Scholarship News

Private Colleges Offering Free College Scholarships, Grants, & Discounts at Historic Levels in 2017


May 16, 2017 10:31 AM
by Susan Dutca-Lovell
The chances of getting into a private college at a significantly discounted price are fairly high these days, according to a new report by the National Association of College and University Business Officers. But have students always paid those crazy expensive college tuition costs?

The chances of getting into a private college at a significantly discounted price are fairly high these days, according to a new report by the National Association of College and University Business Officers. But have students always paid those crazy expensive college tuition costs?

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Roughly 88 percent of first-time freshman at select colleges and universities received some type of free college scholarship or grant to cover 56 percent of tuition costs. While the priciest private colleges cost about $50,000 just for tuition, the average private college education costs about $33,500. With college freshman grants and scholarships factored in, the average costs drop to roughly $18,000/year; meaning the net tuition is about $15,000/yr. All in all, the percentage of freshman paying full sticker price dropped to a historic low of 12 percent within a year.

Tuition price reduction is excellent news for college students, however, it makes it harder to colleges to make money. Net tuition revenue only increased 0.4 percent and although $33,500/year for college still seems expensive, "no one winds up actually paying that price." Private and public colleges also use college financial aid to entice "very qualified and/or relatively wealthy" students; even with these discounts, free college scholarships and grants, about half of wealthy students end up paying full price.

Of all the financial aid distributed, 40 percent is need-based scholarships and grants, and 20 percent is academic scholarships and extracurricular scholarships and grants. The remaining 40 percent is both merit- and need-based scholarships and grants. Consumer psychology dictates that colleges raise their sticker prices and college scholarships because it gives families "something to brag about;" it is essentially deciding between going to "a $40,000 a year school that offers a $20,000 scholarship" versus "a $20,000 school that offers no scholarship." Being able to win a free college scholarship "makes you feel significantly different about the quality, value and appreciation you are getting from the institution," according to Simpson College's Dean of Students.

Get instantly matched to scholarships that meet your skillset, strengths and unique talents. Our search algorithms match you to scholarships that fit your profile. Access a complete list of college scholarships now by conducting a free college scholarship search at Scholarships.com.

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Discuss

Share your thoughts and perhaps thousands of students will benefit from your unique insight on the subject!



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shruti sharma  on  5/19/2017 2:55:13 AM commented:

Is it only for Collage's student???

Ronn E  on  5/16/2017 5:24:44 PM commented:

Do the work beyond the conventional; practice originality; sit in the front row; make sure the instructor knows your name and work.

Neiryah Aifili  on  5/16/2017 4:28:58 PM commented:

So is that just consider college classes or college classes and droms??...

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