What Does it Cost to Attend SUNY College at Geneseo?
College costs are on the rise, and as they go up, so too does the number of families seeking financial assistance as they pay for college. While most families anticipate the challenge of pay funding a college education, what they don’t anticipate is that simply predicting that first tuition bill is half the struggle.
In this series of posts, we look at college costs across the country to help you hone in on just how much your family might pay at hundreds of different colleges. If your student is interested in attending SUNY College at Geneseo, don’t miss this post to learn just how much you might pay to send your student there.
Why Are College Costs So Variable?
College costs vary widely due to the sheer number of factors that affect them and the countless different ways that these factors can combine to impact costs. Things like which college your student attends, how much your family earns, and how much merit aid or scholarship funds your student secures will all impact college costs.
One of the largest factors to impact costs will be a college’s list price. This is the full cost of attending that college without any financial assistance. It is essentially the starting point in the college cost equation, and it is sometimes referred to as sticker price. The list price usually includes tuition, room and board, and necessary fees. Sometimes if a school has a large number of commuter students, it will exclude certain costs like room and board, so be certain to confirm which costs are included when you compare list prices.
Net cost is another important statistic for predicting college costs. Net cost is the actual amount that a family pays out of pocket to send a student to that school. Net cost varies according to how much assistance a family receives in the form of institutional aid, merit aid, as well as any federal, state, and local aid. The average net cost of a college can give you a clearer picture of how much aid families typically receive there.
What is the List Price at SUNY College at Geneseo?
In 2016-2017, the list price at SUNY Geneseo was $33,790 for out-of-state students and $23,940 for state residents. Because the SUNY system of colleges is a public one, state residents receive a significant discount in list price. Still, few students actually pay the entire list price, whether they are state residents or not. Only students with a combined family income of $175k or more generally pay list price.
What is the Net Cost of Attending SUNY College at Geneseo?
Thanks to its status as a public institution, list prices at SUNY Geneseo are already much more affordable than most private universities. Hence, those costs don’t become significantly more affordable with financial aid or merit aid for most income brackets.
The average net cost of attending SUNY Geneseo with financial aid only is $32,607 for out-of-state students and $22,757 for in-state students.
For students receiving merit aid only, the average net cost for out-of-students is $32,997 and $23,147 for in-state students.
What is the Cost Based on Income of Attending SUNY Geneseo?
Need-based financial aid packages are determined mostly by a family’s income bracket, so looking at how net cost varies according to family income can provide additional information helpful to predicting your own college costs. At SUNY Geneseo, net cost breaks down by income as follows.
|Family Income||Average Net Price|
How Much Merit Aid is Typically Awarded at SUNY College at Geneseo?
Merit aid is not especially common at SUNY Geneseo, and when it is awarded, the award amounts are not extremely generous. In 2017, only 22.4% of students without financial needs received merit aid and their average award was $793. This places SUNY Geneseo at 791st in the pool of over 1000 schools we analyzed for merit aid generosity.
How Many Students Take Out Loans to Attend SUNY Geneseo?
It is not uncommon for SUNY Geneseo students to take out loans to help fund their college education. In 2017, 63% of students had federal student loans. The average federal student loan per undergraduate student was $4,888.
A college education is essentially an investment in the future, since college graduates tend to have higher earning potential throughout their lifetime. Check the student outcomes at schools on your student’s college list to gauge what kind of return your student might expect on this investment.
At SUNY Geneseo, 80% of students who begin a degree program graduate within six years. Their ten year average salary after graduation is $48,800.
Local Cost Considerations
Over the course of a four year degree, college expenses will most certainly account for most of your spending, but other expenses are bound to contribute as well. The local economy will affect how much your student spends on transportation, groceries, and even off campus housing should he or she move out of the dorms.
SUNY College at Geneseo is located in Geneseo, NY where the cost of living index is 97.6. This means that the local economy is roughly aligned with the national average. Should your student choose to move off campus, he or she should expect to spend about $650/month on a studio apartment or $1200/month on a three-bedroom.
The job market in Geneseo isn’t great. Unemployment rates are above average and both recent and projected job growth are below average. The good news, though, is that minimum wage in New York is $11.10/hr and set to increase to $11.80/hr in December 2019, a full four dollars more than the federal minimum.
Other Ways to Pay for College
Another great way to contribute to college funds is through scholarships, and many families are surprised to learn just how many options there are for them. The largest scholarship program in the country is the National Merit Scholarship Program. Over a million students participate each year as all high school juniors can qualify simply by taking the PSAT. Awards are distributed based on PSAT scores. Other awards for PSAT scores are also handed out by the National Hispanic Recognition Program and by specific corporations or colleges. To learn more about the program, check out our post How to Qualify for the National Merit Scholarship Program.
Many other scholarship programs are out there, too. Some, like the National Merit Scholarship Program, operate nationally and attract many applicants from across the country. Others operate only on the regional or local level, and still others offer awards only to students with highly specialized skill sets or a unique background. To find out more about some of the options that are available, 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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