Understanding McKendree University Tuition, Fees, and Financial Aid Options
For students considering higher education, understanding the costs associated with attending a university is crucial. This article breaks down the tuition, fees, and financial aid options available at McKendree University, a small, private institution located in Lebanon, Illinois, offering undergraduate degrees in 63 majors.
The Cost of Attendance: Tuition and Fees
McKendree University's tuition is $35,430. These figures include both tuition and fees, also referred to as the sticker price. Fees differ by institution and may fund library services, student gym facilities, student centers, technology resources and campus health centers. Compared with the national average cost of tuition of $47,097, McKendree University is cheaper. As you’re comparing costs of different institutions, also consider the total cost and the net price. The total cost is the sticker price, plus the cost of food and housing, books and supplies, and transportation and personal expenses. At McKendree University, the total cost is $49,850.
At McKendree University, the average tuition for full-time undergraduate students, whether in-district, in-state, or out-of-state, is $32,660 annually. This amount places the university in the top 35% for in-district and in-state tuition costs, and in the top 45% for out-of-state tuition fees compared to similar institutions. For part-time undergraduate students, McKendree charges approximately $1,060 per credit hour, which ranks around the middle range nationwide. Graduate students enrolled full-time face significantly lower tuition rates, averaging $9,450 annually across all residency categories, positioning McKendree in the bottom 30% to 20% for graduate tuition costs.
When placing these costs in a national context, full-time undergraduate tuition and fees at McKendree exceed the average annual tuition for in-state students at four-year public colleges, which is $25,707, and are lower than the average private non-profit four-year college tuition of $54,501.
Other costs to consider include:
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- Books and Supplies: $1,000 per year
- Personal Expenses: $1,530 per year
- Transportation: $1,080 per year
Net Price: Understanding Your Individual Cost
The net price is a college’s cost of attendance minus the grants and scholarships you receive. The net price you pay for a particular college is specific to you because it’s based on your personal circumstances and the college’s financial aid policies. The average net price is $15,130 per year. Use the college’s Net Price calculator for the most accurate estimate of your net price.
Financial Aid: Making Education Accessible
Financial aid can include grants, loans, scholarships and work-study jobs. Financial aid packages vary depending on your financial need. Most colleges determine financial need based on your FAFSA. 60.47% of students receive financial aid.
Key Dates:
- Application Due: May 12 (The last day to apply for financial aid or turn in related paperwork.)
- Notification Date: Feb 1 (When students receive a letter with the amount and types of aid the college is offering.)
Financial Aid Statistics:
- Students Receiving Financial Aid: 60.47%
- Freshmen With Need and Received Financial Aid: 99.4%
- Average Aid Package Awarded: $29,260
Types of Aid:
Need-Based Scholarship or Grant Award: Scholarships and grants don’t need to be paid back. The average need-based scholarship or grant awarded to first-year students at McKendree University was $22,068. Additionally, 82% of first-year students received need-based financial aid in fall 2023. $22,546 is the average need-based scholarship or grant award.
Need-Based Loan Amount: Loans must be paid back. The average need-based self-help aid awarded to first-year students was $1,806. $3,506 is the average need-based loan amount.
Non-Need-Based Aid: $15,197.
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Scholarships
Scholarships are a type of funding that you don’t need to pay back. Need-based scholarships take a student’s financial status into account. Merit-based scholarships are awarded to students for academic or athletic achievement. You might also qualify for a scholarship based on your community service involvement, unique hobbies or traits, your personal background, or a parent’s employer or military affiliation. Some students receive enough in scholarship money to cover their tuition and living expenses.
Student Loan Debt: Planning for the Future
How much student loan debt you accumulate can affect your financial life long after college ends. Ideally, your total student loan debt should fall below your anticipated starting salary once you graduate. At McKendree University, the median federal loan debt among borrowers who completed their undergraduate degree is $23,250.
The median monthly federal loan payment (if it were repaid over 10 years at 5.05% interest) for student federal loan borrowers who graduated is $246. Additionally, 15% of graduating students at McKendree University took out private loans. Students with private loans had an average of $48,234 in private loan debt at graduation. Average Total Indebtedness of 2024 Graduating Class is $28,052. 67% of Graduating students who have borrowed (any loan type, 2024).
Work-Study Opportunities
McKendree University offers a range of work-study opportunities aimed at helping students earn money while gaining valuable experience during their studies. The pay for these positions generally aligns with the federal or state minimum wages, providing students with a steady supplement to their educational expenses. International students at McKendree University are also eligible to engage in on-campus employment through work-study, giving them an opportunity to offset costs while complying with visa regulations. Working while in school can help lessen the burden of your student loans. Schools offer work-study programs to those who qualify and campus jobs to students looking to earn money in their free time. Some institutions match students with work-study positions, while others require them apply to the positions, like they would for any other job. Begin your job search by checking whether your college has in-person or online job boards.
Additional Information
McKendree University is a G.I. Bill certified institution and participates in the Yellow Ribbon Program. On-campus housing is an option at McKendree University, with dormitory capacity around 1,056 beds, a figure that ranks it in the lower 40% of colleges for residence hall availability.
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