What Does It Really Cost to Attend Colgate University?

With college tuition rates skyrocketing, it’s no surprise that price is playing an important factor in students’ decisions about where to go to school. In fact, a Sallie Mae study reveals that around three quarters of families say cost and affordability have a significant impact on their choice of college.

Located in Hamilton, New York, Colgate University has a reputation for being a top liberal arts school. So, it’s no surprise that the list price at this institution can scare off potential applicants. The good news is that college costs vary dramatically, and many families wind up paying a lot less than the number in the brochure. Read on to find out what you can expect to pay to attend Colgate.

Why College Costs Are Highly Variable

Just because Colgate University has a high list price doesn’t mean the school is unaffordable for students whose parents are in middle or lower income brackets. Like many private schools, Colgate has a significant endowment, meaning it can afford to hand out more scholarships. As a result, the financial aid net price at Colgate may actually be lower than the cost of attending public school.

So how can families determine the net price of attending Colgate? Start by adding up the value of all forms of financial aid, including government aid, institutional grants, and scholarships. Then, subtract that total from the list price.

What Is the List Price at Colgate University?

If you’re interested in attending Colgate University, expect a high list price. For 2016-2017 year, tuition, room, and board totaled $67,290. The good news is that the cost tends to be lower for students whose families earn less than $175,000 a year, after financial aid.

What Is the Colgate University Financial Aid Net Price?

The net price of attending Colgate University is considerably less than the list rate. For the 2016-2017 academic year, the average cost after financial aid was $55,500.

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

Average financial aid net prices at Colgate vary depending on a family’s ability to pay. View average costs based on family income below:

* The numbers listed above may not reflect any Pell Grants that families may receive. Families with incomes between $0 and 30k may qualify for Federal Pell Grants, which reduce the amount of financial aid for which private colleges are responsible. For this reason, there may be a higher tuition rate for families with $0-30k as compared to those in the $30k-48k bracket.

How Much Merit Aid Do Colgate Students Receive?

Merit aid can reduce the overall cost of a college degree. However, if you’re applying to Colgate University, don’t count on receiving this form of aid. Our research shows that no Colgate students currently receive merit-based financing. So, students who don’t qualify for financial aid can expect to pay an average net price of $67,290.

Colgate’s lack of merit aid funding gives the school a ranking of 942 out of 1000 in our study on merit aid generosity.

How Many Colgate University Students Take Out Loans?

The number of Colgate University students who borrow money to finance their degrees is relatively small. Currently, just 6% of students take out federal loans, with an average loan per undergrad being $2,539.

Student Outcomes at Colgate University

Looking at student outcomes is a great way to assess whether Colgate University offers a solid return on investment. With the school boasting a six-year graduation rate of 89%, students can expect to graduate on time. Ten years after graduation, alumni earn an average of $63,600.

Local Area Cost Considerations

With a cost of living index of 96, Hamilton, New York, is on par with other cities throughout the U.S. price-wise. If you’re living off campus, expect to pay $688 for a one-bedroom apartment, $858 for a two-bedroom, and $1088 for a three-bedroom. Finding a roommate is a great way for students to keep costs low and make friends while earning their degree.

Students looking to work part time while attending school have a good shot at finding gainful employment. As of 2016, New York lawmakers passed a deal to raise the minimum wage to $15 per hour by 2021. The current minimum wage is $11.10, still significantly higher than the federal minimum. The average salary for Hamilton residents is currently $63,199.

Ways to Save Money on College

For students who would rather work on campus than seek outside employment, consider applying for a work-study position. Not only do these positions save you from having to commute or take public transportation to work, but they also often afford you time to read, study, or do homework on the job. They’re a great choice for students who want to concentrate on their studies.

If you want to earn extra scholarships, consider applying to one of the many independent scholarship programs out there. For example, the National Merit Scholarship program provides grant money to students who scored in the top 1 percent PSAT test takers. This competition offers funding to about 15,000 students a year. Additionally, you can learn about more Colgate University scholarship opportunities online.

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