Understanding Hampshire College Tuition and Costs
Hampshire College, a private liberal arts college in Amherst, Massachusetts, opened in 1970 as an experiment in alternative education. It maintains associations with Amherst College, Smith College, Mount Holyoke College, and the University of Massachusetts Amherst, all located in the Pioneer Valley. Deciding whether or not to attend a particular college depends heavily on its overall cost. This article breaks down the various costs associated with attending Hampshire College.
General Information about Hampshire College
Hampshire College is a private, non-profit institution with an enrollment size of fewer than 1,000 students. It has a minimally selective acceptance rate of 64% and a low yield rate of 23%. The graduation rate is high at 74%, and the retention rate is also high at 79%. The college's website can be found at www.hampshire.edu.
Current and Projected Costs
Understanding the cost of attendance is crucial for prospective students and their families. The average cost can vary significantly depending on household income and the amount of financial aid received.
Average Annual Cost
The average cost of attendance depends on a student's age and eligibility for gift aid. Gift aid includes grants, scholarships, and other money that does not need to be earned through work or repaid. Projected college costs assume a 2.55% annual increase.
The net price shown is the total cost of attendance, including tuition, fees, and room and board, less any gift aid a student receives.
Read also: Inside UNH's Student Body
Examples of Costs Based on Household Income
Families with lower household incomes typically receive more grant and scholarship aid, reducing their net cost. Here's a look at average net costs based on income:
| Household Income | Grants and Scholarships | AVG 4 Year Cost |
|---|---|---|
| $0 - $30,000 | $40,000 | $2,473 |
| $0 - $30,000 | $40,000 | $2,473 |
| $0 - $30,000 | $40,000 | $2,473 |
| $0 - $30,000 | $40,000 | $2,473 |
| $0 - $30,000 | $40,000 | $2,473 |
| $0 - $30,000 | $40,000 | $2,473 |
Project Sticker Price vs Net Price
For the current year, it is projected that students will pay an average net price of $29,796, while the advertised price of attendance is $77,176. This represents a difference of $47,380.
Historical and Projected Net Prices
Here's a look at the net and sticker prices over time:
| Year | Net In-State Price | In-State Sticker Price |
|---|---|---|
| 25-26 | $29,796 | $77,176 |
| 24-25 | $29,231 | $75,711 |
| 23-24 | $28,676 | $74,274 |
| 22-23 | $27,556 | $71,374 |
| 21-22 | $24,087 | $69,070 |
| 20-21 | $30,168 | $67,688 |
| 19-20 | $27,680 | $68,088 |
| 18-19 | $35,499 | $67,174 |
| 17-18 | $32,569 | $67,114 |
| 16-17 | $34,521 | $65,212 |
| 15-16 | $34,154 | $63,698 |
| 14-15 | $35,079 | $62,015 |
| 13-14 | $36,197 | $60,155 |
Net Price by Income Bracket
A student's actual payment depends partly on their family's household income. Students with incomes over $110K will pay around $38,763, while students with incomes below $30K will pay around $15,826.
| Income Bracket | Projected Net Price |
|---|---|
| <$30K | $15,826 |
| $30K-$48K | $16,228 |
| $48K-$75K | $24,422 |
| $75K-$110K | $28,936 |
| >$110K | $38,763 |
Saving for College
Most families save less than 100% of the total projected college costs, using grants, scholarships, loans, or current income to cover the remaining expenses.
Read also: Affording SNHU
Monthly Savings Required
The chart below illustrates the monthly contributions necessary to meet different savings targets and how much they increase each year you wait to start saving.
| Savings Goal | Age 4 | Age 7 | Age 10 | Age 13 | Age 17 |
|---|---|---|---|---|---|
| Pay for 30% of college | |||||
| Pay for 50% of college | |||||
| Pay for 70% of college |
Student Loans and Debt
Understanding potential student loan debt is crucial for financial planning.
Total Debt After Graduation
This is the total amount a student will have to pay back after graduation, including the principal, loan fees, and interest accrued during school or the grace period.
Monthly Loan Payment
This is the expected monthly payment toward the loan balance, assuming a 10-year repayment term and a 6% interest rate. Generally, the monthly loan payment will be about 1% of the total debt at graduation.
Total Student Loan Payments
This is the total amount a student will have to repay, including principal and interest, assuming a 10-year repayment term and a 6% interest rate.
Read also: Transcript Request Guide
Student Debt vs. Annual Income
A good rule of thumb is to keep total debt less than a student's expected annual income to afford loan repayment in 10 years or less.
Percent of Monthly Income for Loan Repayment
Anything less than 10% of monthly income is considered affordable, 15% is a stretch, and anything over 20% is not recommended.
Financial Aid
Financial aid includes grants, loans, scholarships, and work-study jobs. Packages vary depending on financial need, determined by the FAFSA.
Financial Aid Statistics
- Students Receiving Financial Aid: 71%
- Freshmen With Need and Received Financial Aid: 99%
- Average Aid Package: $57,053
Aid Package Details
- Average Need-Based Scholarship or Grant Award: $49,977
- Need-Based Loan Amount: $3,345
- Non-Need-Based Aid: $32,077
Debt at Graduation
The typical amount of loans a student must pay back is $26,911.
Financial Aid Dates
- Application Due: January 15
- Priority Application Due: January 15
- Notification Date: April 1
- Response Due: Not available
Tuition and Other Costs
Hampshire College's tuition is $59,256, making it more expensive than the national average. The total cost, including food and housing, books and supplies, transportation, and personal expenses, is $75,118.
Average Net Price
The average net price is $27,556 per year.
Other Costs
- Books and Supplies: $1,000 per year
- Personal Expenses: $1,640 per year
- Transportation: Not available
Financial Aid Details
- Average Need-Based Scholarship or Grant Award (First-year Students): $51,344
- Average Need-Based Self-Help Aid Awarded to First-Year Students: $3,984
- Average Non-Need-Based Scholarship or Grant Awarded to First-Year Students: $31,019
Hampshire College met 86% of its students’ financial aid need.
Student Loan Debt
The median federal loan debt among borrowers who completed their undergraduate degree is $26,893. The median monthly federal loan payment is $285.
Additionally, 6% of graduating students took out private loans, with an average of $29,931 in private loan debt at graduation.
Average Total Indebtedness of 2023 Graduating Class
$24,450
Percentage of Graduating Students Who Borrowed (2023)
- Any loan type: 72%
- State loans: Data not available
- Private loans: Data not available
Scholarships and Grants
Scholarships and grants are funding that you don’t need to pay back. Need-based scholarships take a student’s financial status into account, while merit-based scholarships are awarded for academic or athletic achievement.
Jobs
Working while in school can help lessen the burden of student loans. Schools offer work-study programs and campus jobs.
Graduation Rates and Student Demographics
A school’s graduation rate can indicate how likely a student is to complete their degree. At Hampshire College, 62% of students earned their bachelor’s degree within six years of enrolling.
Graduation Rates by Demographic Category
| Demographic Category | Graduation Rate at Hampshire College | National Average |
|---|---|---|
| American Indian/Alaska Native | 0% | 31% |
| Asian | 64% | 45% |
| Black | 64% | 34% |
| Hispanic | 58% | 41% |
| Native Hawaiian/Pacific Islander | 100% | 28% |
| White | 62% | 50% |
| Multiple races | 62% | 37% |
| Unknown race | 54% | 37% |
Student Demographics
- 58.9% White
- 13.2% Hispanic/Latino
- 6.7% two or more races
- 6.7% international
- 6.5% Black or African-American
- 4.3% race and ethnicity unknown
- 3.0% Asian
- 0.4% American Indian or Alaska Native
- 0% Native Hawaiian or Pacific Islander
Understanding Your Net Price
The Net Price is the total cost minus the total aid given. It represents the price you have to pay to the school out of pocket. To get a precise Net Price, use the Net Price calculator available on the college's website.
Expected Family Contribution (EFC)
The US government uses a standardized way to calculate how much a typical family can afford to pay without help, known as the Expected Family Contribution (EFC). Colleges use this number as a guideline to decide how much aid to give you.
Hampshire College Value and Rankings
Hampshire College often ranks between #100 and 200 on college ranking lists, putting it roughly in the top 20% of schools. However, it doesn't often appear on value rankings lists, suggesting that it may have a higher net price and offer less competitive financial aid compared to other schools of similar reputation. Overall, Hampshire College is still considered a good value school.
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