What Does It Really Cost to Attend Boston College?
With college attendance numbers skyrocketing, it’s no surprise that tuition numbers are rising in accordance with demand. According to a recent report by ValuePenguin, nearly 20 million Americans headed off to college in 2018, with more than 13 million of those students choosing four-year schools.
While tuition rates are rising on an annual basis across the board, they’re climbing particularly high in New England, home to many of the nation’s top academic institutions. In fact, New England currently boasts the highest tuition rates for both two-year and four-year schools, which average $5,370 and $12,990 respectively. The price tag is even higher at Boston College, a private four-year Jesuit institution located in Chestnut Hill, Massachusetts.
If your high schooler is interested in attending BC, then you might be experiencing some sticker shock at seeing the cost of tuition. However, students and parents should be cognizant of the fact that most college attendees don’t pay the price provided on the brochure. Read on to discover what it really costs to attend Boston College.
Why College Costs Are Highly Variable
Students shouldn’t let high tuition dollars dissuade them from attending their dream schools. The truth is that a college’s sticker price is often very different from its net price, particularly for families in the lower income brackets. And because private schools like Boston College cost more to begin with, they often have more wiggle room when it comes to tuition. Additionally, the large endowments at schools like BC mean they can afford to provide more grant money to desirable applicants.
Instead of focusing on the sticker price of a college or university, do some research to determine that school’s net price. This figure is found by subtracting the combined value of financial aid, scholarships, and grants from the school’s sticker price. Be sure to take into account all funding, including local, state, and federal aid as well as institutional grants.
What Is the List Price at Boston College?
The list price of Boston College is intimidating. For the 2016-2017 academic year, the total price of tuition, room, and board was $68,064. However, students from families earning less than $175,000 a year rarely paid this rate. Note that BC is a private institution, so there’s no price difference for in-state versus out-of-state students.
What Is the Boston College Financial Aid Net Price?
Students receiving financial aid pay considerable less to attend Boston College. For the 2016-2017 year, the average net cost of BC tuition was $59,669.
What Is the Family Income-Based Cost of Attending Boston College?
Like most private colleges, BC takes steps to ensure students of diverse income levels have the opportunity to attend. Average net tuition prices for this institution are as follows:
|Family Income||Average Net Price|
How Much Merit Aid Do BC Students Receive?
While BC’s robust athletics program enables the school to offer a number of athletic scholarships, relatively few students receive merit-based aid. In fact, just 2% of BC attendees enjoy merit aid, with an average award of $422. Students who don’t qualify for financial aid pay around $67,642 a year to attend BC, which is only about $1000 off from the school’s sticker price.
How Many Boston College Students Take Out Loans?
Need-based aid isn’t the only means by which students pay for college. Many students also take out loans to help them afford tuition. Currently, around 2% of Boston College attendees take out federal loans, with an average value of $3,343 per student.
Student Outcomes at Boston College
There are multiple factors to consider when choosing a college, and tuition isn’t the only important one on the list. Families considering BC should assess how long it takes students to graduate, as well as how they fare in the working world. Currently, the average six-year graduation rate at Boston College is 92%. Ten years after earning their degrees, BC students boast an average annual salary of $72,500.
Local Area Cost Considerations
Although Boston College is located in the wealthy suburb of Chestnut Hill, its namesake city is just a short subway ride away. As a result, BC students can enjoy world-class dining, along with museums, shopping, street fairs, and cinema.
The high quality of life in Boston means that cost of living is also significant. With a cost of living index of 181.6, Boston is approximately 80% more expensive than the U.S. average.And because most BC students live off campus for junior year, finding affordable housing can be a struggle. Currently, the median monthly rent for a one-bedroom apartment in Boston is $2,340, with two-bedrooms renting for $3,471. Since Massachusetts has a minimum wage of $12 per hour, students will have to work a lot of hours a week to make a dent.
Ways to Save Money on College
Many students work part-time to help subsidize the cost of a college education. If your student is set on attending BC, they may qualify for a work-study position on campus. Along with providing students with a little extra cash, these roles generally allow students to read and do homework while on the job. Students who don’t qualify for work-study jobs may be able to find a part-time position in Chestnut Hills, Newton, or Boston.
Independent scholarships offer another opportunity for students to pay for college with taking on massive loan debt. One popular academic competition is the National Merit Scholarship program, which provides grant money to the top 1 percent of PSAT test-takers. About 50,000 students a year receive funding through this prestigious program.
For more ways to reduce your financial burden, check out the scholarships page on the Boston College website.
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