Is affording Northeastern cheaper than it sounds?

Colleges and Universities A-Z Northeastern University
1

Hi Guys, I was just wondering if there is any flaw in this logic, since Northeastern usually gets accredited with being a pretty expensive school to attend.

Northeastern Full Cost = $67,601/year * 4years = $270,404 (The $67,000 instead of something around $60,000 is because it accounts for other expenses besides tuition and boarding).

However, if you spend four years at NU, you take two six month coops without tuition, which allows you to subtract a year’s worth of tuition (boarding costs are still in place since you need to find a place to stay). Therefore its $270,404 - $43,400 (tuition) = $227,004

Then, since I am a computer science major, the average coop pays around $23 per hour. Given that the 2 six month coops are the same as one year of work, a $23/hour salary averages to $47,840 total earned annually. This makes the total cost = $227,004 - $47,840 = $179,164.

I was also (Really gratefully!) awarded an Activities Scholarship (10k per year starting sophomore year) which = $30,000 total. So then the total cost = $179,164 - $ $30,000 = $149,164 total cost.

If the total 4 year cost = $149,164
The cost per year would be averaged to = $37, 291, instead of the much scarier $67,000

I apologize for all the math, but I have been wondering about this forever, so if somebody knows if this is really how it works then I would greatly appreciate it!

-Thanks!

2

Your initial premise if incorrect - you cannot graduate NEU in four years with 2 co-ops without somehow completing 8 semesters of academics. You have not accounted for the summer sessions you need to make up for the co-op semesters where you are not in class. These summer semesters are billed at half the regular semester and you will need 4 of these to graduate in 4 years with 2 co-ops. SO for 4 years with 2 co-ops you have 8 regular semesters and 6 summer semesters. Assume 2 regular and 2 summer are used for co-op - you still have 6 regular semesters and 4 summer semesters - which equals 8 semesters - which equals 4 yeas of tuition/room/board.

3

To graduate from northeastern, you will attend 8 semesters of class. The coops are squeezed in during summer and a semester, but you’ll end up making up for the semester you “skipped.”

You’re missing a few key factors on the coop math. You will be paying for housing (which might be more depending on where you’re interning, and tax will eat up your income.

Also, if you are applying for financial aid, (NEU is a full needs met university) the money earned from coops will also eat BIG TIME into your needs package because income earned by students is weighted heavier than income by parents.

4

Also, assume during your co-op semesters you will be paid enough to cover room and board during that time and you will come out even.

5

Co-op income is not considered student income on the fafsa (a fairly recent change to the rules.) Summer jobs and other internships are.

6

My D has nearly the same #s as yours, but our spreadsheet shows the cost/year as more than what you have.

We used $20/hour for a CS co-op (to be conservative) and she has 10k/year x 4 as a scholarship. I think the number was around $47k/year (sorry I’m not in front of her spreadsheet right now).

Like others have mentioned, I don’t think the co-ops are instead of school semesters; they’re in addition to it.

7

Highly dependent on major. And program chosen - international, nonprofit, and gov co-ops are likely to be completely unpaid.

8

From talking to several people who currently co-op at NEU in CS, the OP’s $23/hour is not unreasonable.

9

You shouldn’t take an unpaid co-op unless you can afford it. My daughter’s co-op advisor was very adamant on this point with her co-op class - she told them not to look at anything unpaid until they had completely evaluated the financial implications. She said many students thought the unpaid co-op sounded great until they looked seriously at their money situation.

Remember that any co-op hourly salary is hourly - you won’t be paid for vacations, holidays, sick days (at least not most employees). Also the job may not be a full 6 months (may end before Christmas, etc.) And yes, you will pay taxes, social security, disability, etc. depending upon the state of employment.

10

To emphasize again: coop earnings do NOT affect need based financial aid.

And again, you must attend classes for eight semesters (two summer sessions equals one semester). The only way to graduate with less than 8 semesters of classes is if you have at least 16 AP credits.

11

Thanks so much everyone I really appreciate the responses. I knew that there must be something missing- so thanks a lot for filling me in.

12

If you expect to make $47 annually, this is gross, your net take home pay will be a lot lower. Don’t forget to factor that in either!

13

if you have AP credits or the like you may not need to make up all the semesters missed from coop.

14

@disneynut ^^^^Again you do not MISS anything by doing coop!