Is Applying to Pricier Private Universities Worth It?

Hey! I have my eye on a few private universities, but the tuition is much higher than the public schools I'm considering. However, I heard they might offer more financial aid. Has anyone found this to be the case? Is it worth it to apply, financially speaking?

Absolutely, it can be worth it to apply to pricier private universities, depending on your household income and your specific financial situation.

Private universities often have a larger pool of funds for financial aid compared to many public institutions, which can end up covering a good portion of the costs - sometimes even making it cheaper than attending a public university. One example is Harvard University: despite having one of the highest sticker prices, Harvard's high endowment allows it to offer generous financial aid packages. In fact, for families earning less than $85,000 per year, they pay nothing towards the cost of attendance.

However, it's crucial to note that each college or university has different financial aid policies, and the amount of aid you qualify for can vary significantly from school to school. It's a good idea to utilize each college's Net Price Calculator, which can typically be found on their financial aid website. This tool can give you an estimation of your potential financial aid package at that school based on your family's financial situation.

Just keep in mind the difference between merit-based scholarships, which are awarded on the basis of academic or other achievements, and need-based financial aid, which is determined by your family's financial circumstances. Some private colleges are generous with both, while others may focus more on one kind than the other.

It's also crucial to remember application fee costs when applying to colleges. Although most schools have fee waivers for students who demonstrate financial need, the process of applying to many colleges can still add up. So, while it's beneficial to explore various options, you should also be strategic about where you apply.

Lastly, remember to consider not just the cost but also the potential "fit" of the school. This includes factors such as major offerings, campus culture, student resources, and opportunities for internships or research, which can all have significant impacts on your academic success and future job prospects.

In summary, it can be worthwhile to apply to pricier private universities, especially if you thoroughly research your financial aid opportunities and find places that meet your academic and personal preferences.