Northeastern University will provide a record $239 million in financial aid—not loans—for undergraduate students in 2015-16. The unprecedented investment represents a 7.9 percent increase over last year, and continues a deliberate strategy to invest in financial aid.
Over the past five years, the university has increased financial aid at double the rate of tuition increases.
Undergraduate tuition for the 2015-16 academic year will be $44,620, a 4.9 percent increase, while room and board will increase at 3 percent, representing a 4.4 percent increase to total costs.
“The university continues to make critical investments in financial aid that make a Northeastern education attainable to accomplished students from all socioeconomic backgrounds,” said Jane Brown, vice president for enrollment management. “Since 2006, Northeastern has nearly doubled its annual investment in undergraduate financial aid, an important step toward supporting students through graduation and reducing student debt.”
Consistent with this effort, Northeastern will again meet the full demonstrated need of all freshmen aid applicants. More than 70 percent of first-year students at the university receive need-based grant aid or merit scholarships. Additionally, undergraduate students will continue to benefit from the Northeastern Promise, a unique compact that guarantees eight semesters of funding to students who receive need-based Northeastern grant assistance. Under the promise, need-based grant funds will automatically increase at the same rate as tuition.
The university also provides 150 full-tuition scholarships to Boston Public Schools graduates and regularly hosts college-readiness events for BPS students and their families aimed at helping them prepare and apply for college and financial aid.
Northeastern continues to experience record demand, due in part to its renowned experiential education model. The integration of study and professional experience enables students to put ideas into action, through work, research, and service in more than 100 countries. As a result, 90 percent of graduates from 2006 through 2013 were employed full time or enrolled in graduate school within nine months of graduation, and 85 percent of 2013 graduates who are employed full time are doing work related to their major.
Northeastern received 50,634 applications for the fall 2015 freshman class—more than in any previous year—and admitted students continue to exceed benchmarks for academic achievement and geographic diversity.