What Does It Cost to Attend the College of William and Mary?

Since the 1990s, tuition prices have skyrocketed at U.S. colleges. And while public universities like the College of William and Mary offer relatively lower list prices, that doesn’t mean that tuition is inexpensive. The good news is that few students pay the sticker price on a college degree.

If your teen is set on attending the College of William and Mary, then you might be wondering how to make their degree more affordable. In this post, we’ll cover the true cost of attending this historic school in Virginia.

Why College Costs Are Highly Variable

The College of William and Mary is a public research university, meaning that a portion of the school’s funding comes from taxpayer dollars. As a result, public universities can generally afford to charge students lower tuition rates than private schools. In particular, students who have lived for a period of time in the same state where they’re attending school will likely pay less than those living out of state.

Although the sticker price for public schools is typically lower, that doesn’t mean they’re always more affordable to attend. Private schools may have lower net prices, thanks to larger endowments that can fund more generous grants and scholarships. Rather than focus on the list price, do your research to assess what the average student at your dream college actually pays.

What Is the List Price at the College of William and Mary?

On paper, attending the College of William and Mary looks like an expensive proposition. For the 2016-2017 school year, the list price was $35,991 for in-state students, and $57,031 for out-of-state students. However, you shouldn’t let this figure stop you from considering the institution. If your family makes less than $175,000 a year or your student is in the top 30% of applicants, the odds of paying the list price at William and Mary are slim.

What Is the College of William and Mary’s Financial Aid Net Price?

Both in-state and out-of-state applicants to the College of William and Mary can benefit from financial aid. For the 2016-2017 academic year, the financial aid net price for residents was $31,746. For out-of-state students, financial aid lowered the tuition cost to $52,786.

What Is the Family Income-Based Cost of Attending the College of William and Mary?

Students from families in lower income brackets will pay less to attend the College of William and Mary than those from wealthier backgrounds. Average net tuition prices for the school are as follows:

How Much Merit Aid Do College of William and Mary Students Receive?

The College of William and Mary does offer merit aid, but the odds of receiving this benefit are relatively low. Currently, just 3.9% of students receive merit aid, with the average award totaling $388. As a result, William and Mary ranks 852nd out of the 1000 schools CollegeVine assessed for merit aid generosity.

How Many College of William and Mary Students Take Out Loans?

Many students take out loans to help cover the costs of William and Mary tuition. Research shows that 75% of the students who attend this institution receive federal loan money, with the average loan per undergrad equaling $2,798 total across all four years.

Ways to Save Money on College

Even if students don’t receive merit-based funding through William and Mary, they might be able to earn additional scholarship money to lower the cost of tuition. The National Merit Scholarship program is one of a number of independent scholarships available to help students finance their education. Providing grant money to the top 1 percent of PSAT test-takers, this program offers scholarships to 15,000 students a year. You can discover additional scholarship opportunities on the William and Mary website.

Part-time jobs can also help students make ends meet while attending college. Some College of William and Mary students qualify for work-study positions. Located on campus, these jobs tend to include time for students to study for classes, such as being a library desk aide. Additionally, William and Mary students can find part-time work in Williamsburg and the surrounding towns.

Student Outcomes at the College of William and Mary

Price is an important factor when choosing a college to attend. However, families should also look at student outcomes to ensure they’re getting their money’s worth. Because William and Mary has a six-year graduation rate of 91%, families can feel relatively confident that students will finish on time. The average salary 10 years out from graduation is $58,500.

Local Area Cost Considerations

Williamsburg, Virginia, is known for its award-winning restaurants and extensive arts community. Additionally, the city is home to several world-famous living history museums celebrating colonial life. Thanks to its robust tourism business, students are likely to find plenty of opportunities for employment. The minimum wage in Virginia is $7.25, which is also the current federal minimum wage. The average salary for a Williamsburg resident is $41,020 a year.

It’s important to note that Williamsburg has a high cost of living. With a cost of living index of 114.3, it’s 14.3% more expensive than the average U.S. city. Housing is a significant expense, and William and Mary students who live off campus can expect to spend $937 for a one-bedroom apartment, $1120 for a two-bedroom, and $1573 for a three-bedroom. 72% of students live on-campus, however, so most students won’t need to worry about rent costs.

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