Navigating Tuition and Financial Aid at Goodwin University

For many prospective students, the cost of tuition and the availability of financial aid are critical factors in choosing a college. Goodwin University, a private, non-profit institution in East Hartford, Connecticut, is committed to making college education affordable. This article provides detailed information about Goodwin University's tuition costs, financial aid options, and related statistics to help students and their families make informed decisions.

Goodwin University: An Overview

Founded in 1999, Goodwin University offers undergraduate degrees across 57 majors. The university is known for its programs, particularly in Registered Nursing, Nursing Administration, Nursing Research, and Clinical Nursing. Goodwin University does not require SAT/ACT scores. In 2023, the university had a total enrollment of 3,034 students, with a full-time enrollment of 366 students (12.1% of the student body) and a part-time enrollment of 2,668 students. The student body is diverse, comprising 37% White, 26.1% Black or African American, and 24.7% Hispanic or Latino students.

Tuition Costs

Undergraduate Tuition

In 2023, the median undergraduate tuition at Goodwin University was $19,988. While this is $4,824 more than the national average for Special Focus Institutions ($15,164), Goodwin University prides itself on having one of the lowest tuition costs among private, non-profit colleges in Connecticut.

Comparison with Other Institutions

When comparing the costs of different institutions, it's essential to consider the total cost, including tuition and fees, room and board, books and supplies, transportation, and personal expenses. The net price, which is the average cost after factoring in grants and loans, provides a more accurate picture of what a student will pay.

Other Student Expenses

In 2023, the average yearly cost of room and board at Goodwin University was $9,416, a 5.61% increase from 2022. The average yearly cost of books and supplies was $1,200, which remained unchanged from the previous year.

Read also: A Guide to Goodwin Resources

Financial Aid

Availability of Financial Aid

Goodwin University is dedicated to helping students identify financial aid opportunities to make college more accessible. During the admissions process, students meet with financial aid advisors to create personalized financial aid packages tailored to their needs. In 2023, 87% of undergraduate students received financial aid through grants, while 76% received aid through loans. Notably, 68% of Goodwin undergraduate students receive Pell Grants.

Types of Financial Aid

Financial aid includes grants, loans, scholarships, and work-study jobs. Financial aid packages vary depending on a student's financial need, which is typically determined based on the Free Application for Federal Student Aid (FAFSA).

Grants and Scholarships: These do not need to be paid back and can be need-based or merit-based.
Loans: These must be paid back, usually after graduation.
Work-Study: This allows students to work part-time to earn money for college expenses.

Financial Aid Statistics

Average Net Price (2023): $29,131
Average Aid Package: $5,511
Undergraduates Receiving Financial Aid (2023): 87%

Financial Aid Application Process

To apply for financial aid, both students and parents must create an FSA account. The FAFSA determines eligibility for federal student aid, including Pell Grants, federal loans, and work-study programs.

Student Loan Debt

The median federal loan debt among borrowers who completed their undergraduate degree at Goodwin University is $33,500. The median monthly federal loan payment (over 10 years at 5.05% interest) is $355. It's crucial for students to understand the implications of student loan debt and to borrow responsibly.

Student Loan Default Rate

In 2022, the default rate for borrowers at Goodwin University was 0%, with 0 out of 1,914 total borrowers defaulting.

Enrollment and Graduation

Enrollment Statistics

In 2023, Goodwin University had a total enrollment of 3,034 students. The university's full-time enrollment was 366 students, while the part-time enrollment was 2,668 students. The racial and ethnic composition of the student body is diverse, with 37% White, 26.1% Black or African American, and 24.7% Hispanic or Latino students.

Graduation Rate

In 2023, 19% of students graduating from Goodwin University completed their program within 100% of the "normal time" (i.e., 4 years for a 4-year degree). Comparatively, 31% completed their degrees within 150% of the normal time, and 31% within 200%. The student demographic with the highest graduation rate in 2023 at Goodwin University was Female and White (71.4% graduation rate).

Degrees Awarded

In 2023, Goodwin University awarded 761 degrees across all undergraduate and graduate programs. Women received 80.2% of these degrees, while men received 19.8%. The most common race/ethnicity group of degree recipients was White (418 degrees), followed by Hispanic or Latino (142 degrees).

Academic Programs

Common Majors

Goodwin University is known for its top majors in Registered Nursing, Nursing Administration, Nursing Research, and Clinical Nursing. In 2023, the most common associate degree concentration was Registered Nursing, with 197 degrees awarded.

Specialized Majors

The most specialized majors at Goodwin University, meaning they have significantly more degrees awarded in that concentration than the national average across all institutions, are Engineering Technologies (95 degrees awarded), Health (544 degrees), and Public Administration and Social Service (20 degrees).

Read also: History of the Block 'M'

Career Outcomes

The most common jobs for people who hold a degree in one of the 5 most specialized majors at Goodwin University are Registered nurses (1,472,622 people), Social workers, all other (182,810 people), Medical & health services managers (176,238 people), Nurse practitioners & nurse midwives (154,348 people), and Other managers (136,550 people).

University Operations

Endowment

Goodwin University has an endowment valued at nearly $14.8M, as of the end of the 2023 fiscal year. The return on its endowment was of 232k (1.57%) compared to the 1.93% average return (240k on 12.4M) across all Special Focus Institutions.

Salary Expenditure

In 2023, Goodwin University paid a median of $27.4M in salaries, which represents 45.8% of their overall expenditure ($59.8M) and a 19.2% growth from the previous year.

Refund Policies and Financial Aid Adjustments

Goodwin University has specific refund policies and procedures for students who withdraw from the university or a course. These policies assume that all charges have been paid in full prior to withdrawal. If a student withdraws, they may be subject to a financial aid award reduction or cancellation, which could result in the student owing money to the university.

Return to Title IV Funds

If a student participates in Federal Title IV Financial Aid, the university will first calculate the Return to Title IV and then apply the Institutional Refund Policy. Federal Title IV funds include Federal Pell Grants, Federal College Work-Study, Supplemental Educational Opportunity Grants, Direct Loans, and Direct PLUS Loans. The university must return any unearned portion of monies received under any of the Title IV programs based on the student’s date of withdrawal. Students must attend 60.01% of an enrollment period to earn all of their financial aid for the applicable semester.

NS Grades

A student’s Title IV monies are adjusted when the student drops a course or earns an NS (no show) grade. Each NS grade results in a $200 charge.

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