Net Price of New Mexico Colleges by Income

Source: National Center for Educational Statistics. This is the most recent data available as of January 2023

Questions & Answers

What do all these numbers mean?

All costs shown here are the average net cost paid by families in each income bracket for one year at the college in question. Net cost is the total cost of attendance for one year, minus government grants and institutional scholarships. Figures are based on data from the 2020-21 school year, which is the latest available as of January 2023.

What is “Total Cost” on the chart?

Total cost is the total cost of attendance for one year at that particular college. It includes:

• Tuition and fees (in-state tuition for public schools)
• Room and board (on campus)
• Books and supplies
• Other expenses (travel and personal)

There are detailed chart below for each school that shows these expenses. Click here to go to the individual cost breakdown for schools.

How can I use this information?

This information is useful for building a realistic college budget. It's a good place to start until you better understand your specific circumstances. For example, let's say your income is $100,000 per year. This chart shows that the average state school would run $15,765 and the average private school would be $42,288. You can also get information on specific New Mexico schools in the chart above or the tables below.

Will my family pay the amount on this chart?

Probably not. The numbers are averages. You may be below average or above average. However, there are two key points we can learn from this data:

1. Families with higher incomes ($75,000-$110,000 and $110,000+) will most likely pay close to full price at the public schools.
2. Private colleges have a higher list price but offer more discounts. This brings their net price much closer to the cost of state-funded schools.

Where did this information come from?

As part of federal financial aid, colleges are required to provide detailed cost information to the U.S. government. This data is made available to the public through the National Center for Education Statistics. For more details, click here.

What about athletes, merit aid or minority students?

Athletes, high achieving students, and those with minority status are averaged in with everyone else. Within each income bracket, there are families that pay more than average and families that pay less than average.

The costs on this chart seem large. How can families afford to pay it?

For many families paying for college is not easy, but in the end they figure out. Most families will pay their net cost of college with some combination of:

• College savings and investments
• Payments from current income
• Loans
• Outside scholarships (check out the Scholarship Guide For Busy Parents to learn how your student can win scholarships)
• Tax planning
• Student work

Net Price:

Net prices is the total cost of attendance for one year, minus the average amount in government grants and institutional scholarships the school awards. This is an average, so you may pay above the average or below the average. Your exact net price is likely to be different and sometimes drastically different.

Most families will pay the net price with some combination of savings and investments, current income and various loans. Some students will also receive scholarships from sources other than the federal or state government or the college. Any scholarships and grants from these outside sources are not included in the data. However, government grants and institutional scholarships are included in the averages.