Furman University reported a 4.5% tuition increase for the 2022-23 school year, as detailed in the latest disclosure, according to the latest disclosure from the National Center for Education Statistics.
Students enrolled at the four-year private nonprofit institution paid $55,772 this year, which is $2,400 higher than the $53,372 charged for the 2021-22 academic year.
Approximately 37% of the undergraduate student body are residents of South Carolina, while about 60% come from other states and 4% are international students.
Data indicates that every full-time undergraduate who began studies at Furman University in 2022-23 received some form of financial aid. A total of 647 students were awarded grants or scholarships amounting to $26.5 million, and 204 students obtained student loans exceeding $2 million.
Across the entire undergraduate population, 2,221 students received grants or scholarships totaling $84.7 million. Additionally, 635 students borrowed $4 million in federal student loans.
Undergraduate education costs have seen a significant increase over the past few decades. Data shows a 169% rise in the average total cost, including tuition, fees, room, and board, between 1980 and 2020.
According to a 2023 College Board report, in-state students at public universities paid an average of $11,260, while out-of-state students paid $29,150 in the 2023-24 academic year.
Meanwhile, student loan debt has steadily increased over the last 30 years, reaching $1.75 trillion in 2024, averaging a total of $28,950 per borrower. Federal loans make up 92% of the debt, with over half of students at both public and private four-year colleges graduating with student loans.
Available data sometimes exceeds 100% due to rounding and administrative calculations.
| Type of Aid | Number of students awarded aid | Percent awarded aid | Total amount of aid awarded | Average amount of aid per student |
|---|---|---|---|---|
| Federal grants | 79 | 12% | $521,046 | $6,596 |
| State / local grant or scholarship | 233 | 36% | $1.8 million | $7,891 |
| Institutional grants or scholarships | 647 | 100% | $24.1 million | $37,307 |
| Grant or scholarship aid total | 647 | 100% | $26.5 million | $40,954 |
| Federal student loans | 194 | 30% | $1 million | $5,339 |
| Other student loans | 45 | 7% | $946,530 | $21,034 |
| Student loan aid | 204 | 32% | $2 million | $9,717 |
| Total student aid | 647 | 100% | $28.5 million | $44,017 |
