Understanding the Cost of Attendance at Susquehanna University
Choosing a university is a significant investment, and understanding the costs associated with attending is crucial for students and their families. This article provides a comprehensive overview of the cost of attendance at Susquehanna University, including tuition, fees, financial aid options, and student loan debt.
The Sticker Price: Tuition and Fees
Susquehanna University's tuition is $62,200, which is more expensive compared with the national average cost of tuition of $50,159. This figure, often referred to as the "sticker price," includes both tuition and fees. These fees can vary by institution and may cover a range of services, such as library access, student gym facilities, student centers, technology resources, and campus health centers.
Total Cost of Attendance
When comparing the costs of different institutions, it's essential to consider the total cost, which includes the sticker price plus additional expenses. At Susquehanna University, the total cost is $79,000. This encompasses the cost of food and housing, books and supplies, and transportation and personal expenses. Breaking down these other costs, we see that books and supplies are estimated at $1,200 per year, personal expenses are also $1,200 per year, and transportation is $700 per year.
Understanding Net Price
The average net price, which is a college’s cost of attendance minus the grants and scholarships you receive, is $27,258 per year. 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. For the most accurate estimate of your net price, use the college’s Net Price calculator.
Financial Aid: Making Education Accessible
Susquehanna University is committed to making education accessible through various forms of financial aid. Financial aid packages can include grants, loans, scholarships, and work-study jobs, and they vary depending on a student's financial need, which is typically determined based on the Free Application for Federal Student Aid (FAFSA).
Read also: Applying to Susquehanna University
In fall 2023, 81% of first-year students received need-based financial aid. The university also demonstrates its commitment by meeting 86% of its students’ financial aid need.
Need-Based Aid
Need-based financial aid is designed to assist students who demonstrate financial need. In fall 2023, the average need-based scholarship or grant awarded to first-year students at Susquehanna University was $45,853. Need-based self-help aid, which includes federal loans and work-study, averaged $4,684 for first-year students.
Merit-Based Aid
Merit-based aid, also known as non-need-based aid, is awarded based on a student's specific talent or academic achievement. The average non-need-based scholarship or grant awarded to first-year students at Susquehanna University - excluding any athletic scholarships, if applicable - was $42,758.
Types of Need-Based Scholarships and Grants
Susquehanna University offers various need-based scholarships and grants to help students finance their education. Scholarships are funding that you don’t need to pay back. Need-based scholarships take a student’s financial status into account.
Student Loan Debt: Planning for the Future
Student loan debt is a significant consideration for many students. Ideally, your total student loan debt should fall below your anticipated starting salary once you graduate.
Read also: Academic Life at SU
At Susquehanna University, the median federal loan debt among borrowers who completed their undergraduate degree is $27,000. 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 $286.
Additionally, 29% of graduating students at Susquehanna University took out private loans. Students with private loans had an average of $50,283 in private loan debt at graduation. The average total indebtedness of the 2024 graduating class was $43,760, with 76% of graduating students having borrowed some type of loan.
Scholarships: Funding Your Education
Scholarships are a crucial form of financial aid, as they do not need to be repaid. 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.
Average Net Price by Household Income
How much a student actually pays usually depends, at least in part, on their family's household income. At Susquehanna University this year, we project students with incomes over $110K will pay around $34,461, while students with incomes between $30K and $48K will pay around $19,599. That's a difference of $14,862.
Read also: Susquehanna University Employment
Net price by income bracket, 25-26 school year:
- <$30K: $22,634
- $30K-$48K: $19,599
- $48K-$75K: $26,878
- $75K-$110K: $28,425
- >110K: $34,461
Working During School: Reducing Loan Burden
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.
Financial Aid Dates and Deadlines
Understanding financial aid deadlines is crucial for maximizing your opportunities. The application due date for financial aid at Susquehanna University is May 1.
Graduation Rates
A school’s graduation rate can indicate how likely a student is to complete their degree. At Susquehanna University, over the last five years 74% of students earned their bachelor’s degree within six years of enrolling.
Students from different demographic backgrounds often graduate at different rates, so it can be helpful to look beyond the overall graduation rate.
Graduation rate at Susquehanna University and National average:
- American Indian/Alaska Native: 67%, 31%
- Asian: 75%, 45%
- Black: 61%, 34%
- Hispanic: 69%, 41%
- Native Hawaiian/Pacific Islander: 100%, 28%
- White: 76%, 50%
- Multiple races: 75%, 37%
- Unknown race: 65%, 37%
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