Tertiary education in the US is one of the most expensive in the world. But some schools like Boston College are more expensive than others. If you’re planning to attend the school, you may wonder, why is Boston college so expensive?
Boston College is one of the most expensive colleges in the US. This is due to it being an elite private school, location, and the high demand for good colleges. Consider the net cost of attendance, duration, the value of the degree, and cost of living to know if you should attend Boston College.
The school offers need-based financial aid, which makes up for its high cost. But you can still save on college by getting a part-time job and applying for independent scholarships and grants. Here, we discuss why Boston College is so expensive.
Cost of Attending Boston College
The cost of education in the US is very expensive. So expensive that the government is trying to get student loans forgiven for some students. The National Center for Education statistics ranks Boston College 21st out of the 50 most expensive colleges in the US, with an average cost of $75,422. This puts it ahead of Cornell University, Boston University, Yale University, and New York University.
The undergraduate tuition recently went up to $62,950 for the 2022-23 academic session. The rise will bring the overall cost of attending the school to $80,296. The school fees, admission, room, and board are expected to surpass $100,000 by the 2026-27 academic year.
However, the college also offers financial aid. In 2022-23 academic years, it’ll be offering $157 million in need-based undergraduate financial aid. According to the school, over 67% of its undergraduate students receive financial aid.
The school practices need-blind admission, so it’ll admit students only based on their academic and personal accomplishments. It doesn’t consider the financial circumstances during the admission process. The financial aid that the school offers is based on family demonstrated needs. This means it’ll meet the financial commitments of a student for the cost of attendance after family contributions. In the 2020-21 academic year, it offered an average need-based scholarship of $46,777.
Reasons for the High Cost of Boston College
There are several reasons the school is expensive. They include:
1. Location in New England
Massachusetts is an expensive place to live, and it reflects in its schools. Schools in New have the highest fees for tertiary institutions in the country, and the ones in Massachusetts are the fourth most expensive. The average is very high whether it’s a two-year or four-year institution. But the region is also home to some of the best schools in the country.
2. The high demand for Good Schools
Despite the drop in college attendance rates over time, many students are still in school or want to attend. According to ValuePenguin, about 20 million Americans went to college in 2018, with over 13 million more attending 4-year schools. The high demand for good schools has led to increased costs and a tougher acceptance process.
3. Private School
Boston College is the first tertiary institution in Boston as it has been in existence since 1863. The 4-year college is a private catholic college which is one of the reasons contributing to the high cost. It’s also one of the best in the country, with several features similar to an Ivy League institution.
Should you attend Boston College?
Whether you should attend Boston College will depend on your financial situation and other factors if you think it’s worth it. Here are some factors to consider:
1. The Net Cost of Attendance
The cost is the major factor. When determining the actual cost of attending a college, it’s important not to focus on the sticker price. Instead, determine the net price. The net price of attending a college will depend on the combined value of scholarships, financials, and grants subtracted from the school sticker price.
As of 2019, students with family income up to $110,000 were eligible for financial aid at Boston College. With the tuition fees gradually increasing, the minimum income-eligible for financial aid will also increase. With financial aid, each person’s net cost of school fees varies. For instance, a student with a family income not above $30,000 pays a net price of only $6,353 due to financial aid.
Boston College also has a vibrant athletics program and offers some athletic scholarships. The percentage of merit-based aid is quite low at about 2% in 2019. Some students take out loans to be able to attend Boston College. However, the percentage is fairly low.
2. Location and Cost of Living
Boston College is actually in Chestnut Hill, a suburb of Boston. But it’s only a subway ride to the city. So, students have access to city life and all its pleasures. But it also means a higher cost of living. Boston is one of the most expensive cities in the US. The cost of living here is above the national average by 62.4%. Finding a house can be difficult and costly since most Boston College students will have to live off-campus during junior year.
3. Duration of Study and Worth of Degree
Apart from tuition, there are other concerns, such as how long it takes students to graduate and how they perform in the outside world. Both are quite great. The average six-year graduation rate for the school as of 2019 was 92%. Degrees usually take 4.05 years to complete. So, anyone who can complete their degree faster can save money on the fees.
Within ten years of getting the degree, Boston College students earned an average annual salary of $72,500. The average total cost of attending Boston College is $235,200. While this might seem high, the school gives value for the money. It’s ranked 11 out of the 68 tertiary institutions in Massachusetts for quality and 34 out of 64 for value. It offers a fair value for the fees it charges based on the national average. Kiplinger ranks it as the 18th best college for value.
How to Save on College Costs
There are ways to save on your college spending. They include:
1. Get a Part-Time Job
One of the ways students make up for this is by working part-time. But the minimum wage of $14.5 per hour in Massachusetts means they’ll be working many hours. One is to qualify for the work-study position in the college. This is the ideal form of part-time job that students can get because it usually allows them to do their schoolwork while on the job. However, not everyone will get a work-study position. There are still part-time jobs in chestnut hills, Boston, or Newton.
2. Scholarships and Grants
Another way to make extra money is by getting independent scholarships and grants. This can save you from taking on student loans. There are several scholarships to take advantage of. A popular one is the national merit scholarship program. The school scholarship page can also provide you with more information on how to reduce your financial burden. You don’t have to pay the scholarship back.
Boston College is a great school to attend for anyone who can afford it. But with an average cost of over $200,000 to complete your program, you need to determine if it’s worth it. Even financial aid might not be a good reason to choose the school if there are cheaper options.