This guide is designed to answer one question for you: How are you going to afford Howard Payne University?
You probably know that planning for expenses is an important part of the college application process. What you may not know is how many different things you need to keep track of to pay tuition and apply for financial aid.
Here's what we'll cover:
- How much does Howard Payne University tuition cost?
- How much financial aid do students at Howard Payne University usually get?
- How much debt is typical for students at Howard Payne University?
- How much will Howard Payne University cost YOU, and can you actually afford it?
- Is Howard Payne University a good value for you?
- What are other schools that might be a better value than Howard Payne University?
By learning more about expenses and aid, you’re already on the right path to managing college costs. Let’s get started!
School location: Brownwood, TX
How Much Does Howard Payne University Cost?
Knowing what a school costs is Step #1 in managing college costs. There’s more to think about than just the tuition—you also have to factor in where you'll live, what you'll eat, and more while attending Howard Payne University.
The "Cost of Attendance" is the total amount of money the average student has to pay, WITHOUT any financial aid, to attend a particular school. Think of it as a school’s sticker price. It includes not just Howard Payne University tuition and fees, but also room, board, textbooks, and personal expenses.
Here’s the Cost of Attendance breakdown for Howard Payne University:
- Tuition and Fees $23200 $23200
- Room $2950
- Board $4050
- Textbooks $1200
- Other Expenses $2595
Typical Total Cost for On-Campus Students Typical Total Cost for On-Campus Students $33853 $33853
- Typical Total Cost for Off-Campus Students Typical Total Cost for Off-Campus Students $32043 $32043
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How Much Financial Aid Do Students at Howard Payne University Get?
The Cost of Attendance listed above might be intimidating. The good news is that most students don’t end up paying that full price to attend Howard Payne University. Financial aid helps make up the difference between the Cost of Attendance and what families can actually afford.
Here we'll cover how many students get Howard Payne University financial aid, what types of aid they get, and how much.
A Brief Intro to Financial Aid
Aid comes in many forms, including:
- Need-based grants
- Merit-based scholarships
- Student loans
This financial aid comes from a few different places:
- Federal aid comes from the federal government, or is subsidized by the federal government.
- Institutional aid comes from your school itself.
Generally, it’s better for MORE students to receive HIGH amounts of financial aid—this means students pay less for college.
Let’s take a look at how Howard Payne University compares to other schools.
Let's start with the overall numbers. At Howard Payne University, we know that:
99% of Students Get ANY Aid
This is 7% HIGHER than the average for Private not-for-profit schools, which is 92%.
This is good news - more students getting financial aid means students at Howard Payne University are likely getting a pretty good deal on their education. It could also mean the school skews toward lower income students.
Next, we'll look at actual aid amounts and student debt to dig deeper.
Grants and Scholarships
We’re focusing on grants and scholarships first because they’re the most important forms of financial aid. Grants and scholarships are better than loans because students don’t ever have to pay them back. The more grant/scholarship aid students receive at a particular school, the better off those students are in the long run.
At Howard Payne University, we know that:
99% Get ANY Grant Money
This is 10% HIGHER than the average for Private not-for-profit schools, which is 89%.
Although it’s useful to know how many students get grant aid, it’s also important to know how much grant aid people tend to receive. The bigger the average grant award, the better.
So how much grant money do students at Howard Payne University tend to receive?
Average Grant Award: $14813
This is $1675 LOWER than the average for Private not-for-profit schools, which is $16488.
Altogether, this is mixed news - at Howard Payne University, MORE students get aid, but the ones who do get LESS than average. This may mean that it's easier for you to qualify for Howard Payne University financial aid, but the help you get will be lower than at other schools.
How Generous is Howard Payne University’s Financial Aid?
The grant dollar amounts we’ve seen so far have included aid from all sources - both federal and institutional. Schools don’t have much control over how much federal aid students can qualify for (like Pell Grants), but they do their own financial aid dollars and how they’re used.
To figure out how strong Howard Payne University’s own financial aid program is, we’ll look at how they award their own (non-federal) financial aid dollars. The more students receive aid directly from the school (otherwise known as institutional aid), and the bigger the award amounts, the better the financial aid program.
Let’s see how generous Howard Payne University is with its students:
99% Get ANY School Grants
This is 17% HIGHER than the average for Private not-for-profit schools, which is 82%.
Because more Howard Payne University students get institutional aid, it likely offers relatively competitive financial aid. This means fewer students will need to take out loans to pay for college.
The amount of money that students actually get is just as important (if not more important) than the percent of students who get grants. If you receive a grant, you’ll want it to be big enough to do you some good.
Average School Grant: $10838
This is $2961 LOWER than the average for Private not-for-profit schools, which is $13799.
Right away, it seems like Howard Payne University offers less institutional aid than other schools. This can mean a few things: first, students who do receive institutional grants may not get a competitive amount, compared to other schools.
Second, this can also mean that the school just costs less than the typical school of its type. If the school costs less, it makes sense for the average grant award to be lower.
Up to this point, we've looked entirely at grants for Howard Payne University. Next, we'll do the same analysis for student loans, which is where student debt comes from.
How Much Debt is Typical for Students at Howard Payne University?
Aside from grants, the other major way to pay for college is with student loans. Student loans aren’t free sums of money - you borrow a certain amount to attend Howard Payne University, and then pay it back with smaller monthly payments after you graduate.
The more student loan money you borrow, the more debt you’ll end up with after graduation. Ideally, you want to minimize your student debt as much as possible. Less debt means less of a financial burden once you leave school.
It’s generally a bad sign if a school has many students taking out a lot of loans. This indicates that graduates have to worry about paying back big sums of money once they leave school.
To address the amount and type of debt that students take on, this section will cover:
- Loan Overview
- Federal Loans
- Other Loans
Let’s see what students at Howard Payne University have to deal with:
First, let’s talk about how many students at Howard Payne University actually have to take out any student loans at all. The ideal goal is to graduate with little to no debt.
It’s very common for college grads in the US to graduate with some debt, but high percentages of students taking on loans at a particular school is a big red flag. In contrast, low percentages of students with loans is a sign that Howard Payne University tuition is affordable.
So how many students actually end up taking out loans at Howard Payne University?
74% Have ANY Loans
This is 8% higher than the average for Private not-for-profit schools, which is 66%.
High numbers of students with loans is a red flag, and Howard Payne University is above average. It doesn’t necessarily mean that students end up with high amounts of debt - we’ll get to that question very shortly - but it suggests that Howard Payne University is less affordable for the average student.
To break this down further, we have to understand how much actual debt the average person takes out while in school. Next, we’ll look at student debt amounts.
Now that you have a handle on the basic loan information for Howard Payne University, we’ll get into some more nitty-gritty information on the types and amounts of loans that students typically have.
We’ll start with federal loans because, in general, federal loans are preferable to private loans. Federal loans tend to have low interest rates, which means they cost less in the long run. They may come with other perks (like subsidization or even options for loan forgiveness).
High percentages or amounts of federal loans still isn’t a great sign - again, you don’t want to see students burdened with too much debt. Generally, schools with strong financial aid programs will have students with more federal loans than private loans.
Let’s see how Howard Payne University stacks up:
73% Have Federal Loans
At Howard Payne University, 73% of all students take out federal loans. This is 8% HIGHER than the average percent of students for Private not-for-profit schools, which is 65%.
Average Federal Loan: $6047
At Howard Payne University, the average annual federal loan amount is $6047. This amount is $30 LESS than the average for Private not-for-profit schools, which is $6077.
Other Private Loans
Other loans, or private loans, are the last resource students turn to when paying for college. They’re the least preferable form of financial aid because they have higher interest rates and cost students the most money in the long run.
Generally, the fewer students who take private loans, and the lower the amount of the loan, the more affordable Howard Payne University is.
Let’s take a look at the percentage of students at Howard Payne University with non-federal loans:
8% Have Private Loans
At Howard Payne University, 8% of students take out private loans. This is 1% LOWER than the average for Private not-for-profit schools, which is 9%
Just as important as the percentage of students with private loans is the average loan amount. The smaller the average loan amount, the better:
Average Private Loan: $9570
The average private loan amount at Howard Payne University is $9570. This is $1874 LOWER than the average for Private not-for-profit schools, which is $11444.
The percentage of students getting federal loans is greater than those getting private loans, which is a good sign. This means lower-interest federal loans are usually enough to pay for Howard Payne University.
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What Would It Cost YOU to Attend Howard Payne University?
Finally, we get to the bottom line: what will Howard Payne University actually cost YOU? Every family has a different situation, and depending on your income level, you'll have to pay more or less to go to college.
What is Net Price, and Why Does it Matter?
Above, we've covered Howard Payne University's Cost of Attendance (tuition, room and board, books, and more). We also covered its typical financial aid in grants, loans, and scholarships.
The Net Price is the total cost minus the total aid given. In other words, this is the price you have to pay to the school out of pocket. The lower the school's cost, and the more aid you get, the lower the Net Price.
We'll cover two ways to get your Net Price for Howard Payne University - the fast way, and the precise way.
Net Price: The Quick and Easy Way
If you want a quick, general idea of your annual Net Price at Howard Payne University, here's a handy chart showing the net price of real students. All you need is your family income.
|If your family makes between...||Your Net Price will likely be around...|
|$0 - $30,000||$14845|
|$30,001 - $48,000||$16178|
|$48,001 - $75,000||$17317|
|$75,001 - $110,000||$19798|
|$110,000 and up||$23554|
Note that these values may be a few years old, and today's prices may be a bit higher.
As we'll discuss next, your exact Net Price will depend on other factors like the number of family members and total assets, but this represents the typical Net Price.
Net Price: The Most Accurate Method
Most schools have an updated Net Price calculator available. To find it, just google "Howard Payne University Net Price Calculator" - the official tool should be one of the top search results.
Often the school will ask for more information than just income:
- The number of people in your household
- The number of family members in college
- Parental wages, income, and assets
- Student wages, income, and assets
This will take 10-15 minutes to complete, and you'll get a specific net price that's more accurate than the table above.
Can You Afford to Attend Howard Payne University?
Once you have a Net Price estimate, you’ll want to figure out whether your family can afford to pay Howard Payne University tuition and costs. Once again, the Net Price is the total cost of attending, minus the aid you can expect to get (grants and scholarships). It's the amount you'd have to cover yourself.
The US government has come up with a standardized way to calculate how much a typical family can afford to pay without help. They call this the Expected Family Contribution, or EFC.
As an example, a family that brings home $80,000 in income before taxes, with no assets and no other children in college, has an EFC of around $7,000. This is the amount the government thinks that family can reasonably pay, and the school will have to step in and cover the rest.
Colleges use this number as a guideline to decide how much aid to give you, but it's just a guideline. Some schools will be stingier with aid, and you'll have to pay more than the government's suggested EFC.
So we're going to calculate your EFC and compare it to Howard Payne University's Net Price. If the Net Price is higher than the EFC, the school will cost more than you can typically afford. It's a simple equation:
Net Price - Expected Family Contribution = Deficit (extra cost you would need to cover)
We've constructed a simple tool to figure out whether Howard Payne University is affordable for you:
This tool will calculate your Expected Family Contribution, or EFC. In order to calculate this amount, we need just 4 pieces of information from you. We won't save this data.
Finally: Is This Price Really Worth It?
Chances are, college won't be cheap. Even if you have a few top choice schools in mind like Howard Payne University, it's still useful to explore broadly.
A few questions to ponder:
- How much better off will you be if you attend Howard Payne University as opposed to a similar, but cheaper, school?
- Have you considered a range of private and public schools? Big and small?
- What if you didn't attend college at all? (This is extreme, but just worth considering even for a second.
Here's our take: college will be a really important stage in your development. Going to a better, more reputable college will usually pay off in the long run. By going to a better college, you'll be surrounded by a more interesting community, find it easier to land a job, and open up opportunities.
To determine the value of Howard Payne University, we're going to rely on reputable ranking lists. These consider factors like reputation, student selectivity, income after graduating, and more to determine the value of a school.
So how does Howard Payne University stack up?
Based on its academic reputation and relatively low cost, we consider Howard Payne University a high value school, placing it in the top 20% of schools in terms of value.
As a regional school, Howard Payne University may not have the national reputation of schools like UCLA or Harvard, but it's still considered to be one of the best schools in its class. Graduating from here will give you a strong job application as an alumnus.
Furthermore, Howard Payne University is known to be a high-value school in its category. This usually means that the net price is low compared to other schools of similar reputation. In other words, you get bang for your buck.
Overall, attending Howard Payne University is a solid option, especially if you believe it'll be a good fit for you. Your college tuition is likely to be a good investment that pays off in the long run.
How Do You Get In?
Since Howard Payne University has a strong reputation, you'll have to submit a competitive application to get in. This means you need competitive SAT/ACT scores that place you above average compared to other applicants, as well as a solid GPA.
How do you compare to other students accepted to Howard Payne University? Check out our Admissions Guide to Howard Payne University.
What Other Schools Should You Consider?
Your next step should be to get a better idea of costs and aid availability at similar schools. If you’re interested in Howard Payne University, you should check out some other high-value schools that could give you more bang for your buck. Get started here to check both in-state and out-of-state schools that might provide a better value.
Better Value Schools
Finally, we're going to look at schools that might offer a better value than Howard Payne University. To compile this list, we first find schools at similar academic levels, so you have a similar chance at getting in. Then we select schools that better value for you, by being more affordable or having a higher quality of education
It’s hard to know exactly what schools will be a great value for you without information on your family income. Enter your family income here for the best recommendations for schools:
There are a lot of potential financial benefits that come with attending a school close to home. For example, in-state public schools tend to have subsidized tuitions for state residents. Students may also have the chance to save money if they choose to stay at home.
If you’re looking for good deals on schools in your state, you should start by checking out the following colleges and universities:
You can still get a good value on your education if you choose to attend an out-of-state school, especially if you qualify for generous financial aid.
If you’re interested in getting an education out-of-state, start by checking out the following colleges and universities:
How would your chances at getting into Howard Payne University improve with a better score?
Now that we've figured out whether you can afford Howard Payne University, we need to focus on getting you in. A big part of this is your SAT/ACT score.
A 160 point increase in your SAT score, or a 4 point increase in your ACT score, makes a HUGE improvement in your chances of getting into Howard Payne University.
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