What Does it Really Cost to Attend Stevens Institute of Technology?

As college costs continue to rise, families are planning for college expenses earlier and earlier. This isn’t surprising, as most families need financial aid to help cover the high costs of a college education. The National Center for Education Statistics reported that by 2016, 85% of college students were receiving financial aid. Still, even with financial aid, a four year degree from a private university costs the average family upwards of $100,000.

While college costs can be shocking, there’s no reason that the amount you need to pay for college should come as a total surprise. Many factors impact the amount that will come out of your pocket, but taking a close look at them and how they may affect you will help to more accurately predict your family’s college costs. In this series of posts, CollegeVine analyzes the college costs at over 1000 schools to help demystify college spending. To find out what your family might pay for a degree from Stevens Institute of Technology, don’t miss this post.

Why Are College Costs So Variable?

There are a number of different factors that impact how much a family pays for college. These are specific to families, colleges, and even individual students, so the range of potential costs is large. By taking a closer look at some of these variables you can start to better understand how much college may cost for your family.

The first factor in how much a family pays for college usually starts with the college’s list price. A list price is generally the total all-inclusive cost of attendance and includes things like tuition, room and board, and required fees. List prices themselves have a broad range with some schools coming it below $20,000 and many other above $60,000.

While list price is a good starting point when it comes to understanding college costs, few families actually pay the entire list price so it may not be an especially helpful data point. Instead, the large majority receive financial assistance to offset costs. Average net cost is the average amount that families actually pay to attend a college. This usually depends on how much institutional aid, merit aid, and federal, state, and local aid a student receives. While this will obviously vary significantly from one student to another, net cost is a helpful starting point when looking at how much aid a family might expect to receive at specific colleges.

What Is the List Price at Stevens Institute of Technology?

In 2016-2017, the list price at Stevens Institute of Technology was $64,988. Because Stevens is a private university, the list price is the same for students regardless of their state of residence. Still, few students actually pay the entire list price. Generally, only those with a combined family annual income of $175k or more should expect to pay list price.

What is the Average Net Cost of Attending Stevens Institute of Technology?

The average net cost of attending Stevens Institute of Technology in 2016-2017 was $58,360 after receiving financial aid.

Due to generous merit aid packages, the average net cost for students not receiving financial aid was $46,739.

What is the Net Cost Based on Income of Attending Stevens Institute of Technology?

The largest contributing factor in how much a family pays for college is generally their income level, so it can be more helpful to look at net costs as they break down according to family income. At Stevens Institute of Technology, net cost according to family income breaks down as follows.

How Much Merit Aid is Typically Awarded at Stevens Institute of Technology?

Stevens is especially generous with merit aid. In 2017, 94.4% of students without financial need received merit aid. The average merit aid award for a student without financial need was a hefty $18,249. This places it at 105th in the pool over 1000 schools we analyzed for merit aid generosity.

How Many Students Take Out Loans to Attend Stevens Institute of Technology?

Taking a loan is not uncommon for Stevens undergraduates. In 2017, 68% of undergrads at Stevens had a loan to help fund their education. The average federal student loan per undergraduate student was $6,172.

Student Outcomes

The initial high cost of a college education is easier to justify when you think of it as a long term investment in higher earning potential. Looking at student outcomes can help you to predict the return on your investment.

At Stevens Institute of Technology, 81% of students who begin a degree are able to complete it within six years. The average ten year salary after graduation is $89,200.

Local Area Cost Considerations

In addition to costs directly related to college, families are bound to amass other expenses during the course of a four-year degree. Things like groceries, transportation, or off campus housing may all add up, so looking at the local economy can provide important insight.

Stevens Institute of Technology is located in Hoboken, NJ. The cost of living index in Hoboken is 217.1, meaning it is over twice as expensive as the national average. The most significant contributor to the high cost of living in Hoboken is housing, which comes in at over four times the national average. A studio apartment in Hoboken goes for around $1770/month while a three-bedroom apartment costs roughly $2960/month.

The job market in Hoboken is decent. Unemployment rates are well below average, and job growth projections are just slightly below the national average. That said, minimum wage in New Jersey is $8.85/hr, only slightly above the federal minimum, though it will be $15/hr by 2024.

Other Ways to Fund a College Education

Scholarships can be a great help when putting together the college funding equation for your family. Many families think of scholarships as being reserved for only the most elite students in the country, but in fact scholarship programs exist at many different levels.

The largest scholarship program in the country is the National Merit Scholarship Program. This program attracts over a million participants each year, all high school juniors who qualify for the program by taking the PSAT. Students are awarded scholarships based on their PSAT scores. Students can also qualify for awards through the National Hispanic Recognition Program and other specific corporations or individual colleges. To learn more about the program, check out our post How to Qualify for the National Merit Scholarship Program.

Of course, many other scholarship opportunities also exist, ranging from national talent searches to small, localized or highly specialized niches. You can learn more about some scholarship opportunities that might be a great fit in these CollegeVine posts:

• 15 College Scholarships for High School Juniors
• 15 College Scholarship Resources for High School Students
• A Guide to STEM Scholarships
• Scholarships and Competitions for students in the Performing Arts

Curious about your chances of acceptance to the Stevens Institute of Technology? Our free chancing engine takes into account your GPA, test scores, extracurriculars, and other data to predict your odds of acceptance at over 500 colleges across the U.S. We’ll also let you know how you stack up against other applicants and how you can improve your profile. Sign up for your free CollegeVine account today to get started!