Understanding Syracuse University Tuition After Financial Aid

Attending college represents a substantial financial undertaking for students and their families. For those considering Syracuse University, it's crucial to comprehend the financial implications before enrolling. While the sticker price can seem daunting, understanding financial aid options can significantly alter the actual cost.

Decoding the Cost of Attendance

Knowing what a school costs is the first step in managing college costs. The "Cost of Attendance" represents the total amount of money the average student needs to pay, without any financial aid, to attend a particular school. It’s essentially the school’s sticker price. For example, in the 2023-2024 school year, Syracuse University tuition was $61,310.

The Cost of Attendance encompasses more than just tuition. It's an estimate of how much the average student will spend for the academic year. In addition to tuition, fees, and room/board charges (known as "billable costs"), it includes estimates for books and supplies, travel, and general living expenses (referred to as "non-billable" costs, as they don't appear on your bill). If you plan to live on campus, the Syracuse University cost (including room and board as well as other fees) comes to $85,214. If you are planning to live off-campus, your cost of attendance will be less. However, you should factor in your cost of rent if you aren’t living with family. For the 2023-2024 academic year, Syracuse University estimated a total of around $5,000 in indirect costs. Those indirect costs are accounted for in the costs of attendance mentioned above.

Costs for an upcoming school year are determined and approved by the Board of Trustees in March, prior to the start of the school year. All costs for an upcoming school year are estimates and subject to change prior to this approval.

Financial Aid: Making College Affordable

Fortunately, the sticker price isn't what most students actually pay. Syracuse University offers various financial aid options, including merit scholarships and need-based grants, to help reduce the overall cost. According to the Syracuse Admissions Office, over 83% of Syracuse students receive financial aid.

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Financial aid can come in the form of 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.

To calculate the amount of financial aid you’ll need, start with the Cost of Attendance (how much you’ll be paying to live for the academic year) and then subtract your Expected Family Contribution (EFC) - now called the Student Aid Index (SAI) starting in the fall of 2024. The EFC/SAI is the amount that your family has been calculated to be able to contribute based on the information you provided on your FAFSA and CSS Profile. The remaining amount is the total of financial aid you may receive.

Provided that you’ve submitted all documents necessary as listed on your MySlice Financial Aid To Do List, your financial aid will appear on your bill as “anticipated financial aid”. Around the time classes begin for the semester, almost all of your financial aid is transferred to your Bursar account. Your financial aid is first used to cover any charges on your Bursar account (tuition, fees, residence hall, and meal plan). You can fill out a refund request form to let the Bursar know where you want the refund to go and how you want it to get there. The Bursar usually sends out these refunds about 10 days after classes start. Syracuse University offers other payment options including a monthly payment plan.

Types of Financial Aid

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.
Grants: Like scholarships, grants don’t need to be repaid. They are typically need-based.

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Loans: Loans must be paid back, usually with interest. Federal loans generally have lower interest rates and more flexible repayment options than private loans. At Syracuse University, the median federal loan debt among borrowers who completed their undergraduate degree is $26,000. 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 $276. Additionally, 13% of graduating students at Syracuse University took out private loans. Students with private loans had an average of $65,962 in private loan debt at graduation.
Work-Study: Work-study programs allow students to earn money through part-time jobs on campus to help offset college costs.

Understanding Need-Based vs. Merit-Based Aid

Need-based aid takes a student’s financial situation into account, while merit-based aid is awarded for academic, athletic, or other achievements. The average need-based scholarship or grant awarded to first-year students at Syracuse University was $45,071. Additionally, 40% of first-year students received need-based financial aid in fall 2022. The average non-need-based scholarship or grant awarded to first-year students at Syracuse University - excluding any athletic scholarships, if applicable - was $19,583. Syracuse University met 96% of its students’ financial aid need.

Net Price: Your Actual Cost

The Net Price is the total cost of attending a college (including tuition, fees, room and board, books, and other expenses) minus the total aid given (grants and scholarships). It represents the amount you have to pay out of pocket. The average net price at Syracuse University is $51,520 per year.

Your 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.

Using the Net Price Calculator

Syracuse University, like most schools, offers a Net Price Calculator on its website. This tool allows you to input your family's financial information to receive an estimated net price - the amount you can expect to pay after grants and scholarships are applied.

Prior to utilizing the Net Price Calculator, please read the following helpful information. The estimate produced using this net price calculator does not represent the actual net price you will have to pay to attend Syracuse University. Instead, it is an estimate designed to help you understand what the approximate net price you will have to pay to attend Syracuse University is likely to be. Many factors affecting the actual net price you will have to pay can vary in the future including the University’s charges for attendance; the amount and availability of University-provided financial aid; the amount and availability of financial aid provided to students by the government and others; the amount and availability of financial aid provided to the University by the government and others; economic conditions; etc. The amounts that are reflected during your use of this calculator similarly are estimates. They are not a final determination or actual award of financial assistance to you. The only way you will know for certain what it will cost to attend Syracuse University, what financial aid you will receive, and what net amount you will have to pay is by applying for admission, completing the Free Application for Federal Student Aid (FAFSA) and all other applications required for financial aid for which you may be eligible, and receiving official notification of your admission and the financial aid you are awarded.

Understanding Expected Family Contribution (EFC) / Student Aid Index (SAI)

The US government uses a standardized formula to calculate the Expected Family Contribution (EFC), now called the Student Aid Index (SAI), which is an estimate of how much your family can afford to pay for college. Colleges use this number as a guideline when determining financial aid packages. Keep in mind that this is just an estimate.

Average Net Price by Household Income

The average net price varies depending on household income:

\$0-\$30,000: \$21,449
\$30,001-\$48,000: \$20,821
\$48,001-\$75,000: \$27,439
\$75,001-\$110,000: \$36,758
\$110,000+: \$51,737

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.

At Syracuse University, the median federal loan debt among borrowers who completed their undergraduate degree is $26,000. 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 $276.

Additionally, 13% of graduating students at Syracuse University took out private loans. Students with private loans had an average of $65,962 in private loan debt at graduation.

Average Total Indebtedness of 2023 Graduating Class: $41,384. 45% of graduating students who have borrowed any loan type in 2023.

Financial Aid Dates and Deadlines

Financial Aid Application Due: January 5
Priority Application Due: January 5 (Applications received prior to this date will be given the strongest consideration.)
Notification Date: April 1 (When students receive a letter with the amount and types of aid the college is offering.)
Response Due: May 1 (The deadline for students to respond to the college’s aid offer.)

Syracuse University: Is It Worth the Investment?

Despite the high sticker price, Syracuse University is considered a strong value school, offering a reputable academic environment and a solid financial aid program. The university boasts a strong reputation for its academic quality and is one of the more reputable schools in the country. The lower your income is, the more help you can expect to receive in need-based grants.

Syracuse University offers many unique opportunities and academic programs to its students. This includes a highly-ranked architecture program and over 200 majors and 100+ minors. Syracuse is also ranked highly as one of the best college towns in the Northeast.

Additional Considerations

Tuition Increases: Be aware that Syracuse tuition has historically increased each year. This past year, Syracuse tuition increased by 4.9%. It’s wise to anticipate a potential 2-5% increase each year.
Living Arrangements: The Syracuse University cost also depends on the on-campus housing you choose, as different housing options vary in cost. Some students elect to move off-campus to save on housing costs. Others choose to participate in the Resident Advisors program which covers room and board. Incoming first-year students are required to live in University housing for the first two years of enrollment. If your immediate family resides in the Syracuse area, you may commute to campus. Unless you report that you will be “living with parent/family” on the CSS Profile, our policy is to assign first- and second-year undergraduate students our “Living On Campus” Cost of Attendance. In their third and fourth years, students will be assigned the “Living Off Campus” Cost of Attendance.
Payment Options: Syracuse University offers other payment options including a monthly payment plan.

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