- With National College Decision Day just days away, affordability remains a major concern.
- To bridge the gap, some schools are offering substantial financial aid packages, according to The Princeton Review.
- The average scholarship given to students with need was more than $57,000, according to the publication’s 2023 list of best private colleges for financial aid.
98% say financial aid is necessary to pay for college
Tuition and fees plus room and board, books and other expenses for a four-year private college averaged $57,570 in the 2022-23 academic year; at four-year, in-state public colleges, it was more than $27,940, according to the College Board, which tracks trends in college pricing and student aid.
Most college-bound students and their parents now say affordability and dealing with the debt burden that often goes hand in hand with a college diploma is their top concern, even over getting into their first-choice school, according to The Princeton Review’s 2023 College Hopes & Worries survey.
A whopping 98% of families said financial aid would be necessary to pay for college, and 82% said it was “extremely” or “very” necessary, The Princeton Review found.
In fact, though college has been getting more expensive, few students and their parents pay the full amount.
Top 5 private colleges for financial aid
Among the top five schools, the average scholarship grant awarded in 2022-23 to students with need was more than $57,000.
1. Vassar College
Location: Poughkeepsie, New York
Sticker price: $81,360
Average need-based scholarship: $58,722
Total out-of-pocket cost: $22,638
2. Princeton University
Location: Princeton, New Jersey
Sticker price: $79,090
Average need-based scholarship: $62,844
Total out-of-pocket cost: $16,246
3. Yale University
Location: New Haven, Connecticut
Sticker price: $83,880
Average need-based scholarship: $61,067
Total out-of-pocket cost: $22,813
4. Pomona College
Location: Pomona, California
Sticker price: $82,700
Average need-based scholarship: $51,856
Total out-of-pocket cost: $30,844
5. Vanderbilt University
Location: Nashville, Tennessee
Sticker price: $68,980
Average need-based scholarship: $54,417
Total out-of-pocket cost: $14,563
Top 5 public colleges for financial aid
Among the five schools on this list, the average scholarship grant awarded in 2022-23 to students with need was roughly $17,000.
1. University of Virginia
Location: Charlottesville, Virginia
Sticker price (in-state): $36,806
Average need-based scholarship: $26,662
Total out-of-pocket cost: $10,144
2. University of North Carolina at Chapel Hill
Location: Chapel Hill, North Carolina
Sticker price (in-state): $22,014
Average need-based scholarship: $15,704
Total out-of-pocket cost: $6,310
3. Truman State University
Location: Kirksville, Missouri
Sticker price (in-state): $18,949
Average need-based scholarship: $9,576
Total out-of-pocket cost: $9,373
4. New College of Florida
Location: Sarasota, Florida
Sticker price (in-state): $17,207
Average need-based scholarship: $13,540
Total out-of-pocket cost: $3,667
5. City University of New York — Hunter College
Location: Manhattan, New York City
Sticker price (in-state): $23,447
Average need-based scholarship: $8,892
Total out-of-pocket cost: $14,555
Correction: Student-fee calculations at the University of Virginia, New College of Florida and UNC at Chapel Hill have been updated in the public colleges list.
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