What Does it Cost to Attend The University of Pittsburgh-Pittsburgh Campus?
The University of Pittsburgh is one of the oldest institutions of higher education in the U.S. At a time in which students are facing an increasingly competitive job market, a quality college education can be crucial to an aspiring young professional’s career prospects. The University of Pittsburgh, with its 17 schools at the Pittsburgh campus alone, offers a vibrant and expansive learning environment for students hoping to enter the workforce with a strong start, whether they’re interested in biochemistry or music therapy.
That said, paying for college, whether it be a private or public institution, is a big investment. If you’re at a loss as to how your family might pay for college, read on. We’ve compiled this comprehensive post to help you interpret college costs, understand the different kinds of financial aid and how much you might expect to receive, as well as to leave you with some tips on how to save even more.
The University of Pittsburgh’s List Price
You might have already visited the University of Pittsburgh’s site for tuition. That’s a good place to start when it comes to gauging costs, as it will give you a general idea of how much you might pay over your teen’s four years at Pitt. However, these numbers can also be misleading as college costs are highly variable. Factors like family income and a student’s state residency can all impact the bottom line. Knowing how to interpret an institution’s numbers is the crucial first step as you budget for your teen’s education.
The numbers that you see on an institution’s tuition page are what we call list prices, and few families actually pay those prices. A more useful number is the net cost, which refers to what families actually pay out of their pockets, after factors like financial aid have been applied.
That being said, some families will inevitably pay the list price. Typically, those families have an annual household income of over $175,000. For the 2016-2017 academic year, the list price at the University of Pittsburgh was $32,782 for in-state students, and $43,922 for out-of-state students. (It’s worthwhile to note here that the list prices vary rather substantially between the different schools at the university.)
Cost of Attendance with Financial Aid
The good news is that many students receive financial aid, which can lower costs significantly. For the 2016-2017 school year, the average net cost of attendance at the University of Pittsburgh was $30,677 for in-state students and $41,817 for out-of-state students.
Cost Based on Family Income
The greater your family’s financial need, the more need-based aid a student will qualify for. Here are the average net amounts that families with different incomes pay for the University of Pittsburgh–Pittsburgh campus.
|Family Income||Average Net Price|
*These numbers do not reflect any Pell Grants that families may receive. Families with an income of $0-30k often receive Federal Pell Grants, which reduce the amount of financial aid that individual institutions need to award. This is why there is a higher or equal tuition rate for families with $0-30k as those with $30k-48k.
Merit Aid Net Prices and Net Prices for Students Without Need
So far we’ve only been talking about need-based aid. Another form of aid is merit aid. Unlike need-based aid, merit aid is granted based on what the college deems to be exceptional performance and potential, usually academic performance, and school or community involvement. It usually comes in the form of a scholarship.
At Pitt, 14.6% of students without financial need receive merit aid. The average amount awarded is $1,567.
In-state Pitt students without demonstrated financial need can expect to pay around $31,215, and out-of-state students can expect to pay around $42,355. Consequently, out of the pool of over 1000 colleges which CollegeVine analyzed for merit aid generosity, Pitt ranks 719th.
Student Loans and Debts
Often, students will still need help financing their college education even after institutional aid and scholarships have been applied. This is where federal loans come in. Unlike scholarships or grants, loans need to be repaid, often with interest. At Pitt, 59% of students take out federal loans, with an average amount of $6,634 per student.
Choosing a college to attend may be one of the biggest decisions students have made so far, so it’s useful to get an idea of how graduates are doing down the line to assess the return on your family’s investment. At the University of Pittsburgh – Pittsburgh campus, 79% of students graduate within 6 years, and their average salary ten years after graduation is $53,900.
Local Area Cost Considerations
Living costs of the local area are important to factor into college cost calculations, especially if your student plans to live off-campus or cook for themselves.
Pittsburgh, Pennsylvania has an overall cost of living index of 91, which means it’s 9% less expensive to live in Pittsburgh than in the rest of the U.S. in general. Housing in Pittsburgh is relatively affordable, around 35% less expensive than the national average. This is good news for the many students who decide to move off-campus after their first year. Students can expect to pay around $1,076 in rent for a one-bedroom apartment, and $1,436 for a two-bedroom.
For students who are thinking about working off-campus or staying in the area after graduation, the city of Pittsburgh offers many opportunities, and while the minimum wage in Pennsylvania is currently set at $7.25 per hour, it is expected to increase to $15 by 2024. In 2017, the average hourly wage in Pittsburgh was $23.36.
Other Ways to Save on College
The ways to save on college don’t end at institutional or federal financial aid and loans! Privately-funded merit-based scholarships are a good way to go if your family is looking for additional funding for college. Privately funded scholarships are available at the national, state, and local level and can be awarded for academic, athletic and extracurricular achievements, as well as for community engagement and special interests. Take a look at Pitt’s resources on outside scholarships to find out whether your student may be eligible for any private scholarships. One example for local students is the Pittsburgh Promise which offers $20,000 scholarships to Pittsburgh public school graduates.
Another prestigious scholarship is the National Merit Scholarship, which awards one-time $2,500 scholarships to finalists. The National Merit Scholarship program automatically considers all takers of the PSAT for qualification, so If your student has taken the PSAT, he or she is already eligible. Read more about the National Merit Scholarship program here.
Another way to potentially save on college is right here at CollegeVine. As a part of our College Applications Program, we help students figure out how to make any school more affordable using our Finances tool, which can show the ROI of different schools and majors and help students identify scholarships to apply for. On average, our students earn about $83,000 in scholarships, which helps make their academic dreams a reality. Find out if working with our Financial Aid Tools is right for your family!
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