The private and public colleges that top the list for financial aid

At the nation’s top colleges, last application season was the most competitive on record, but getting accepted into multiple schools may have been the easy part for students.

Now they have less than a week to decide which school they will attend before National Decision Day on May 1, the deadline for high school seniors to finalize a plan for next year.

For many, the biggest problem remains how to pay for their studies.

Including tuition, room and board, books and other expenses, the estimated average total cost for students at four-year private colleges in 2021-22 is approximately $55,800 annually; for domestic students at four-year public colleges, it’s more than $27,300, according to the College Board.

According to The Princeton Review’s 2022 College Hopes & Worries poll, a majority of college students and their parents say affordability and managing the burden of debt that often accompanies a college diploma are their top concerns.

A whopping 98% of families said financial assistance was necessary to meet costs, and 80% said it was “extremely” or “very” necessary, The Princeton Review found.

“Just the thought of directing financial aid is frightening for the average student and parent,” said Robert Franek, editor-in-chief of The Princeton Review. “But the good news is that there is a lot of help and a lot of schools are incredibly generous.”

The Princeton Review ranked colleges based on how much financial aid they gave and how satisfied students were with their packages. The 2022 report is based on data from surveys of administrators and students at 650 colleges during the 2020-21 school year.

When it comes to awarding scholarships and grants that never have to be repaid, private schools usually have more money on their hands, Franek said. “They are able to use their financial resources to enable students to attend college without a significant financial burden.”

For the five top schools in the 2022 Princeton Review ranking of the best private colleges for financial aid, the average grant award is over $57,000.

“These schools are doing the near impossible, which brings costs below what a student expects to pay for a year at public college,” Franek said.

1. Princeton University
Location: Princeton, NJ
Sticker price: $74,190
Average Needed Scholarship: $61,928
Total out of pocket cost: $12,262

2. Yale University
Location: New Haven, Connecticut
Sticker price: $77,750
Average Needed Scholarship: $61,067
Total out of pocket cost: $16,683

3. Pomona College
Location: Pomona, California
Sticker price: $71,980
Average Needed Scholarship: $55,485
Total out of pocket cost: $16,495

4. Vanderbilt University
Location: Nashville, Tennessee
Sticker price: $68,980
Average Needed Scholarship: $54,417
Total out of pocket cost: $14,563

5. Vassar College
Location: Poughkeepsie, New York
Sticker price: $75,920
Average Needed Scholarship: $53,699
Total out of pocket cost: $22,221

1. University of Virginia
Location: Charlottesville, Virginia
Sticker Price (In State): $31,228
Average Needed Scholarship: $25,509
Total out of pocket cost: $5,719

2. University of North Carolina at Chapel Hill
Location: Chapel Hill, North Carolina
Sticker Price (In State): $21,252
Average Needed Scholarship: $16,295
Total out of pocket cost: $4,957

3. Florida State University
Location: Tallahassee, Fla
Sticker Price (In State): $17,989
Average Needed Scholarship: $11,170
Total out of pocket cost: $6,819

4. University of Michigan – Ann Arbor
Location: Ann Arbor, Michigan
Sticker Price (In State): $29,785
Average Needed Scholarship: $23,137
Total out of pocket cost: $6,648

5. City University of New York – Hunter College
Location: Manhattan, New York City
Sticker Price (In State): $23,447
Average Needed Scholarship: $8,892
Total out of pocket cost: $14,555

Correction: This article has been updated to reflect that The Princeton Review’s 2022 list of top financial aid colleges is based on data from the 2020-21 school year. A previous version incorrectly specified the period. A previous headline mistimed this grant award and mischaracterized the 10 most generous colleges. This article has also been updated to reflect that the College Board dollar amounts for 2021-22 represent the average estimated total cost of student participation; an earlier version incorrectly identified this data.

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