Ethan Bianco, 17, waited until The deadline of May 1 Before deciding What a college He would attend in the fall.
The senior at Kinder Lycée for Performance and Visual Arts In Houston was accepted in several schools and had reduced his choices at Vanderbilt University and the University of Texas in Austin. Eventually, the cost was an important factor in its final decision.
“UT is a much better award package,” he said. Tuition fees in the state for the current academic year are $ 10,858 at $ 13,576 a year, which would be largely covered by Bianco Financial assistance offer.
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Vanderbilt, on the other hand, is constantly classified among the Best private colleges for financial aid And promises to meet 100% of the demonstrated need for a family.
The school initially offered $ 35,000 in aid, he said. With this package, “it would be about $ 40,000 more for my family to attend Vanderbilt per year.”
However, he succeeded called on his package and lever effect private scholarships To lower the price – and undertook to Vanderbilt during the national day of the college decision.
How the cost plays in university choices
For most graduate high school elders, mathematics take place differently. The increase in the cost of the college has led to a higher percentage of students who are part of public schools compared to public schools, according to Robert Franek, editor -in -chief of the Princeton Review.
“Currently, it represents around 73% of the undergraduate population – but this year, with growing uncertainties on financial aid and the evolution of policies concerning student loans, it is very likely that the number will increase,” said Franek.
Booming College cost and imminent student debt The sales have pushed this trend, and this year there are additional concerns concerning the economy and decrease Federal forgiveness on the loan Options. Consequently, the harvest of high school students this year is more likely to choose local and cheaper Public schools rather That private universities far from home, said Franek.
The price is now a greater consideration Among students and parents when choosing a college, other reports also show. Financial concerns govern decision -making for 8 out of 10 families, according to a report by education lender Sallie Mae, even going beyond academics when choosing a school
“The choice of a school is a personal and individual decision,” said Chris Ebeling, head of student loans at Citizens Financial Group. With academics and parascularly, “just as important is the cost,” he said. “It must be weighed and considered with care.”
Carlos Marin, 17, during the national day of the college decision.
With the kind permission of AT&T
On National College Decision DayCarlos Marin, a senior at Milby high school, also in Houston, registered in University of Houston-Downtown. Marin, 17, who could be the first person in his family to obtain his university degree, said that he was planning to live at home and go to lessons.
“The other schools in which I went up were more distant, but the cost of the room and the pension was really expensive,” said sailor.
College costs continue to increase
College costs have increased significantly in recent decades, tuition fees increasing by 5.6% per year, on average, since 1983 – exceeding inflation and other household expenses, according to a recent report JP Morgan Asset Management.
Deep cuts in state financing for higher education have also contributed to The price broke up And pushed more costs on students. Families now support 48% of college expenses, against 38% ten years ago, revealed that JP Morgan Asset Management, with scholarships, subsidies and loans helping to fill the gap.
Almost every year, students and their families borrowed more, which has strengthened the total debt of pending students where it is today, more than 1.6 billion of dollars.
A separate investigation By Princeton's review, revealed that taking too many debts is concern No. 1 among all students related to college.
The first year of Vanderbilt, Bianco, qualified for a certain number of additional private scholarships and has even received a free AT&T laptop so that it can submit the free assistance for federal students and complete college requests. He said he was suspicious of taking out loans to compensate for the difference.
“I believe that student loans can be beneficial, but there is also the hypothesis that you will be in debt for a very long time,” said Bianco. “It almost becomes a burden that is too much to wear.”
