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The term "private college"
is sometimes a turnoff for college-shoppers because of the institiutions' stratospheric
tuition prices. But students and their not-so-deep-pocketed parents should have
another look: Most students who attend private colleges across the country are
offered financial aid. Often, it's substantial. "Families
should never initially rule out any school because it appears to be too expensive,"
says Kalman Chany, founder and president of New York-based Campus Consultants
and co-author of "Paying for College Without Going Broke."
"If you qualify for aid, it may cost the same
amount to attend a school with a $45,000 annual sticker price as a public university
for $20,000. It may even be cheaper," he says. The National
Association of Independent Colleges and Universities reports that 88 percent of
private-school students receive some form of assistance, with an average annual
aid package worth $17,000, including institutional, state, federal and private
aid. What students pay for college
According to the College Board, a nonprofit membership association, tuition and
fees for all private colleges and universities for 2005-2006 were $21,235 on average,
up 6 percent over the previous year. Including room and board, the average full-fare
price is $29,026. Yet, the net cost of college -- what students
actually pay -- is much less after federal tax credits, employer assistance and
private grants are taken into account. The College Board reports
that the average out-of-pocket cost of tuition and fees at a private four-year
college in 2005-2006 was roughly $11,600. With room and board, the net price is
just under $20,000. One student's story
For
Mallory James, getting admitted to a top university was the easy part. With
SAT scores above 1500 and a weighted grade point average of 4.12, the Haiku, Hawaii,
resident was courted by virtually every Ivy League school in the nation. It
was figuring out how to pay for it, and how much debt she was willing to incur
post-graduation, that proved to be a far greater dilemma. "My
family and I decided to go ahead and apply (to the most selective schools) because
we were aware that high levels of aid were available," she says, noting her
family income was "on the lower end," as her mother was unemployed due
to a disability and her parents are divorced. Most schools
came through with a financial aid package that reduced the $40,000 annual price
tag to less than half, through grants and low-interest loans. Then came an offer
from Princeton University -- a "no loan" package that replaced undergraduate
loans with grants, allowing James to graduate debt free. "I
am so grateful for this program," says James, now a sophomore anthropology
major at Princeton. "This allows me to study what I love without worrying
about having to land a high-paying job right away. I may go on to graduate school
to become a professor." | 
