With the sticker price at some colleges and universities exceeding $50,000 per year, even affluent families are feeling the bite. It’s no wonder, then, that tuition discounts are appealing to those families who might not qualify for need-based financial aid. How much could these tuition discounts be worth? According to the College Board, private colleges currently offer average tuition breaks in excess of 33%, while state universities discount tuition an average of about 15%. To get these scholarships, however, students must generally be in the top quarter of the entering class in terms of grades and test scores. Students who hope to enroll at a reach school will not be eligible for a discount.
If you’re interested in pursuing these scholarships, consider the following:
- Be sure to apply for financial aid. Affluent families often fail to complete the FAFSA and the CSS Profile forms because they do not expect to qualify for financial aid. A small number of schools, however, won’t even consider a student for merit-based aid unless you have filed these forms.
- Look beyond the Ivy League—the Ivies, by mutual agreement, can offer only need-based aid. Many other fine colleges, however, are happy to reward academically strong students. Consider such schools as Tulane, Washington University in St. Louis, Providence College, University of Southern California, Oberlin, and Fairfield University. To find out if a college offers merit (non-need-based) scholarships, try the search engine on its website. Public universities will also offer discounts to the strongest students along with acceptance to their honors programs.
- Be prepared to travel. Colleges are interested in attracting students from diverse areas of the country. Identify areas that appeal to you and seek out schools in that region that may offer merit aid. You’ll need to convince colleges outside your region that you’re seriously interested—plan on visiting campus or taking part in area visits and interviews.
