Understanding Mount Marty University Tuition and Costs
Planning for college expenses is a crucial part of the application process. Mount Marty University, like any higher education institution, involves various costs that students and their families should understand. By learning more about these expenses and the available aid options, prospective students can effectively manage their college finances. This article provides a comprehensive overview of Mount Marty University's tuition fees, financial aid opportunities, and overall cost of attendance.
Cost of Attendance: The Sticker Price
The "Cost of Attendance" represents the total amount of money the average student has to pay to attend Mount Marty University without any financial aid. It's essentially the school's sticker price. This figure includes not only tuition and fees but also estimates for living expenses such as books, supplies, housing, food, transportation, and personal expenses. These expenses may be incurred during an academic year and are used by the institution to help determine a student's financial aid package.
At Mount Marty University, the total cost is $50,868, which includes tuition and fees, food and housing, books and supplies, and transportation and personal expenses.
Tuition and Fees Breakdown
Mount Marty University charges an average undergraduate tuition of $30,250 per year for full-time in-district and in-state students. This places it in the upper 40% of comparable institutions. Fees are comparatively steep at $2,850 annually, ranking in the top 15%. The combined tuition and fees for full-time students total $35,775 per year, an average figure that lands amid the higher half of similar colleges.
Graduate tuition for full-time students stands at $12,769 per year for in-district and in-state students, which is below average and among the more affordable options. Graduate fees are $1,495 annually, somewhat higher but still within a moderate range.
Read also: Mount Union Affordability
It's important to note that tuition and fees are often referred to as the sticker price. Fees differ by institution and may fund various services such as library services, student gym facilities, student centers, technology resources, and campus health centers.
Room and Board: On-Campus Living
Room and board costs at Mount Marty University are notably economical, averaging $10,300 annually and ranking in the lowest 15%, making on-campus living a financially advantageous option. At Mount Marty's Yankton campus, students can enjoy the traditional experience on a beautiful residential campus, with options to live on campus, play competitive sports, participate in extracurricular activities and create lasting friendships.
Indirect Costs: Planning for Personal Expenses
In addition to tuition, fees, and room and board, students should also budget for indirect costs. These costs are estimates that help students plan for personal expenses such as books, gas, and housing and food if living off-campus. The cost of attendance for a student includes the cost of tuition & fees as well as an estimate of living expenses including books & supplies, housing, food, transportation, and personal expenses.
- Books and Supplies: \$1,200 per year
- Personal Expenses: \$2,622 per year
- Transportation: \$2,792 per year
Financial Aid: Making Education Affordable
Nearly every Mount Marty student pays less than the sticker price to attend. Scholarships, grants, and financial aid based on a family's income make the out-of-pocket costs much cheaper, allowing students to get a valuable private education at a surprisingly affordable price.
Financial aid can include grants, loans, scholarships, and work-study jobs. Financial aid packages vary depending on a student's financial need. Most colleges determine financial need based on the Free Application for Federal Student Aid (FAFSA).
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In fall 2023, 64% of first-year students received need-based financial aid. Mount Marty University met 84% of its students’ financial aid need.
Grants and Scholarships: Funding You Don't Repay
Grants and scholarships are better than loans because students don’t ever have to pay them back. Grants and scholarships are the most important forms of financial aid. Although it’s useful to know how many students get grant aid, it’s also important to know how much grant aid people tend to receive. At Mount Marty College, more students get aid, but the ones who do get less than average.
The grant dollar amounts include aid from all sources - both federal and institutional. Because more Mount Marty College students get institutional aid, it likely offers relatively competitive financial aid. The amount of money that students actually get is just as important (if not more important) than the percent of students who get grants. It seems like Mount Marty College offers less institutional aid than other schools. This can also mean that the school just costs less than the typical school of its type.
The average need-based scholarship or grant awarded to first-year students at Mount Marty University was $30,003. The average non-need-based scholarship or grant awarded to first-year students at Mount Marty University - excluding any athletic scholarships, if applicable - was $18,600.
Student Loans: Borrowing for Education
Aside from grants, the other major way to pay for college is with student loans. The more student loan money you borrow, the more debt you’ll end up with after graduation. Ideally, you want to minimize your student debt as much as possible. It’s generally a bad sign if a school has many students taking out a lot of loans.
Read also: History of the Former College
It’s very common for college grads in the US to graduate with some debt, but high percentages of students taking on loans at a particular school is a big red flag. High numbers of students with loans is a red flag, and Mount Marty College is above average.
At Mount Marty College, 83% of all students take out federal loans. The average annual federal loan amount is $5962. At Mount Marty College, 10% of students take out private loans. The average private loan amount at Mount Marty College is $7064. The percentage of students getting federal loans is greater than those getting private loans, which is a good sign.
Need-based self-help aid includes federal loans and work-study. The average need-based self-help aid awarded to first-year students was $4,450.
At Mount Marty University, the median federal loan debt among borrowers who completed their undergraduate degree is $26,396. 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 $280. The average total indebtedness of the 2024 graduating class is $33,132, with 95% of graduating students having borrowed some type of loan.
Work-Study Programs: Earning While Learning
Mount Marty University offers various work-study opportunities designed to assist students financially while gaining valuable professional experience. Students may find employment both on-campus and through community partnerships, with positions often related to administrative support, library assistance, and campus event coordination. Many work-study positions at the university pay competitive wages that reflect prevailing local standards, ensuring students receive fair compensation for their efforts.
Mount Marty University allows international students participation in its work-study program, though specific eligibility criteria related to visa regulations apply.
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.
Net Price: What You'll Actually Pay
The Net Price is the total cost minus the total aid given. In other words, this is the price you have to pay to the school out of pocket. 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. Use the college’s Net Price calculator for the most accurate estimate of your net price.
The average net price is $23,163 per year.
Expected Family Contribution (EFC)
The US government has come up with a standardized way to calculate how much a typical family can afford to pay without help. This is called the Expected Family Contribution (EFC). Colleges use this number as a guideline to decide how much aid to give you, but it's just a guideline.
Financial Aid Application Process
To apply for financial aid, students typically need to complete the FAFSA. The last day to apply for financial aid or turn in related paperwork is not available. Applications received prior to the priority application due date (not available) will be given the strongest consideration. Students should still apply for financial aid if they don’t make this due date. The notification date (not available) is when students receive a letter with the amount and types of aid the college is offering. The response due date (not available) is the deadline for students to respond to the college’s aid offer.
Value and Ranking
As a regional school, Mount Marty College may not be a household name nationwide, but it's known to people in the local area as a solid school. Compared to some other regional schools, Mount Marty College didn't appear on our best value lists. This might be because the net price is higher than for other schools of similar reputation. This isn't the end of the world - you can likely still afford Mount Marty College by taking out loans, earning scholarships, or working part-time. Overall, Mount Marty College is a decent value, and going to college here will likely pay off over time.
Comparing Costs: Mount Marty vs. National Averages
Mount Marty University's tuition is $35,775. Compared with the national average cost of tuition of $47,097, Mount Marty University is cheaper.
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