghamton, the net cost according to income level breaks down as follows.
|Family Income||Average Net Price|
How Much Merit Aid is Typically Awarded at SUNY Binghamton?
Merit aid is fairly uncommon at SUNY Binghamton, and those who do receive it generally do not get exceptionally large awards. In 2017, only 7% of students ineligible for need-based assistance received merit aid, and the average merit aid award was $430. Consequently, SUNY Binghamton ranks 845th in the pool of over 1000 schools that we analyzed for merit aid generosity.
How Many Students Take Out Loans to Attend SUNY Binghamton?
Loans are a common part of the funding puzzle at SUNY Binghamton and the majority of students hold at least one loan. In 2017, 76% of students had a federal student loan and the average federal student loan per undergraduate student was $4,275.
It’s important to look at the long-term outcomes for students graduating from any colleges that your student might be considering. A college diploma generally leads to increased earning potential, and student outcomes can help you to gauge the return on investment that they can expect from completing a degree there.
At SUNY Binghamton, 82% of students who begin a degree program complete it within six years, and the average salary ten years after graduation is $61,600.
Local Area Cost Considerations
Other expenses during the course of a college education. Your student will undoubtedly spend money on things such as transportation, groceries, or even off campus housing. Checking out the local economy can help you to estimate how these expenses are likely to add up.
Binghamton, NY is a fairly affordable place to live. The cost of living index is 86.7, meaning it is about 13% more affordable than the national average. Housing costs are among the factors that drive down the cost of living there. A student living off campus should expect to spend around $590/month on a studio apartment or about $1050/month for a three-bedroom.
Unfortunately, the job market is not very good in Binghamton. The unemployment rate is currently 1.5% above the national average, and both recent and projected job growth are significantly below average. The bright side is that minimum wage in New York is slated to increase to $11.80/hr in December 2019, which will make it a whole four dollars above the federally mandated minimum.
Other Ways to Pay for College
Scholarships are a great way for students to help further offset college expenses, and lots of families are surprised to find out just how many scholarships there are out there. The largest scholarship program in the country is the National Merit Scholarship Program, which attracts over a million high school juniors each year. Students qualify by taking the PSAT and can receive various levels of awards and recognition based on their scores. Other students are also recognized for their performance through the National Hispanic Recognition Program or through awards from specific corporations or colleges. To learn more about the program, check out our post How to Qualify for the National Merit Scholarship Program.
The National Merit Scholarship Program isn’t the only option, though. There are many other scholarships available. Some search a national talent pool while others are awarded regionally or even locally. Some scholarships even recognize specific niche skills, personal qualities, or backgrounds and identities. To learn more about what’s out there, check out these CollegeVine posts:
- 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
If you’re interested in learning more about college costs, applying for scholarships, and optimizing your student’s application, check out CollegeVine’s Applications Guidance service. Here, your student 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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