Understanding Moody Bible Institute Tuition Costs and Financial Aid

Moody Bible Institute, a private institution rooted in Chicago, Illinois, has been providing undergraduate degrees across 29 majors since its founding in 1886. The cost of attendance is a significant factor for prospective students and their families. This article breaks down the tuition costs, available financial aid, and other expenses associated with attending Moody Bible Institute.

Tuition and Fees

The annual tuition to attend Moody Bible Institute is $12,768, regardless of whether a student is an in-state or out-of-state resident. This figure represents the sticker price, which includes tuition and fees that support various campus services such as library services, student gym facilities, student centers, technology resources, and campus health centers.

Room and Board

On-campus room and board is provided by the school at a cost of $12,820 per academic year. For students choosing to live on campus, an additional $4,960 should be budgeted for other living expenses. The average cost of a semester of study at the Chicago campus, including tuition, room and board, required fees, and medical insurance, is estimated at approximately $14,000, depending on course enrollment and student lifestyle preferences. This estimate does not include books, supplies, or personal expenses.

Total Cost of Attendance

The total cost of attendance encompasses the sticker price, the cost of food and housing, books and supplies, and transportation and personal expenses. Understanding the total cost provides a clearer picture of the financial commitment required to attend Moody Bible Institute.

Net Price and Financial Aid

The average reported annual net price for Moody Bible Institute, reflecting the amount students actually pay after receiving grants or scholarship aid, was $23,950 in 2019/2020. The net price serves as a more realistic estimate of the true cost of attending Moody Bible Institute, as it considers common grants and scholarships. However, it's important to remember that the net price can change based on factors such as family income, assets, and individual financial need.

Financial aid is available to students who qualify. In 2019/2020, 89% of full-time undergraduates at Moody Bible Institute received financial aid in the form of grants, scholarships, and fellowships from the institution or from Federal, State, or local government agencies. This aid averaged $10,477 per student.

Grants and Scholarships

Grants and scholarships do not need to be paid back. Need-based scholarships consider a student’s financial status, while merit-based scholarships are awarded for academic or athletic achievement. Students may also qualify for scholarships based on community service, unique hobbies or traits, personal background, or a parent’s employer or military affiliation. Some students receive enough scholarship money to cover their tuition and living expenses.

The average need-based scholarship or grant award for first-year students is $11,069.

Federal Pell Grants

The average Pell Grant awarded for 2019/2020 was $4,529. To apply for a Pell Grant, students must complete the Free Application for Federal Student Aid (FAFSA).

Student Loans

Student loans must be repaid with interest. At Moody Bible Institute, the median federal loan debt among borrowers who completed their undergraduate degree is $18,149. The median monthly federal loan payment (if repaid over 10 years at 5.05% interest) for student federal loan borrowers who graduated is $192.

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To gauge a more realistic picture of the out-of-pocket cost, a ten-year student loan with an original principal value of $95,800 has been modeled. This loan balance is a four-year multiple of the $23,950 average net price and estimates what a student could owe upon graduation if they qualify for average financial aid. Should a student not qualify for financial aid, they may owe significantly more upon graduation. Based on these assumptions, a monthly repayment of $1,089 could be required to pay off the student loan over 10 years.

It is recommended not to borrow more than can be paid back using 10% of monthly income earned after graduation. Students should consider if it will be realistic to make post-graduation loan payments based on their expected salary.

In 2023, 39% of undergraduate students received financial aid through loans. The average need-based loan amount is $3,884. The typical amount of loans a student must pay back is $25,477.

Work-Study Programs and Campus Jobs

Working while in school can help lessen the burden of 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 students to apply for positions like they would for any other job.

Financial Aid Application Process

The Financial Aid Application is due September 1. Students expecting institutional scholarships, outside scholarships, or loans to cover their balance are still responsible for making payments on time for the amount due if those awards are not applied by Moody's due date.

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Moody Bible Institute has partnered with PayMyTuition for domestic and international tuition payments, allowing payments from any bank, in any country, in any currency at better than bank exchange rates (exchange rates apply only to international payments). Payments can be initiated by either the student or by an Authorized User.

Moody Bible Institute also offers an interest-free payment plan to enable students or their families to make monthly installments on their student bill towards tuition, fees, room, and board. The payment plan is not a loan and is available for up to five automatic installments per semester for fall and spring semesters and up to two automatic installments for the summer semester.

Additional Financial Information

Average Per Year After Aid: $23,950
Students Receiving Financial Aid: 67.37%
Average Aid Package: $12,467
Average Net Price: $23,950 per year
Books and Supplies: $0 per year
Personal Expenses: $0 per year
Transportation: $0 per year

Admissions and Enrollment Statistics

In 2023, Moody Bible Institute received 244 undergraduate applications, accepting 238 students, resulting in an acceptance rate of 97.5%. The institute enrolled 2,216 students, with 65.5% enrolled full-time.

SAT Scores

30% of enrolled first-time students at Moody Bible Institute in 2019 submitted SAT scores with their applications.

Enrollment by Race and Ethnicity

The enrolled student population at Moody Bible Institute is 56.9% White, 9.34% Black or African American, 7.81% Hispanic or Latino, 3.88% Asian, 3.11% Two or More Races, 0.271% American Indian or Alaska Native, and 0.0903% Native Hawaiian or Other Pacific Islanders.

Graduation and Student Loan Debt

In 2023, 594 degrees were awarded across all undergraduate and graduate programs at Moody Bible Institute, with 48% awarded to women and 52% awarded to men. The most common race/ethnicity group of degree recipients was white (341 degrees).

The median undergraduate tuition at Moody Bible Institute is $12,768, which is $−2,396 less than the national average for Special Focus Institutions ($15,164). In 2022, the default rate for borrowers at Moody Bible Institute was 0%, corresponding to 0 out of the 482 total borrowers.

The median federal loan debt among borrowers who completed their undergraduate degree is $18,149. The median monthly federal loan payment is $192.

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