Understanding Skidmore College Tuition and Costs
Skidmore College, a private institution founded in 1922 and located in Saratoga Springs, NY, offers undergraduate degrees in 37 majors. Understanding the costs associated with attending Skidmore is crucial for prospective students and their families. This article provides a detailed overview of Skidmore College's tuition, fees, financial aid options, and other related expenses.
Comprehensive Cost Breakdown
Tuition and Fees
Skidmore College's tuition for the academic year is $70,430, making it more expensive than the national average cost of tuition of $50,159. These figures include both tuition and fees, often referred to as the sticker price. Fees may cover library services, student gym facilities, student centers, technology resources, and campus health centers. In 2023, the cost of tuition at Skidmore College was $63,730. The cost of tuition at Skidmore College is $34,450 more than than the overall (public and private) national average for Baccalaureate Colleges ($29,280).
Total Cost of Attendance
Beyond tuition and fees, the total cost of attendance includes food and housing, books and supplies, transportation, and personal expenses. At Skidmore College, the total cost is $88,000. In 2023, the average yearly cost of room and board at Skidmore College was of $16,632. The cost of room and board increased by 3.51% between 2022 and 2023. During the same period, the average yearly cost of books and supplies was $1,300. The cost of books and supplies did not change during the same period.
Net Price
The average net price, which is the price paid after factoring in grants and loans, for students at Skidmore College is $32,368. Between 2022 and 2023, the average net price of Skidmore College grew by 3.06%. 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.
Financial Aid Opportunities
Skidmore College offers various financial aid options to help students manage the cost of attendance.
Read also: Skidmore College Reputation
Need-Based Aid
In fall 2023, 61% of first-year students received need-based financial aid. The average need-based scholarship or grant awarded to first-year students was $54,750. Skidmore College met 98% of its students’ financial aid need.
Need-based self-help aid includes federal loans and work-study. The average need-based self-help aid awarded to first-year students was $4,800.
Merit-Based Aid
Merit-based aid, also known as non-need-based aid, is awarded for a specific talent or academic achievement. The average non-need-based scholarship or grant awarded to first-year students at Skidmore College - excluding any athletic scholarships, if applicable - was $20,000.
Types of Scholarships and Grants
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.
Financial Aid Statistics
In 2023, 57% of undergraduate students attending Skidmore College received financial aid through grants. Comparatively, 34% of undergraduate students received financial aid through loans. 57% of undergraduate students at Skidmore College received financial aid through grants or loans in 2023. This represents a growth of 0% with respect to 2022, when 57% of undergraduate students received financial aid.
Read also: Skidmore College Costs
Student Loan Debt
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.
Federal Loan Debt
At Skidmore College, the median federal loan debt among borrowers who completed their undergraduate degree is $19,500. 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 $207.
Private Loan Debt
Additionally, 5% of graduating students at Skidmore College took out private loans. Students with private loans had an average of $67,618 in private loan debt at graduation. The average private loan amount at Skidmore is $22483.
Average Total Indebtedness
The average total indebtedness of the 2024 graduating class was $29,395. 44% of graduating students who have borrowed (any loan type, 2024).
Student Loan Default Rate
In 2022 the default rate for borrower's at Skidmore College was 0.238%, corresponding to 1 out of the 420 total borrowers. A cohort default rate is the percentage of a school's borrowers who enter repayment on certain Federal Family Education Loan (FFEL) Program or William D. Ford Federal Direct Loan (Direct Loan) Program loans during a particular federal fiscal year (FY), October 1 to September 30, and default or meet other specified conditions prior to the end of the second following fiscal year.
Read also: History of Skidmore's Logo
Additional Expenses and Payment Plans
Room and Board
Students residing in on-campus apartments or off campus may purchase a board plan or they may pay for meals individually. The due date will be indicated on the bill.
Payment Schedule
Payments are due on August 15 for the fall semester and December 15 for the spring semester. Students must pay bills on schedule or make definite arrangements with the Bursar’s Office for late payment before being permitted to attend class or occupy a room in a subsequent term. Bills are the responsibility of the student. When an account is in arrears, registration for classes and participation in housing selection for subsequent semesters will be denied. Delinquent accounts will be assessed a late fee equal to 1.5% of the outstanding past-due balance.
Monthly Payment Plan
The College offers a monthly payment plan, whereby students may pay all or part of their anticipated annual charges (tuition, room, board, and fees less financial aid and deposits) in up to eight equal monthly installments. Payments are due the 15th of each month, with final payment due March 15, 2026. There are no income requirements or credit qualifications to participate, and there are no finance charges. The only cost of participation is a nonrefundable application fee of $40 per semester.
Prepayment Option
A student may prepay tuition charges, thus guaranteeing against future increases for two, three, or four years of full-time academic study. The amount will be at the prevailing tuition charge for the following semester, times the number of semesters being prepaid.
Fees
Required fees include the Student Activity Fee and the General Fee. The Student Activity Fee is used to cover the costs for student publications, speakers, organizations, and related activities.
Enrollment and Graduation Statistics
Enrollment
Skidmore College had a total enrollment of 2,776 students in 2023. The full-time enrollment at Skidmore College is 2,739 students and the part-time enrollment is 37. This means that 98.7% of students enrolled at Skidmore College are enrolled full-time. The enrolled student population at Skidmore College, both undergraduate and graduate, is 64% White, 9.73% Hispanic or Latino, 5.69% Asian, 5.55% Two or More Races, 4.29% Black or African American, 0.108% Native Hawaiian or Other Pacific Islanders, and 0.108% American Indian or Alaska Native.
Graduation Rate
In 2023, 81% of students graduating from Skidmore College completed their program within 100% "normal time" (i.e. 4 years for a 4-year degree). Comparatively, 84% completed their degrees within 150% of the normal time, and 84% within 200%. The student demographic with the highest graduation rate in 2023 at Skidmore College is Female and Two or More Races (100% graduation rate).
Degrees Awarded
In 2023, 725 degrees were awarded across all undergraduate and graduate programs at Skidmore College. 59% of these degrees were awarded to women, and 41% awarded men. The most common race/ethnicity group of degree recipients was white (453 degrees), 6.57 times more than then the next closest race/ethnicity group, hispanic or latino (69 degrees).
Admissions Information
Acceptance Rate
Skidmore College received 12,144 undergraduate applications in 2023, which represents a 7.88% annual growth. Out of those 12,144 applicants, 2,784 students were accepted for enrollment, representing a 22.9% acceptance rate.
SAT Scores
25% of enrolled first-time students at Skidmore College in 2023 submitted SAT scores with their applications.
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