9 surprising facts about college affordability

If you think a private college is more expensive than a public university, consider this:  Private colleges often provide more generous financial aid packages. (Mic drop)

This can mean a valuable experience at a comparable cost.  

Here are nine facts that may surprise you about college affordability:

1: A small number of private colleges, including Å·ÖÞ±­ÍøͶ_Å·ÖÞ±­ÍâΧapp-Ͷע¹ÙÍø, can honestly say that no one pays the full price.  

2: Many private colleges budget millions of dollars to offset tuition costs. Å·ÖÞ±­ÍøͶ_Å·ÖÞ±­ÍâΧapp-Ͷע¹ÙÍø Å·ÖÞ±­ÍøͶ_Å·ÖÞ±­ÍâΧapp-Ͷע¹ÙÍø offered more than $70 million in institutional financial aid (merit and need-based scholarships and grants) last year. 

3: Scholarships are often renewable over a student¡¯s four years. Many students entering Å·ÖÞ±­ÍøͶ_Å·ÖÞ±­ÍâΧapp-Ͷע¹ÙÍø in the fall of 2023 will qualify for up to $120,000 in scholarship assistance over the course of four years.

4: A small set of elite colleges and universities nationally has made commitments to meet 100% of demonstrated financial need, so high-achieving students from families with lower incomes can realize their dreams. Å·ÖÞ±­ÍøͶ_Å·ÖÞ±­ÍâΧapp-Ͷע¹ÙÍø is among those colleges. 

5: Private colleges welcome students with high levels of need. On average, one in four Å·ÖÞ±­ÍøͶ_Å·ÖÞ±­ÍâΧapp-Ͷע¹ÙÍø students is a recipient of the federal Pell Grant, which means the student has less than $5,000 annually to contribute to the cost of college.  

6: Small colleges often offer talent-based scholarships in addition to academic merit-based scholarships. Musicians, actors and artists can get additional funds. 

7: Incentive-based financial aid awards that can decrease out-of-pocket cost. At Å·ÖÞ±­ÍøͶ_Å·ÖÞ±­ÍâΧapp-Ͷע¹ÙÍø, awards such as the FAFSA Early Filer Grant, Campus Visit Grant, and Justice and Social Change Microscholarship are innovative financial aid programs. 

8: It's incorrect to assume that the most selective college or the one with the strongest reputation is the most expensive. Å·ÖÞ±­ÍøͶ_Å·ÖÞ±­ÍâΧapp-Ͷע¹ÙÍø Å·ÖÞ±­ÍøͶ_Å·ÖÞ±­ÍâΧapp-Ͷע¹ÙÍø is among the most selective and most affordable in Illinois and across the region.

9: If a financial aid package seems too good to be true, consider what that might mean. Å·ÖÞ±­ÍøͶ_Å·ÖÞ±­ÍâΧapp-Ͷע¹ÙÍøs are not all worth the same amount, and those offering a surprisingly low price may be in a poor financial position or may not have a strong academic program ¡ª or both. 

To learn more about Å·ÖÞ±­ÍøͶ_Å·ÖÞ±­ÍâΧapp-Ͷע¹ÙÍø's value, see Admissions.

Good luck as you work through the important questions of affordability and value during your college search.