As Rice University rises among the nation’s elite institutions, it is now being recognized for its exceptional affordability. Rice was recently included on Forbes’ inaugural list of “New Ivies,” celebrated for “turning out smart, driven graduates craved by employers of all types.” Now, new analysis by CNBC highlights Rice as the most affordable private school on this exclusive list.
Rice’s out-of-state undergraduate tuition is $62,874 but the average net price is only $15,091, according to the latest Department of Education data. This net price represents the actual annual cost of attendance after accounting for grants and scholarships.
Rice boasts the fourth-lowest average net price among the 20 universities on the list, both public and private. Johns Hopkins University is the only other private school among the top 10 most affordable, coming in at No. 10. The University of Florida, University of North Carolina at Chapel Hill and the Georgia Institute of Technology top the list.
“Our primary focus is on delivering student-centered, personalized education and development to meet the evolving needs of our students. Affordability is a crucial part of this commitment,” said Amy Dittmar, Howard R. Hughes Provost and executive vice president for academic affairs, noting that nearly two-thirds of Rice students are provided with financial aid through both need-based and merit-based programs.
Frequently rated as one of the nation’s best values among private higher education institutions, Rice is one of only 20 schools nationwide according to U.S. News & World Report that does not require loans as part of financial aid packages for students who receive need-based aid. As a loan-free institution, Rice meets the full financial need of qualified, admitted students.
The Rice Investment, the university’s leading financial aid program for domestic students, provides for students with family incomes below $75,000 to pay no tuition, mandatory fees, room and board; students with family incomes between $75,000 and $140,000 to pay no tuition; and students with family incomes between $140,000 and $200,000 to have at least half of their tuition covered. Many students with family incomes above $200,000 also receive loan-free aid. (The grants assume families have typical assets for their income levels.)
Regarding the Forbes recognition, Nicole Van Den Heuvel, executive director of the Center for Career Development, highlighted that Rice students stand out to employers for a variety of reasons.
“We know, anecdotally, that Rice students thrive in workplaces because they are motivated learners, team players and problem solvers,” Van Den Heuvel said. “Employers seek diverse talent and skill sets, and Rice students nurture career competencies throughout their time at Rice and post grad.”