It’s no surprise that sending a kid to college is expensive, and tuition costs are only expected to rise. In fact, tuition and room and board comes in at an average of $45,360 for private 4-year schools and $20,090 for public 4-year schools.
Families hoping for financial aid to help offset some of the burden will want to take a look at a new report by The Princeton Review, which ranked colleges based on how much money was awarded to students and how happy they are with the aid.
Believe it or not, private schools ranked better in financial aid availability than public institutions, most likely because they have more money to spend. So while private colleges and universities have higher tuition, they appear to be more generous when it comes to doling out generous aid packages. It isn’t recommended to skip applications to schools with sky-high tuition prices because students might receive more aid that brings the costs closer to cheaper alternatives.
According to The Princeton Review, the top five schools for financial aid are:
#1: Pomona College, Claremont, CA: Right outside of Los Angeles, financial aid is the school’s top priority to ensure a diverse student body.
#2: Vassar College, Poughkeepsie, NY: Vassar has a big sticker price tag, but the average scholarship it offers is around $41,000.
#3: Princeton University, Princeton, NJ: This Ivy League school is going out of its way to ensure its students don’t graduate in heaps of debt. Qualifying students can get almost $45,000 in grant money.
#4: Colgate University, Hamilton, NY: One of the top schools in the nation, Colgate gives away an average of about $50,000 in grant aid.
#5: Haverford College, Haverford, PA: This small liberal arts college offers scholarships worth $45,390, on average.
Image Copyright Filipe Fortes.