Cost to Attend Fashion Institute of Technology
What it Really Costs
Depending on many factors including student and parent income and assets, the total cost of attendance may be less than the $22,671 published price if scholarship or grant aid is made available to you.
The net out-of-pocket total cost you end up paying or financing though student loans is known as the net price. The reported FIT net price for in-state students is $10,216* for the 2014/2015 academic year. This net price includes housing and meal expenses.
Pell Grants and other Grant Aid
48% of Fashion Institute of Technology students received grant aid in 2014/2015. The average total aid amount was $5,407. 33 percent of students received aid in the form of Pell Grants from the U.S. Federal Government. The average Pell Grant awarded for 2014/2015 was $4,630. To apply for a Pell Grant to attend Fashion Institute of Technology, the first step is to fill out the Free Application for Federal Student Aid (FAFSA).
Net Price and Financial Aid for Fashion Institute of Technology
Financial Aid Summary
Money granted to you by the U.S. Department of Education, Fashion Institute of Technology or other organizations. These are not loans and do not need to be repaid.
28% – $5,750
Low interest student loans funded by the U.S. Department of Education. This amount will need to be repaid.
Out of Pocket
46% – $9,414
Covered by family savings, work or private student loans which you will have to repay.
*Reported Average Annual Net Price for in state students receiving grant or scholarship aid reported to the U.S. Department of Education’s Academic Year 2014-2015 IPEDS Survey. Financial aid is only available to those who qualify. Consult this school’s net price calculator for further understanding of your potential net price.
Note that for colleges with no reported on-campus room and board, the average net price has been increased to account for living expenses. This number may not only reflect the net price paid to the school for tuition.
Cost of a Degree
When considering ability to pay for college, the annual cost is often discussed but it’s the “all in” multi-year degree cost which matters in the end. Let’s take a look at what it could really cost for four years at Fashion Institute of Technology.
Estimated 4 Year Cost at Published Tuition
At the current published rates, an estimated total tuition, fees and living expense price for a 4 year bachelor’s degree at FIT is $90,684 for students graduating in normal time. This methodology for estimating the 4 year cost is a straight multiple of the most recent reported annual total cost and does not factor in tuition increases during the time you’re in school. It also assumes you receive no grant or scholarship aid and pay the full list price.
A potentially more accurate but less conservative estimate of a degree cost can be made by using the school’s annual $9,818 in-state net price as the basis. Applying this cost over 4 would estimate the cost of a degree at $39,272**
If you end up on the “five year plan” and need an additional year to graduate, your five year cost could be as high as $113,355 or $49,090 using an average net price.
**Based on a 4 year multiple of Average Annual Net Price for in state students receiving grant or scholarship aid reported to the U.S. Department of Education’s 2014-2015 IPEDS Survey. Financial aid is only available to those who qualify. Consult this school’s net price calculator for further understanding of your potential net price.
Estimated Cost Per Semester
Most colleges don’t charge students on an annual basis but instead require payment semester by semester. If you ever need to take an additional semester of classes to complete you degree you shouldn’t have to pay for a full academic year. These our estimated costs for a semester at Fashion Institute of Technology.
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Student Loans and Debt
The second consideration after understanding the cost of college is determining how to finance it. Some students are fortunate enough to have some form of family financial assistance, but student loans end up financing a significant portion of higher education in the U.S. 44% of Fashion Institute of Technology students receive U.S. Federal Student Loans with an average annual Federal Loan aid amount of $5,750. The reported average student debt upon graduation is $27,955.
Example Loan Payments and Costs
How much are student loan payments for Fashion Institute of Technology? Obviously this varies based on a number of factors – offsetting financial aid you receive, percentage of fee you pay upfront while enrolled and the interest rate on your loans. We’ve modeled a sample student loan based on current Stafford loan rates to give you an approximate idea.
The following are the costs for a loan if you borrowed $39,272, 100% of the estimated average net price for a four year program and paid nothing while enrolled. The total of all payments including interest would sum $48,727.55. This could be your effective total out of pocket cost of an education at Fashion Institute of Technology. Note that this calculation assumes you don’t pay full list price tuition, are part of the reported 48% of students at this school who receive financial aid and you are paying an average annual net price of $9,818. If you do not financially qualify for a reduced net price, your student loan payments could be significantly higher than this example. Use our Fashion Institute of Technology student loan calculator below to change loan assumptions and recalculate.
Student loans are not free money and must be repaid. You cannot dismiss student loans by via bankruptcy.
Fashion Institute of Technology Student Loan Payments
Affording Student Loan Payments and Post Graduation Salary
Can I afford to attend FIT? In the end, the answer comes down a determination if you will earn enough to comfortably pay back a student loan with your post graduation salary. This is an extremely important point to consider. In order to afford student loan payments and still meet all your other costs of living, it is recommended not to borrow more than you can pay back using 10% of your monthly income earned after graduation. If you’re considering attending Fashion Institute of Technology, you need to carefully consider if it will be realistic to make the post graduation loan payments based on your expected salary.
Using the 10% of salary threshold, an annual income of $48,727.55 would be needed to afford a $406.06 monthly payment in the example $39,272.00 loan modeled above. You will need to determine if it is at all realistic that you will be earning this type of salary after graduation. This assumes a loan payback over 10 years. You can change the terms of this example loan using the student loan calculator below.
Estimated Future Cost and Expected Tuition Increase
What will it cost to send your child to Fashion Institute of Technology in the future? In the past four years, this school’s published in-state tuition and fee total rose from $3,974 to $4,590. This amounts to an average annual price increase of 3.1%. Nationally, university tuition prices are rising around 5% per year. Looking out five, ten, fifteen or eighteen years, these are CollegeCalc’s estimates how much you could expect to pay for a 4 year degree assuming tuition increases at the national average rate. Estimated future prices are based on the current in-state 4 year cost of $90,684.00. Use the college savings plan calculator below to perform a more comprehensive analysis on future costs and how much you will need to save for Fashion Institute of Technology.
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