Costs at some colleges nearing $100,000 per year, but many families pay a lot less | CNBC
The cost of a college education is soaring to new heights, with some institutions like New York University, Tufts, and Yale nearing a staggering $100,000 per year in total expenses. This figure includes tuition, fees, room and board, and other miscellaneous costs. According to The Princeton Review, eight colleges already have a sticker price exceeding $90,000 for the 2024-25 academic year. With annual tuition increases averaging around 4%, the $100,000 mark could be breached by 2026, as Bryan Alexander of Georgetown University estimated.
However, the sticker price isn’t the final amount most families pay. About two-thirds of all full-time students receive some form of financial aid, significantly reducing the cost of attendance. The net price, which is the actual cost to the student after grants, scholarships, and education tax benefits, can be considerably lower. For instance, Washington University in St. Louis offers an average scholarship of over $65,000, bringing the out-of-pocket cost down to around $26,000 for many students.
Private institutions often have more resources for financial aid, making them surprisingly affordable despite their high sticker prices. The actual cost of college, as reported by Sallie Mae, averaged $28,026 for the 2022-23 academic year, with nearly half covered by parental income and savings and a significant portion offset by scholarships, grants, and student loans.
The importance of the Free Application for Federal Student Aid (FAFSA) cannot be overstated, as it is the gateway to federal financial assistance, including loans, work-study, and grants. Despite its value, complications with the new FAFSA form have led to fewer applications, with millions of dollars in Pell Grants going unclaimed. This highlights the critical role of the FAFSA in accessing financial aid and underscores the need for students and families to navigate these challenges to unlock potential funding opportunities……….
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Rising Dough
Considering the significant role of financial aid in making higher education accessible, how might the process of applying for and receiving financial aid be improved to ensure more students can afford college without accumulating excessive debt?
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