What you should know

  • With National College Decision Day just days away, affordability remains a top concern.
  • To bridge the gap, some schools offer significant financial aid programs, according to The Princeton Review.
  • The average scholarship awarded to high-need students was more than $57,000, according to the publication’s 2023 list of top private colleges for financial aid.

At top universities across the country, the most recent application season was the most competitive on record, but for some students, getting accepted was the easy part.

The biggest issue that remains is how they will be allowed to attend.

To this end, JThe Princeton Review ranked colleges by the amount of financial aid they give and student satisfaction with their packages. The 2023 report is based on data from its surveys of administrators and students from more than 650 colleges during the 2022-23 school year.

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“Students are still weighing their options, and financial aid is an important consideration in that final decision,” said Robert Franek, editor of The Princeton Review.

“Are they going to have to mortgage their future to pay for their education? These schools are saying ‘no, it’s not like that.'”

98% say financial aid is needed to pay for college

Tuition and fees plus room and board, books, and other expenses for a four-year private college averaged $57,570 in the 2022-23 academic year; at four-year public state universities, it was over $27,940, according to the College Board, which tracks trends in college prices and student aid.

According to the survey of concerns in 2023 made by The Princeton Review.

98% of families said financial help would be needed to pay for college, and 82% said it was “extremely” or “very” needed, according to The Princeton Review.

In fact, even though college has become more expensive, few students and their parents are paying the full amount.

Top 5 Private Colleges for Financial Aid

Among the five schools that dominate the 2023 ranking of The Princeton Reviewthe average scholarship awarded in 2022-23 to high-need students was over $57,000.

1. Vassar College

  • Location: Poughkeepsie, New York
  • Tag price: $81,360
  • Average need-based scholarship: $58,722
  • Total disbursements: $22,638

2. Princeton University

  • Location: Princeton, New Jersey
  • Sticker price: $79,090
  • Average need-based scholarship: $62,844
  • Total disbursements: $16,246

3. Yale University

  • Location: New Haven, Connecticut
  • Tag price: $83,880
  • Average need-based scholarship: $61,067
  • Total disbursements: $22,813

4. Pomona College

  • Location: Pomona, California
  • Tag price: $82,700
  • Average need-based scholarship: $51,856
  • Total disbursements: $30,844

5. Vanderbilt University

  • Location: Nashville, Tennessee
  • Tag price: $68,980
  • Average need-based scholarship: $54,417
  • Total disbursements: $14,563

Top 5 Public Universities for Financial Aid

Of the five schools on this list, the average scholarship awarded in 2022-23 to high-need students was around $17,000.

1 University of Virginia

  • Location: Charlottesville, Virginia
  • Sticker price (as is): $36,806
  • Average need-based scholarship: $26,662
  • Total disbursements: $10,944

2. University of North Carolina at Chapel Hill

  • Location: Chapel Hill, North Carolina
  • Sticker price (as is): $22,104
  • Average need-based scholarship: $15,704
  • Total disbursements: $6,310

3. Truman State University

  • Location: Kirksville, Missouri
  • Sticker price (as is): $18,949
  • Average need-based scholarship: $9,576
  • Total disbursements: $9,373

4. New Florida College

  • Location: Sarasota, Florida
  • Sticker price (as is): $17,207
  • Average need-based scholarship: $13,540
  • Total disbursements: $3,557

5. City University of New York – Hunter College

  • Location: Manhattan, New York
  • Sticker price (as is): $23,447
  • Average need-based scholarship: $8,892
  • Total disbursements: $14,555

Also on CNBC

This article was originally published in English by Jessica Dickler for our sister network CNBC.com. For more on CNBC, head here.

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