State v. Private College, Best Financial Aid
In an Economic Recession, Public Schools May Not Give the Most Money
Oct 2, 2009
In this deep recession, the educational trend is for students only to apply to state colleges, casting aside the idea of a more costly education at a private university. However, this trend may actually hurt the student in the long run.
One of the main reasons is the name. Though public colleges are becoming much more competitive and some even ranking very high on the list, the name of an illustrious private school can carry more weight in the real world. Students can receive career connections from prestigious alumni and increase their opportunities at finding a job after graduation.
Go for Private Education, Not Public School
College expert Eric Yaverbaum strongly disagrees with students who only apply for public education, instead he highly recommends to still apply to the Ivy League and other financially demanding schools. Yaverbaum states in an interview with CNN's Kids & Money that the student should apply to "the best school [s/he] can possibly get into and then come up with a back up plan, financially." The reason, he says, is that financial need is distributed to those who apply first. Therefore, the student has a better chance of receiving financial assistance the earlier s/he submits a FAFSA.
Private Universities Offer Free Tuition
As of 2006, Harvard University offers free tuition for families earning under $60,000 annually, putting the school at the top of all prestigious private universities for financial assistance to need-based students. In 2008 Stanford jumped on board and waived tuition for families earning less than $100,000 a year, and for those making under $60,000 room and board fees are waived as well. Other universities with similar plans include:
- Yale University
- University of Pennsylvania
- Rice University
- Princeton University
If the family does not fit into the low to middle income bracket then grants and loans are available as well. To receive applicable grants and loans, take a look at this list:
- Submit the FAFSA online as early as possible. This will only increase the student's chance of getting financial aid.
- Troll the school's website and see what grants they offer in cooperation with local businesses or large companies. A parent (and student) may be surprised. Instead of going to the "Prospective Student" category, click on "Current Student" and scroll through the grants and scholarships. These are intended for enrolled students, but prospective students can get a feel for what will be accessible to them.
- Once the student is enrolled, frequently check the school's online system for more financial aid opportunities.
This article, Best Schools for Financial Aid, profiles The Princeton Review's top choices for private schools with the best financial aid packages.
Applying to private institutions can be financially beneficial. Apply to those schools which offer free tuition for its low to middle income students, and make time to find grants and scholarships online.
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