Financial Realities of the College Choice Process
Those $60,000 price tags that parents are sweating over don't reflect the reality of the cost of most colleges.
When a family broadens their search beyond top-tier, highly competitive institutions, the financial aid picture can be quite different. Consider these statistics:
1. Private four year college offers an average of 48.6% tuition discount, 10% over what they offered a decade ago (US News and World Report, 7/18/16). Smaller schools tend to offer even higher discounts.
2. Before making an enrollment decision, 44% of families wait to see their financial aid packages (Education Dive, 7/20/16)
3. First time freshmen are receiving about 6% more in financial aid than other undergraduates (National Association of College and University Business Officers, 5/16/16)
4. Most highly selective schools typically do NOT offer discounts. Those with large endowments tend to give more need based aid.
5. Slightly less selective schools offer more merit scholarships to enhance their ability to compete for enrollment.
How can a family find a school that will meet their educational goals without sacrificing a solid financial future? Use trained resources that truly understand the options and opportunities.