Northeastern University will provide a record $450 million in financial aid to undergraduate and graduate students in 2022-2023, a figure that surpasses previous totals set each academic year for the past dozen years.
The increase in financial aid funding — grants, not loans — means the cost of attendance for most current students will remain stable. About 65 percent of freshmen at Northeastern receive financial aid, including merit scholarships and grants.
Undergraduate tuition for 2022-23 will be $59,100, representing a 4.6% increase from last year. The overall cost of attendance — which includes tuition plus room and board — will increase by 4.1% starting in the 2021-22 academic year.
“Northeastern’s commitment to providing an unparalleled experiential education continues to resonate with families across the globe,” says Satyajit Dattagupta, the university’s chief enrollment officer. “Our demand is the highest it has ever been with us exceeding 91,000 applications last year. Fully meeting demonstrated financial need is critical to attracting students from all walks of life, which results in a classroom environment where students bring diverse ideas and push the status quo.”
Dattagupta says the university is committed to meeting full demonstrated financial need for every student who attends Northeastern, and has done so for every freshman and transfer student since 2015-16.
“Demonstrated financial need” represents the difference between the cost of attendance and the student’s expected family contribution, or ability to pay that cost. Demonstrated need is calculated based on a number of factors, including family income, after a student fills out the Free Application for Federal Student Aid, or FAFSA, Dattagupta says.
Northeastern is increasing its investments in financial aid at the same time the university is experiencing record demand. About 91,086 students applied for the fall freshman class and 2,620 enrolled. This marks another year in which applications have increased dramatically, including during the COVID-19 pandemic.
Undergraduate students are also covered by The Northeast Promise, a compact that guarantees eight semesters of funding for students receiving need-based financial aid from the university. Under the Promise, need-based grant funds automatically grow at the same rate as tuition and are guaranteed not to decrease.
In addition, the average debt that students have after graduating from Northeastern has fallen by 47% over the past decade. Today, among students who choose to take out loans, the average debt is $16,000. Approximately 50% of Northeastern students graduate debt-free.
Northeastern University’s newest freshman class is academically gifted and diverse. While standardized test scores are not required for prospective students, the average two-part SAT score for the class of 2026 is 1478, and the average high school GPA is 4.29. Students in the new first-year class come from 73 countries.
Northeastern students are participating in experiential learning programs in 148 countries on all seven continents. They pursue co-op positions in multiple industries, ranging from small startups and NGOs to large multinational corporations, including some of the world’s most sought-after employers, such as Amazon, Netflix and Google. Experiential learning opportunities around the world include educational experiences such as the Dialogue of Civilizations program.
Because of the breadth and depth of their experience, Northeastern students have an advantage in the job market: 97 percent of graduates are employed or enrolled in graduate school within nine months of graduation.