The top private and public colleges for financial aid — 5 offer average scholarships of more than $50,000
To bridge the gap, some schools are offering substantial financial aid packages, according to The Princeton Review.
College tuition has surged by 5.6% a year, on average, since 1983, significantly outpacing other household expenses, a recent study by J.P. Morgan Asset Management found.
For the 2024-25 school year, tuition and fees plus room and board for a four-year private college averaged $58,600, up from $56,390 a year earlier, according to the College Board. At four-year, in-state public colleges, it was $24,920, up from $24,080.
And yet, the Trump administration's budget proposal for fiscal 2026 calls for scaling back financial aid, including reducing the maximum federal Pell Grant award to $5,710 a year from $7,395, as well as curbing the federal work-study program. The proposed cuts would help pay for the landmark tax and spending bill Republicans in the U.S. Congress hope to enact.
More from Personal Finance:Trump aims to slash Pell GrantsIs college still worth it? It is for most, but not allWhat to know before you tap your 529 plan
"Inflation and cuts in federal and state spending are causing schools to increase tuition, in some cases dramatically," said Robert Franek, editor in chief of The Princeton Review.
However, "it's really not what colleges are charging that matters, it is what actual students and families are paying after scholarships and grants are deducted — that's what students and their parents need to focus on," Franek said.
Grants are considered the most desirable kind of financial assistance because they typically do not need to be repaid. "Grants are the magic word," Franek said.
This year, there are added concerns about the economy and dwindling federal loan forgiveness options. As a result, price is now a bigger consideration among students and parents when choosing a college, other reports also show.
To that end, The Princeton Review ranked colleges by how much financial aid is awarded and how satisfied students are with their packages. The 2025 report is based on data from its surveys of administrators and students at more than 650 colleges in the 2024-25 school year.
Among the top five private schools on The Princeton Review's list, the average sticker price — including tuition and fees plus room and board — was around $90,000 in 2024-25. The average scholarship grant awarded to students with need was more than $66,000.
1. Williams CollegeLocation: Williamstown, Massachusetts Sticker price: $90,750Average need-based scholarship: $74,113Average total out-of-pocket cost: $16,637
2. California Institute of TechnologyLocation: Pasadena, CaliforniaSticker price: $86,181Average need-based scholarship: $71,378Average total out-of-pocket cost: $14,803
3. Yale UniversityLocation: New Haven, ConnecticutSticker price: $87,150Average need-based scholarship: $69,164Average total out-of-pocket cost: $17,986
4. Reed CollegeLocation: Portland, Oregon Sticker price: $87,010Average need-based scholarship: $50,413Average total out-of-pocket cost: $36,597
5. Pomona CollegeLocation: Claremont, CaliforniaSticker price: $91,134Average need-based scholarship: $67,027Average total out-of-pocket cost: $24,107
Among the five public schools on this list, the average scholarship grant awarded in 2023-24 to students with need was more than $20,000.
1. University of North Carolina at Chapel HillLocation: Chapel Hill, North CarolinaSticker price (in-state): $24,134Average need-based scholarship: $19,921Average total out-of-pocket cost: $4,213
2. New College of Florida Location: Sarasota, FloridaSticker price (in-state): $20,271Average need-based scholarship: $16,483Average total out-of-pocket cost: $3,788
3. University of Michigan, Ann ArborLocation: Ann Arbor, Michigan Sticker price (in-state): $34,176Average need-based scholarship: $26,860Average total out-of-pocket cost: $7,316
4. University of VirginiaLocation: Charlottesville, VirginiaSticker price (in-state): $40,313Average need-based scholarship: $27,233Average total out-of-pocket cost: $13,080
5. Truman State UniversityLocation: Kirksville, MissouriSticker price (in-state): $23,076Average need-based scholarship: $10,889Average total out-of-pocket cost: $12,187
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