It’s no secret that college is expensive – even more surprising is that the cost basic tuition for public and private schools continues to rise. In fact, tuition costs and room and board are at an all-time high!
So that begs the question – is a college eduction worth it?
Obviously, private institutions aren’t the only option. Public universities around the country serve the state taxpayer at a much lower price. Yet these schools are still exceeding the range of affordability for many American families, leaving community college as a remaining post-secondary option.
Even though public schools and community colleges are certainly viable, affordable, and smart options, you mustn’t rule private schools out just yet. Private schools often offer advantages over state universities and community colleges, such as smaller classes, more support, and a head start in the workforce.
Though the price stated in college handbooks may make private schools look like an exclusive “rich-kid club”, they typically offer support for students without two-hundred grand in their college fund.
Private schools are frequently blessed with hefty endowments and generous donors, allowing them to supplement student tuition with financial aid. Many notable institutions, such as Harvard and Stanford, ensure that tuition for students from low-income households is covered by scholarships, grants and other funds, and they provide financial support for up to two-thirds of the student body.
However, this benefit is not a free handout at any school. Acquiring financial aid requires research, knowledge about your financial situation, and a bunch of extra applications. Though it may make an already stressful process even more laborious, it will, literally, pay off in the end.
It’s certainly not easy, but doing all the right paperwork can ease the financial burden of your college education and put you in a position to graduate from a quality private institution, free of excessive debt.