Parents are often surprised that the net cost for the private universities is not too dissimilar to the net cost for the public universities.
Private universities are renowned for their more generous aid packages than public universities, especially during these challenging times. As we all know states are cutting back and while (current and aspiring) elected officials campaign with the theme of greater assistance, it is yet to materialize.
Private schools, though, maintain a very loyal alumni association and foster a culture of lifelong donating to the school. As a result, these universities have the wherewithal, through their endowment funds, to provide more aid per student.
While of course the cost of a private school is higher, and your loans may end up being greater in the private sector than in the public sector, the net cost per year is not as disparate as one might believe. Also, when you take into consideration that an attendee at a private four year school experiences a tenure, on average, of four plus years, and a student at a public school experiences a tenure of five plus years, you then, again, even out the net cost between the two options.
College Funding Systems has a data base that will compare expected financial aid and out of pocket costs for all public and private universities. This is very helpful for our clients in selecting colleges to apply to that are affordable based on their net cost.