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Annual Costs

Undergraduate Tuition

Tuition for Florida Institute of Technology is $40,490 for the 2017/2018 academic year. This is 46% more expensive than the national average private non-profit four year college tuition of $27,755. The cost is 184% more expensive than the average Florida tuition of $14,261 for 4 year colleges. Tuition ranks 97th in Florida amongst 4 year colleges for affordability and is the 6th most expensive 4 year college in the state. Price does not vary by residence.

The school charges an additional fees of $750 in addition to tuition bringing the total effective in-state tuition to $41,240.

Housing Costs

On campus room and board is provided by the school at a cost of $13,610 per academic year. Students electing to live off campus elsewhere in Melbourne should budget at least this amount.

Books and Supplies

The estimated annual cost for books and supplies is $1,200.

Other Living Expenses

If living on-campus, students should budget for $3,600 in additional living expenses. Off-campus students should budget for $3,600 in other miscellaneous living expenses.

Total Costs

The annual tuition and living expense budget to go to Florida Tech was $59,650 for the 2017/2018 academic year. The cost is the same for all students regardless of Florida residence status as there is no in-state discount.

Citation: Price data from the U.S. Department of Education's 2017-2018 and 2016-2017 IPEDS survey response for Florida Institute of Technology and represent reported costs for the 2016-2017 and 2015-2016 academic years.

Costs and Tuition for Florida Institute of Technology
Estimated Budgets
Florida Resident Total Budget $59,650
   In-State Tuition$40,490
   Other Fees$750
   Room and Board$13,610
   On-Campus Other Budget$3,600
   Books and Supplies$1,200
Non-Resident Total Budget $59,650
   Out-of-State Tuition$40,490
   Other Fees$750
   Room and Board$13,610
   On-Campus Other Budget$3,600
   Books and Supplies$1,200

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What it Really Costs

Depending on many factors including student and parent income and assets, the total cost of attendance may be less than the $59,650 published price if scholarship or grant aid is made available to you.

Net Price

The net out-of-pocket total cost you end up paying or financing though student loans is known as the net price. The reported Florida Tech net price for in-state students is $30,477* for the 2014/2015 academic year. This net price includes housing and meal expenses.

Pell Grants and other Grant Aid

93% of Florida Institute of Technology students received grant aid in 2014/2015. The average total aid amount was $21,305. 24 percent of students received aid in the form of Pell Grants from the U.S. Federal Government. The average Pell Grant awarded for 2014/2015 was $4,419. To apply for a Pell Grant to attend Florida Institute of Technology, the first step is to fill out the Free Application for Federal Student Aid (FAFSA).

Net Price and Financial Aid for Florida Institute of Technology
Financial Aid Summary
Average Annual Net Price$30,477*
Percent of Students Receiving Grant Aid93%
Average Total Grant Aid$21,305
Percent of Students Receiving Pell Grants24%
Average Amount of Pell Grant Aid$4,419

Average Net Price by Family Income

The average net total cost of attendance for different levels of family income after federal, state or local government, institutional grant and scholarship aid are awarded. Data last published for the 2014/2015 academic year.

Family Income Avg. Net Price
$0 to $30,000$24,562
$30,001 to $48,000$24,031
$48,001 to $75,000$27,818
$75,001 to $110,000$29,662
$110,000+$30,719

Average Financial Aid Mix - $59,650 In-State Total Cost

CollegeCalc has estimated typical coverage of the annual in-state tuition and living expenses of $59,650. Breakdown is based on average grant aid and federal loan aid which will vary based on your family income.

38%
12%
50%

Grants and Scholarships

 38% - $21,305

Money granted to you by the U.S. Department of Education, Florida Institute of Technology or other organizations. These are not loans and do not need to be repaid.

Federal Loans

 12% - $6,789

Low interest student loans funded by the U.S. Department of Education. This amount will need to be repaid.

Out of Pocket

 50% -  $27,956

Covered by family savings, work or private student loans which you will have to repay.


*Reported Average Annual Net Price for students receiving grant or scholarship aid reported to the U.S. Department of Education's Academic Year 2014-2015 IPEDS Survey. Financial aid is only available to those who qualify. Consult this school's net price calculator for further understanding of your potential net price.

Note that for colleges with no reported on-campus room and board, the average net price has been increased to account for living expenses. This number may not only reflect the net price paid to the school for tuition.

Tuition Comparison to Similar Private Colleges in the Region

School Cost vs. Florida Institute of Technology
The University of Tampa34.5% less expensive
Ave Maria University52.7% less expensive
Flagler College St Augustine55.1% less expensive
Mercer University11.8% less expensive
Columbia International University46.4% less expensive

Cost of a Degree

When considering ability to pay for college, the annual cost is often discussed but it's the "all in" multi-year degree cost which matters in the end. Let's take a look at what it could really cost for four years at Florida Institute of Technology.

Estimated 4 Year Cost at Published Tuition

At the current published rates, an estimated total tuition, fees and living expense price for a 4 year bachelor's degree at Florida Tech is $238,600 for students graduating in normal time. This methodology for estimating the 4 year cost is a straight multiple of the most recent reported annual total cost and does not factor in tuition increases during the time you're in school. It also assumes you receive no grant or scholarship aid and pay the full list price.

A potentially more accurate but less conservative estimate of a degree cost can be made by using the school's annual $28,938 in-state net price as the basis. Applying this cost over 4 would estimate the cost of a degree at $115,752**

If you end up on the "five year plan" and need an additional year to graduate, your five year cost could be as high as $298,250 or $144,690 using an average net price.

**Based on a 4 year multiple of Average Annual Net Price for students receiving grant or scholarship aid reported to the U.S. Department of Education's 2014-2015 IPEDS Survey. Financial aid is only available to those who qualify. Consult this school's net price calculator for further understanding of your potential net price.

Other Costs

Estimated Cost Per Semester

Most colleges don't charge students on an annual basis but instead require payment semester by semester. If you ever need to take an additional semester of classes to complete you degree you shouldn't have to pay for a full academic year. These our estimated costs for a semester at Florida Institute of Technology.

Florida Resident Tuition Per Semester$20,245
Florida Resident Total Cost Per Semester$29,825

Cost Per Credit Hour and Cost for a Class

Some schools offer the ability to take single classes by paying on a per credit hour basis. The reported price per credit hour and estimated cost for one class at Florida Institute of Technology are as follows. Per credit costs are for reference only as many schools will not allow students to pay by credit hour.

Cost per credit hour and per class at Florida Institute of Technology
Price per credit hour$1,170
Cost for one class (3 credit hours)$3,510
Cost for one class (4 credit hours)$4,680

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Student Loans and Debt

The second consideration after understanding the cost of college is determining how to finance it. Some students are fortunate enough to have some form of family financial assistance, but student loans end up financing a significant portion of higher education in the U.S. 40% of Florida Institute of Technology students receive U.S. Federal Student Loans with an average annual Federal Loan aid amount of $6,789. The reported average student debt upon graduation is $41,060.

Example Loan Payments and Costs

How much are student loan payments for Florida Institute of Technology? Obviously this varies based on a number of factors - offsetting financial aid you receive, percentage of fee you pay upfront while enrolled and the interest rate on your loans. We've modeled a sample student loan based on current Stafford loan rates to give you an approximate idea.

The following are the costs for a loan if you borrowed $115,752, 100% of the estimated average net price for a four year program and paid nothing while enrolled. The total of all payments including interest would sum $143,621.69. This could be your effective total out of pocket cost of an education at Florida Institute of Technology. Note that this calculation assumes you don't pay full list price tuition, are part of the reported 93% of students at this school who receive financial aid and you are paying an average annual net price of $28,938. If you do not financially qualify for a reduced net price, your student loan payments could be significantly higher than this example. Use our Florida Institute of Technology student loan calculator below to change loan assumptions and recalculate.

Student loans are not free money and must be repaid. You cannot dismiss student loans by via bankruptcy.

Florida Institute of Technology Student Loan Payments
Example Payments
Monthly Loan Payment$1,196.85
Amount Borrowed$115,752.00
Interest Rate4.5%
Term10 years
Number of Monthly Payments120
Total Interest Cost$27,869.69
Sum of All Payments over 10 years$143,621.69

Affording Student Loan Payments and Post Graduation Salary

Can I afford to attend Florida Tech? In the end, the answer comes down a determination if you will earn enough to comfortably pay back a student loan with your post graduation salary. This is an extremely important point to consider. In order to afford student loan payments and still meet all your other costs of living, it is recommended not to borrow more than you can pay back using 10% of your monthly income earned after graduation. If you're considering attending Florida Institute of Technology, you need to carefully consider if it will be realistic to make the post graduation loan payments based on your expected salary.

Using the 10% of salary threshold, an annual income of $143,621.69 would be needed to afford a $1,196.85 monthly payment in the example $115,752.00 loan modeled above. You will need to determine if it is at all realistic that you will be earning this type of salary after graduation. This assumes a loan payback over 10 years. You can change the terms of this example loan using the student loan calculator below.

Estimated Future Cost and Expected Tuition Increase

What will it cost to send your child to Florida Institute of Technology in the future? In the past four years, this school's published in-state tuition and fee total rose from $35,460 to $40,490. This amounts to an average annual price increase of 2.8%. Nationally, university tuition prices are rising around 5% per year. Looking out five, ten, fifteen or eighteen years, these are CollegeCalc's estimates how much you could expect to pay for a 4 year degree assuming tuition increases at the national average rate. Estimated future prices are based on the current 4 year cost of $238,600.00. Use the college savings plan calculator below to perform a more comprehensive analysis on future costs and how much you will need to save for Florida Institute of Technology.

Annual4 Year Degree
Estimated Cost in 5 years for students enrolling in 2024$82,033$328,131
Estimated Cost in 10 years for students enrolling in 2029$104,697$418,787
Estimated Cost in 15 years for students enrolling in 2034 $133,623$534,490
Estimated Cost in 18 years for students enrolling in 2037 $154,685$618,739

Tuition History

What was tuition at Florida Tech five, ten, fifteen or twenty years ago? Hop into our time machine and take a look. Pay attention to how aggressive the school has been with price increases in the past as it provides indication as to how the school may raise tuition in the next few years. Historical tuition and fees for all available data years back to 1987 follows.

YearTuitionAnnual Increase
2012$34,4308.5%
2011$31,7340.7%
2010$31,5205.3%
2009$29,9403.5%
2008$28,9205%
2007$27,5409.5%
2006$25,1506%
2005$23,7305%
2004$22,6008.1%
2003$20,9006.1%
2002$19,7006.8%
2001$18,4505.2%
2000$17,5416.3%
1999$16,5006.4%
1998$15,5103%
1997$15,0606.7%
1996$14,1111.3%
1995$13,9356.9%
1994$13,03510.3%
1993$11,8179.9%
1992$10,75211.1%
1991$9,67529%
1990$7,5008.9%
1989$6,88510.8%
1988$6,216

Comparable Cost for Popular Majors

We've compared the out of state cost of the most popular undergraduate areas of study at Florida Institute of Technology to the national average for all other colleges offering the same major. Use this comparison to determine particular programs where this school offers value relative to other colleges.

Area of Study Graduates vs National Avg
Aviation/Airway Management and Operations Bachelor's Degree 54 77% costlier
Aerospace, Aeronautical and Astronautical/Space Engineering Bachelor's Degree 51 31% costlier
Mechanical Engineering Bachelor's Degree 49 41% costlier
Electrical and Electronics Engineering Bachelor's Degree 45 41% costlier
Marine Biology and Biological Oceanography Bachelor's Degree 36 44% costlier
Liberal Arts and Sciences/Liberal Studies Associate's Degree 35 169% costlier
Civil Engineering, General Bachelor's Degree 31 41% costlier
Business Administration and Management, General Associate's Degree 23 176% costlier
Psychology, General Bachelor's Degree 22 48% costlier
Chemical Engineering Bachelor's Degree 20 30% costlier
Ocean Engineering Bachelor's Degree 19 78% costlier
Computer Science Bachelor's Degree 17 42% costlier
Astronomy and Astrophysics, Other Bachelor's Degree 15 4% costlier
Computer Engineering, General Bachelor's Degree 15 41% costlier
Meteorology Bachelor's Degree 12 57% costlier
Aeronautics/Aviation/Aerospace Science and Technology, General Bachelor's Degree 12 78% costlier
Computer Software Engineering Bachelor's Degree 10 54% costlier
Forensic Psychology Bachelor's Degree 10 36% costlier
Marketing/Marketing Management, General Bachelor's Degree 9 64% costlier
Construction Engineering Technology/Technician Bachelor's Degree 7 77% costlier
Multi-/Interdisciplinary Studies, General Bachelor's Degree 7 49% costlier
Information Resources Management Bachelor's Degree 6 69% costlier
Management Information Systems, General Bachelor's Degree 6 62% costlier
International Business/Trade/Commerce Bachelor's Degree 5 45% costlier
Corrections and Criminal Justice, Other Associate's Degree 5 184% costlier
Information Science/Studies Associate's Degree 4 169% costlier
Humanities/Humanistic Studies Bachelor's Degree 4 40% costlier
Communication, General Bachelor's Degree 4 54% costlier
Chemistry, General Bachelor's Degree 4 43% costlier
Oceanography, Chemical and Physical Bachelor's Degree 4 72% costlier
Applied Mathematics, General Bachelor's Degree 3 33% costlier
Multi-/Interdisciplinary Studies, Other Bachelor's Degree 3 42% costlier
Aquatic Biology/Limnology Bachelor's Degree 3 42% costlier
Health/Health Care Administration/Management Associate's Degree 3 163% costlier
Accounting Associate's Degree 3 195% costlier
Environmental Science Bachelor's Degree 2 39% costlier
Conservation Biology Bachelor's Degree 2 33% costlier
Biology/Biological Sciences, General Bachelor's Degree 2 48% costlier
Physics Teacher Education Bachelor's Degree 2 65% costlier
Accounting and Business/Management Bachelor's Degree 2 156% costlier
Biomedical Sciences, General Bachelor's Degree 2 56% costlier
E-Commerce/Electronic Commerce Bachelor's Degree 2 83% costlier
Chemistry, Other Bachelor's Degree 1 42% costlier
Mathematics Teacher Education Bachelor's Degree 1 69% costlier
Physics, General Bachelor's Degree 1 36% costlier
Biochemistry Bachelor's Degree 1 28% costlier
Business Administration, Management and Operations, Other Bachelor's Degree 1 76% costlier
Ecology Bachelor's Degree 1 38% costlier
Mathematics, General Bachelor's Degree 1 45% costlier
Chemistry Teacher Education Bachelor's Degree 1 67% costlier
Molecular Biology Bachelor's Degree 1 23% costlier
Planetary Astronomy and Science Bachelor's Degree 1 2% cheaper

Calculators

Use the calculators below to formulate a college savings plan for Florida Institute of Technology or model a student loan.

College Savings Calculator

Plan and Save for College

Discover how much will you need to start saving now to afford Florida Institute of Technology in the future.

Student Loan Calculator

Estimate Loan Payments

Modify the loan assumptions to fit your financial situation and likely tuition price. Then calculate your payoff and loan payments for a Florida Institute of Technology student loan.

Prepayment Option

About Florida Institute of Technology

Florida Institute of Technology is a four year private college located in Melbourne, Florida.  Full time enrollment is 4,653 and part time is 1,798. Learn more about getting accepted at Florida Institute of Technology at CollegeSimply.

Students attending this school may pursue both undergraduate and graduate degrees.

Address
Florida Institute of Technology
150 West University Boulevard
Melbourne, Florida
32901-6975

For Profit / Not For Profit Status

Florida Institute of Technology is a private not for profit institution.

Florida Institute of Technology cost and financial aid data source: U.S. Department of Education https://nces.ed.gov/collegenavigator/?id=133881 IPEDS survey data.