What Does It Cost to Attend Tulane University of Louisiana?

New Orleans might be famous for its fabulous food and over-the-top Mardi Gras celebrations, but Tulane University draws students in for its caliber of academics. In fact, it’s one of 62 colleges that make up the Association of American Universities, a group of elite research institutions across the nation. At Tulane, students can earn an exceptional education while appreciating everything its architecturally-stunning southern city has to offer.

With so much going for it, it’s no surprise that Tulane University comes with a high admission price. Fortunately, the variability involved in college pricing means that many students wind up paying significantly less than the sticker cost. Keep reading to discover the true cost of attending Tulane University of Louisiana.

Why College Costs Are Highly Variable

If your teen is set on attending Tulane University, you might be suffering a little sticker shock. However, the actual cost of attending this institution, also known as the financial aid net price, is significantly lower than the rate in the brochures. You can determine the net price of attending Tulane by adding up the value of all forms of financial aid, including government aid (federal, state, and local), institutional grants, and private scholarships, then subtracting this number from the list price.

The fact that Tulane is a private institution may cause prospective students to hesitate before applying. After all, private colleges and universities are known for being more expensive than public ones. It’s worth noting that private schools tend to boast large endowments that enable them to give out more financial aid in the form of scholarships and grants. In other words, the cost of attending Tulane may not be significantly higher than that of a public institution. It could actually be cheaper!

What Is the List Price at Tulane University?

Tulane University has a list price that’s on the higher end for private institutions. For the 2016-2017 academic year, the cost for tuition and room board was $67,114. Generally, students only paid this rate if their families earned more than $175,000 a year or if they were in the lower 70% of accepted individuals.

What Is the Tulane University Financial Aid Net Price?

The good news is that Tulane University’s financial aid net price is lower than the list price. For the 2016-2017 school year, students paid an average of $56,729 to attend Tulane. Because it’s a private university, the price was the same for in-state and out-of-state applicants.

What Is the Family Income-Based Cost of Attending Tulane University?

Tulane University tuition prices are largely determined by family income levels. Below are average costs per salary bracket:

How Much Merit Aid Do Tulane University Students Receive?

Unlike many colleges and universities across the U.S., Tulane offers significant sums of money in merit-based aid. For the 2016-2017 academic year, an impressive 54.3% of students received merit aid with an average award amount of $14,797. These numbers give Tulane a ranking of 185 out of 1000 for merit aid generosity among the schools we surveyed.

For students who didn’t qualify for financial aid, the average price of attending Tulane was $52,317.

How Many Tulane University Students Take Out Loans?

A majority of Tulane University students rely on loans to finance their education. Currently, 77% of the student body takes out loans, with an average federal loan per undergrad of $3,933 across their college careers.

Student Outcomes at Tulane University

If you’re wondering whether your teen should attend Tulane University, it might help to consider whether the school offers enough of a return on their investment. Currently, Tulane boasts a six-year graduation rate of 82%, suggesting that a majority of students finish school on time. Ten years out from graduation, the average Tulane student is earning $61,700 a year.

Local Area Cost Considerations

Located on the Mississippi, New Orleans is a vibrant city known for its dynamic nightlife, delicious dining, and sultry music. However, it’s still a relatively affordable city in which to live and attend school. With a cost of living index of 107.5, New Orleans is just slightly more expensive than the average American city. Students living off-campus can expect to spend $903 a month for a one-bedroom apartment, $1079 for a two-bedroom, and $1394 for a three-bedroom space.

For students who want to spend time exploring the Big Easy while attending school, securing a part-time job can help them pay the bills. However, Louisiana’s minimum wage is just $7.25, so students might have to work long hours to make ends meet. Tulane graduates who stay in town after school can expect to earn around $49,586 per year.

Ways to Save Money on College

If students plan to work part-time while attending Tulane, they might want to look into securing a work-study position. Located on campus, these jobs allow students to save on commuting time. Additionally, work-study roles tend to feature plenty of extra time for students to read and do homework while earning a paycheck.

Another option for cutting college costs is applying for independent scholarships. For example, the National Merit Scholarship program recognizes the top 1% of PSAT scorers and offers grant money to around 15,000 students a year. You can also learn about additional scholarship opportunities on the Tulane University website.

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