Cost of College in the United States
Cost of college in the United States is certainly a topic of global discussion. It’s no secret that the prices for colleges and universities are rising. However, the difference between this listed price, or “sticker price,” and what families really end up paying is much less understood. Understanding this difference is especially important for families who are investigating higher education options. For example, families sometimes rule out private colleges due to their perceived higher cost. It is true that most private colleges have higher “sticker prices” than state or public colleges. But private colleges also tend to have more financial aid funding to allocate to their students, based on their institutional goals. So when application and financial aid processes are complete, private schools can actually be more affordable than public schools!
Going Beyond “Sticker Price”: NPCs
Many resources exist to help families decipher the cost of specific institutions. All U.S. colleges and universities are required to offer Net Price Calculators (NPCs). Families can use these calculators to get an estimated cost of attendance at different colleges. NPCs are available online and can be found by searching on the admissions or financial aid website of each college. Because some calculators go into more detail than others, it is best to read through information from the financial aid offices, too.
How to reduce costs
What is the best way to save money on your undergraduate education? It is not by applying for dozens of scholarships, as is commonly believed. To reduce costs, students can include financial fit in the college search process. By including financial fit, students can better ensure the schools they apply to are ones that are likely to be affordable. Financial fit is a key factor to include when building your college list. (If you’re curious about how to do this and interested in more tips for building a college list, check out my free college list tips resource!)
Bonus tip for students: articulate how you are an excellent fit for your school, and ways that you are a stronger candidate than most applicants. If you do this, you stand a better chance of receiving more institutional aid in the form of scholarships and grants. Colleges want to bring strong students who fit their mission to campus. If you are that student, they may allocate the funds they have to your financial aid package, hoping they can help convince you to choose their campus.
Want help?
Information about college costs and aid is freely available for students and families through online resources. However, many students and families feel overwhelmed in this process. Sometimes, families simply don’t have time to research due to demanding academic coursework, extracurricular commitments, and other family obligations. Independent educational consultants have experience in finding affordable college options for students and families. Working with a professional independent educational consultant, like KVP, can free up precious time and reduce stress. Employing an experienced consultant, like KVP, can also save money in the long run. By doing research on the front-end of applications, families can save hundreds to thousands of dollars on tuition.
Read more about sticker prices here: US News’ What you need to know about college tuition costs .
See how KVP’s services can help you achieve and afford your ideal education path. Contact us today!