Private colleges offering more financial aid than ever

Believe it or not, private colleges are now offering more financial aid than ever. Of course, with college costs rising, it make sense for financial aid to adjust accordingly. However, it’s not just the amount of grants and scholarships that’s increasing–it’s the percentage of the overall tuition total.

According to Time Magazine, in a survey of 383 private, non-profit four-year colleges by the National Association of College and University Business Officers (NACUBO), for freshmen entering school in 2012, the average “tuition discount rate” – the amount of grant and scholarship awarded from schools to put toward tuition – was 45%, an all-time high.

Many students might think of private schools as viable financial options due to their high sticker prices, but once aid and scholarships have been applied, private universities can be even more affordable than public ones.

According to the survey, enrollment is down this year from previous years, so colleges are more flexible with offering aid and incentives to top students. Experts say that it doesn’t hurt to apply for more aid, even after significant discounts. The Time Magazine article quotes Mark Kantrowitz, an expert on college costs:

If you think there is some aspect of your background that the college didn’t consider, it doesn’t hurt to appeal for more aid. You can contact the school and say, ‘You’re my first choice school’—only say that to one school—’and I really want to go, but I can’t figure out how to make it work financially. Is there anything you can do to make it work?’”

Asking for more financial aid doesn’t guarantee you’ll get it, but it can’t hurt to speak with an advisor if you really need the extra help. We offer assistance with financial aid appeals and can help you maximize your financial aid package so you get the best deal for your money. If you need advice, can call us toll-free at 1-888-234-3907 or contact us using this form.