Increasingly, private colleges are offering financial aid making them at par or cheaper than public schools.
A study of college costs by the Bay Area News Group in 2012 found that a family of four making $130,000 a year would pay $24,000 a year to send a son or daughter to college in the California State University system—or $19,500 to the University of California, Berkeley.
Many middle-class folks give up on sending their kids to prestigious colleges due to financial issues. However, that is no longer the case as public colleges are raising prices and becoming quite expensive and frankly uncompetitive.
Here are some facts from Harvard University:
- 55% of undergraduates receive Harvard Scholarship.
- 20% of parents have total incomes less than $65,000 and are not expected to contribute. So the cost is $0!
- Families with incomes between $65,000 and $150,000 will contribute from 0-10% of their income.
You can also get scholarships. We have written some blogs about them. If you are looking for a list of scholarships, this one is a must read. If you are looking for full-ride scholarships, read this one.
And finally, there are many outside sources of financial aid. Some of them are:
- CollegeScholarships.com: Search private scholarships, find those that match your criteria, and send a personalized letter with your information to scholarship sponsors.
- Fastweb!: Create a personalized profile that can be matched against a database of more than 1.5 million scholarships totaling more than $3.4 billion, and get notifications of new scholarships and approaching deadlines.
- Scholarships.com: Search scholarships from nearly 3,000 sources, potentially worth up to $3 billion.
- CollegeScholarships.org: Search for scholarships and grants from many different sources, and find information on both federal and private financial aid sources.
- UNIGO: Find scholarships that match your hobbies, interests, and academic background in a database of 3.6 million awards worth over $14 billion. Gain tips on finding and applying for scholarships and download scholarship applications.
- SchoolSoup Scholarship Directory: Search for scholarships by a variety of key categories using SchoolSoup’s free scholarship matching platform.
- Scholarship Search by SallieMae: Access more than 5 million awards worth over $24 billion and get notifications when new scholarships become available.