2018 - 2019 Costs Between $24,168 and $46,985
Feeling a little stressed about paying $46,985 to attend Ferrum College each year? This number can be deceiving, and for many, the net price you pay will be less.
While there is no tuition reduction for Virginia students, 99.8% of freshmen receive some form of financial aid, with the average amount totaling $22,142. Students from low-income families receive an average of $22,817 in aid during their first year.
Cost (no aid)
|Tuition and fees||$33,025|
|+ Room and board||$11,480|
|+ Other expenses||$2,480|
Net Price (with average aid)
|- Grants and scholarships||$22,142|
Average Net Price for Low Income Undergraduates
|- Grants and scholarships||$22,817|
Projected Costs Between $111,786 and $291,063 For a Four Year Degree. Between $54,025 and $140,794 For a Two Year Degree.
Looking at the total projected cost of a college education over the course of two / four (or more) years can feel a little overwhelming. However, doing so will help better prepare you for the financial commitment you are making.
The overall cost for on-campus students to attend Ferrum College in 2018 - 2019 was $46,985. To calculate future costs, we looked at the prior five years of data and determined that this cost increased an average of 3.3% each year. If this trend continues, we expect the full cost for incoming freshmen to be $50,147 during their first year. By their senior year, that cost will be approximately $55,293 for a bachelor degree candidate ($51,807 for an associate degree candidate) for a total of $210,768 over the course of four years ($101,954 over the course of two years). These numbers do not take into consideration financial aid, which reduces this overall cost by varying amounts per student.
Remember, the full costs quoted above are not what most students will pay, and the net price varies quite a bit based on individual circumstances.
Cost With Interest
The tables below outlines how the overall degree net cost can vary depending on your situation. This table also highlights the impact student loans can have on the overall cost of college.
|Projected 2-Year Net Costs||Low Income w/ Aid||w/ Average Aid||No Aid|
|Annual growth rate||*||3.4%||3.3%|
|Total 2-year net price||$60,975||$54,025||$101,954|
|10-year loan interest @ 6.8%||$23,229||$20,582||$38,841|
|Total monthly payment||$702||$622||$1,173|
|Total amount paid||$84,204||$74,607||$140,794|
|Projected 4-Year Net Costs||Low Income w/ Aid||w/ Average Aid||No Aid|
|Annual growth rate||*||3.4%||3.3%|
|Total 4-year net price||$134,340||$111,786||$210,768|
|10-year loan interest @ 6.8%||$51,178||$42,587||$80,295|
|Total monthly payment||$1,546||$1,286||$2,426|
|Total amount paid||$185,518||$154,373||$291,063|
Further Questions to Consider
- Do you know your deadlines?
Meeting application deadlines for both the college and the FAFSA is crucial to getting financial aid.
- When can you expect to begin receiving bills from the college?
- Is there an option to make payments in monthly installments?
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