2022 Pricing: the University of Minnesota

CTAS cost forecasts for Minnesota’s 22/23 academic year and full 4-year program

CTAS is sharing its projections of 2022/23 academic year costs for individual colleges as a recurring feature.  Similar information covering over 3,000 2- and 4-year schools is available at the CTAS site.

This post projects average net costs for the University of Minnesota in Minneapolis-Saint Paul.

Although the idea of Minneapolis conjures ideas of snowstorms and inclement winters, the University of Minnesota boasts outstanding retention, for a flagship and for a university with moderate selectivity, pointing to a satisfied and prepared student body.  The retention metrics are in fact almost on par with highly selective Ivy+ schools.  This counteracts certain marketing challenges which institutions in cold weather locations throughout the country face – everywhere from the University of Maine to Montana State to the University of Alaska. Minnesota’s marketing obstacles are much less dire than these peers, but fits into the general pattern, with the number of applications dropping in absolute terms, very much against industry trends, and the admissions rate rising from 44% in 2016 to 57% in 2019.

Despite these marketing obstacles, the university welcomes over 1/3 of its students from outside Minnesota (39% in 2019 to be specific), with heavy recruiting activity in Wisconsin, one of the states where it shares a tuition reciprocity agreement, and to a lesser degree Illinois.  Because the school is so large, this out-of-state recruitment pulls in significant numbers of students, with almost 1,700 nonresidents arriving in the Twin Cities as part of the 2019 entering class.  Pricing for these out-of-staters hinges on academic achievement, much more so than for state residents.  The University provides quite limited need aid to the out-of-staters but grants academic excellence scholarships of up to $15k.  The pricing philosophy is similar to the University of South Carolina, which we covered earlier, at a lower price point.

“I really miss campus–I really do,” During the pandemic and the shift to virtual leaning, a U of M junior at the school started reproducing the college in Minecraft. It turned into a group project with students creating the entire campus virtually.  Read more about this project here.

The University of Minnesota’s lower price point was helped when it froze the cost of attendance in 2020 under heavy pressure from students complaining about being charged full tuition despite the COVID-related adoption of remote learning.  The price increases for subsequent years were below trend and those decisions, together with tuition reciprocity agreements with the two Dakota states and Wisconsin, have over the last couple of years turned Minnesota into a quite reasonably-priced option for many of its students.

 

These projections represent informational projections that will change over time and are not a commitment either by CTAS or the applicable colleges.  Figures are rounded to the $500 avoid false specificity. Final net cost numbers will differ from these estimates for many reasons: changes to economic trends, decisions by the colleges both about their own policy and enrollment, as well as decisions about individual students.  Estimates of full program costs assume graduation in 4-years (for Bachelor’s) or 2-years (Associate) without any gaps, delays or added semesters/quarters.  We take pride in our numbers so, if you believe any should be corrected, please reach out to us at support@collegetuitionadvisoryservices.com and we will work with you to resolve the issue.

Average Net Cost is a consumer-centric metric which shows costs as they are presented in commercial transactions outside of higher education.  It represents a full-time student’s cost of attending college including: tuition, room & board, fees and estimates of supplies less institutional aid of all kinds (including need-based and merit), and less federal and state/local aid.  Loans and other repayable amounts, along with work study earnings, are excluded and do not reduce the cost.  Room and board charges are on-campus costs for residential colleges; for students attending non-residential institutions, the college’s own estimate of such off-campus costs is mostly used.  CTAS’ Net Cost differs from the Net Price figure self-reported by colleges because it is comprehensive and covers all entering students, including the approximately 40% not included in Net Price calculations.

Read this post and others at our CTAS Higher Ed Business blog on Substack.