Yes, you can afford a private college
Although every family’s situation is different, students can afford a private college. The misperception exists that private colleges are out of reach, but that myth is something we tackled in a recent article, one that addressed the fact that the listed price isn’t what most people will end up paying, in particular at private nonprofit colleges:
“All kinds of institutions in Minnesota offer gift aid, in the form of scholarships and grants, notes Jeff Olson, director of financial aid at Bethel University. So that gift aid lowers the listed price to a ‘net price,’ which families then pay — using a mix of savings, income and borrowing. Yes, the list price at private nonprofits is higher than at publics. But the amount of gift aid is typically much larger too.”
Our 17 member institutions awarded more than $523 million in institutional aid in the most recent year — with 94% of our first-year students receiving grants and scholarships that do not have to be paid back.
One key point that the financial aid experts shared is the value of high school families testing out what might be possible by using net price calculators. These online tools exist on each college’s website can shed a lot of light on how much students may receive in financial aid and how much they and their family might have to pay out of pocket. Check out the article and consider how it helps you.
Another useful resource is the paying for college videos, which were co-sponsored by the Minnesota Office of Higher Education and the Minnesota Private College Fund. They’re packed with concrete advice from local experts to help demystify how Minnesota families can finance a four-year college education.