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However, it’s not only one of the hardest schools to get into but also among the nation’s priciest institutions — tuition and fees, room and board and other student expenses came to more than $79,000 this year.
At the same time, most college-bound students and their parents now say affordability and dealing with the debt burden that often goes hand in hand with a college diploma is their top concern, even over getting into their first-choice school, according to The Princeton Review’s 2023 College Hopes & Worries survey.
Coming out of the pandemic, a small group of universities, including many in the Ivy League, have experienced a record-breaking increase in applications this season, according to a report by the Common Application.
National College Decision Day is coming up
As acceptance letters trickle in, students have just a few weeks to figure out their next move ahead of National College Decision Day on May 1, the deadline for high school seniors to choose which college they will attend.
At that point, they must pay a nonrefundable deposit to secure their seat at the school of their choice.
But the biggest problem remains how they will pay for their degree. A whopping 98% of families said financial aid would be necessary to pay for college and 82% said it was “extremely” or “very” necessary, The Princeton Review found.
“Financial aid is more a necessity now than ever,” Franek said.
Don’t base your decision on sticker price alone
Still, “never cross an expensive school off of your list of consideration based on sticker price alone,” Frank said. Consider the amount of aid available, since private schools typically have more money to spend.
“Many of those schools are giving out substantial scholarships—this is free money.”
For example, MIT offers generous aid packages for those who qualify. Last year, the average annual price paid by a student who received financial aid was less than $20,000, according to the school.
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