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It is no secret that the cost of a four-year college degree can be really expensive, and that the main difference between a public college and a private college usually lies in the cost of tuition. For these reasons, many students will dismiss the possibility of attending a private university.
While the advertised cost of attendance at a private college can be a number big enough to give mom and dad a heart attack, often times financial aid and outside scholarships can reduce this number significantly, to the point where the actual cost of attendance can be made to be just as affordable as the cost at a state school.
To better illustrate this issue, let's take a look at the numbers for cost of attendance at UIndy:
Currently, the cost of tuition at the University of Indianapolis is $24,420 and the cost of Room & Board is $8,790. However, as I said before, do not be fooled by the large dollar amount. Most first year students at UIndy are not expected to pay the advertised cost of attendance. In fact, a good number of them receive some form of financial assistance from the university. A typical financial aid package for a first year student will usually include some of the following items:
University Scholarships and Grants
Every student who applies for undergraduate admission to UIndy is automatically considered for a merit scholarship, which can range from anywhere between $6,000 and up to full tuition annually, provided that the student maintains a good GPA while attending full-time.
Merit scholarships, are just one of three categories of university scholarships that an incoming freshmen could be eligible for. Talent-based scholarships are also another category. UIndy awards scholarships for athletic talent to recruited athletes, and demonstrated ability in music, theatre, and art for students who plan on pursuing a major in either of the three departments. (The music department scholarship is also available to non-music majors). Legacy, alumni, departmental awards are the third category of scholarships. To see the full list, visit our financial aid website: (www.uindy.edu/financial-aid)
In addition to scholarships, students may qualify for additional aid from the university, which can be listed as a supplemental or director's grant on a financial aid award letter. Academic merit and overall financial need are both considered for this.
Federal and State Aid
You may have heard of the Pell Grant, or Federal Work Study. These are grants and special forms of assistance from the federal government that students are not expected to pay back after graduating. Indiana state residents may qualify for Indiana student grants, like 21st-Century Scholars, or the Indiana Freedom of Choice Grant. Non-Indiana residents are also eligible for grants from their own home states. For more information, visit http://nassgap.org/membershipdirectory.aspx. The amount of Federal/State awards and total funding that a student will qualify for is primarily based on financial need. This is why filing a Free Application for Federal Student Aid, or FAFSA, is important.
There are also federal student loans, more commonly known as Stafford loans and/or Perkins loans. However, as an Admissions Counselor, I always remind families that these are completely optional, and that students are never obligated to accept any loans on their financial aid award letters. Every family's situation is different, and it is important that students talk with their parents about whether or not these are feasible options.
Outside Scholarships
I always encourage my students to look out for any outside scholarships from their local communities, parents' employers, and/or other networks. Although scholarship websites like FastWeb are great search tools to use, many of the posted scholarships on those sites are national awards, that thousands of other students are also applying to. True, the local scholarships may not be worth as much as national scholarships like Gates Millennium or Coca-Cola, but the odds of winning the former are much higher, so it never hurts to apply to those either.
Bottom line students; never rule out a private college as an option simply based on the cost of attendance. You never know what you will get on the financial side of things. Feel free to reach out to the university's financial aid office, and your friendly admissions counselor (that's me!) if you or your parents need help.