In the country’s best colleges, the last season of applications was the most competitive of all time, but admission to several schools may have been an easy part for students.
They now have less than a week to decide which school they will attend before National Decision Day on May 1, the deadline for high school graduates to complete a plan for next year.
For many, the biggest challenge remains how they will pay for the diploma.
Including tuition, accommodation and meals, books and other expenses, the average estimated total cost in 2021-22 for students of four-year private colleges is about $ 55,800 per year; for state students at four-year public colleges it is more than $ 27,300, according to the college council.
Most college students and their parents talk about accessibility and dealing with it debt burden that often goes hand in hand with a college diploma is their main problem, according to The Princeton Review’s 2022 College Hopes and Concerns poll.
A whopping 98% of families said so financial aid would be necessary to cover costs, and 80% said it was “extremely” or “very” necessary, found The Princeton Review.
“Just the thought of financial aid scares the average student and parents,” said Robert Frank, editor-in-chief of The Princeton Review. “But the good news is that there is a lot of help, and many schools are incredibly generous.”
The Princeton Review evaluates colleges by the amount of financial aid and how satisfied students are with their packages. The 2022 report is based on data from surveys of administrators and students of 650 colleges in the 2020-21 academic year.
When it comes to issuing scholarships and grants that should never be repaid, private schools usually have more money to spend, Frank said. “They can use their finances to allow students to study in college without significant financial burden.”
In the five schools that rank first in the ranking of the best private colleges for financial aid Princeton Review for 2022, the average scholarship is more than $ 57,000.
“These schools do the almost impossible, which lowers the cost below what a student can expect to pay for one year of study at a public college,” Frank said.
Blair Hall at Princeton University
Loop Images / Universal Images Group via Getty Images
1. Princeton University
Location: Princeton, New Jersey
Sticker cost: $ 74,190
Average need-based scholarship: $ 61,928
Total out of pocket: $ 12,262
2. Yale University
Location: New Haven, Connecticut
Sticker cost: $ 77,750
Average need-based scholarship: $ 61,067
Total out of pocket: $ 16,683
3. Pamona College
Location: Pomona, California
Sticker cost: $ 71,980
Average need-based scholarship: $ 55,485
Total out of pocket: $ 16,495
4. Vanderbilt University
Location: Nashville, Tennessee
Sticker cost: $ 68,980
Average need-based scholarship: $ 54,417
Total out of pocket: $ 14,563
5. Vassar College
Location: Poughkeepsie, New York
Sticker cost: $ 75,920
Average need-based scholarship: $ 53,699
Total out of pocket: $ 22,221
University of Virginia
Source: Dan Addison UVA University Communications
1. University of Virginia
Location: Charlottesville, Virginia
Cost of sticker (in state): $ 31,228
Average need-based scholarship: $ 25,509
Total out of pocket: $ 5,719
2. University of North Carolina at Chapel Hill
Location: Chapel Hill, North Carolina
Cost of sticker (in state): $ 21,252
Average need-based scholarship: $ 16,295
Total out of pocket: $ 4957
3. Florida State University
Location: Tallahassee, Florida
Sticker cost (in state): $ 17,989
Average need-based scholarship: $ 11,170
Total out of pocket: $ 6,819
4. University of Michigan – Ann Arbor
Location: Ann Arbor, Michigan
Cost of sticker (in state): $ 29,785
Average need-based scholarship: $ 23,137
Total out of pocket: $ 6,648
5. City University of New York – Hunter College
Location: Manhattan, New York
Cost of sticker (in state): $ 23,447
Average scholarship tailored to needs: $ 8,892
Total out of pocket: $ 14,555
Correction: This article has been updated to reflect that The Princeton Review’s list of the best colleges for financial aid for 2022 is based on data for the 2020-21 academic year. The previous version incorrectly characterized the time period. The previous heading incorrectly indicated the timing of the award of financial aid and incorrectly described the 10 most generous colleges. This article has also been updated to reflect that College Board amounts for 2021-22 represent the average estimated total cost of student attendance; the previous version mistakenly identified this data.