Colleges Giving the Most Financial Aid in 2022 – NBC New York (47)

At the nation’s top colleges, the most recent application season was the most competitive on record, but getting accepted to multiple colleges may have been the easy part for many students.

They now have less than a week to decide which school they will attend before National Decision Day on May 1, the deadline for high school seniors to finalize a plan for next year.

For many parents and students, the biggest issue remains how they will pay for college.

Including room and board, books and other expenses, families with students at private four-year colleges spend about $55,800 a year; at public four-year colleges, it’s more than $27,300, according to the College Board.

A staggering 98% of families said financial help would be needed to cover the cost, and 80% said it was “extremely” or “very” needed, The Princeton Review reported.

“Just the thought of navigating financial aid scares the student and parent,” said Robert Franek, editor-in-chief of The Princeton Review. “But the good news is there’s a lot of help out there and a lot of schools are incredibly generous.”

To that end, The Princeton Review ranked colleges based on the amount of financial aid they award and how satisfied students are with their aid.. The report is based on data from its surveys of administrators at 650 colleges in 2020 and 2021, as well as students attending the schools.

When it comes to awarding scholarships and grants, which never have to be repaid, private schools often have more money to spend, Franek said. “They can use their financial means to enable students to attend college without it being a significant financial burden.”

At the private universities that rank at the top of the 2022 Princeton Review rankings, the average scholarship awarded is just over $57,000.

“These schools are doing the near impossible, which is driving the cost below what a student can expect to pay for a year of public college,” Franek said.

Top 5 Private Colleges for Financial Aid

  1. Princeton University
    Location: Princeton, New Jersey
    Label Price: $74,190
    Average need-based scholarship: $61,928
    Total out-of-pocket cost: $12,262
  2. Yale University
    Location: New Haven, Connecticut
    Label Price: $77,750
    Average need-based scholarship: $61,067
    Total out-of-pocket cost: $16,683
  3. University of Pomona
    Location: Pomona, California
    Label Price: $71,980
    Average need-based scholarship: $55,485
    Total out-of-pocket cost: $16,495
  4. Vanderbilt University
    Location: Nashville, Tennessee
    Tag Price: $68,980
    Average need-based scholarship: $54,417
    Total out-of-pocket cost: $14,563
  5. Vassar College
    Location: Poughkeepsie, New York
    Tag Price: $75,920
    Average need-based scholarship: $53,699
    Total out-of-pocket cost: $22,221

Top 5 Public Colleges for Financial Aid

  1. University of Virginia
    Location: Charlottesville, Virginia
    Label price (for state residents): $31,228
    Average need-based scholarship: $25,509
    Total out-of-pocket cost: $5,719
  2. University of North Carolina at Chapel Hill
    Location: Chapel Hill, North Carolina
    Label price (for state residents): $21,252
    Average need-based scholarship: $16,295
    Total out-of-pocket cost: $4,957
  3. Florida State University
    Location: Tallahassee, Florida
    Tag Price (for state residents): $17,989
    Average need-based scholarship: $11,170
    Total out-of-pocket cost: $6,819
  4. University of Michigan-Ann Arbor
    Location: Ann Arbor, Michigan
    Label price (for state residents): $29,785
    Average need-based scholarship: $23,137
    Total out-of-pocket cost: $6,648
  5. City University of New York—Hunter College
    Location: Manhattan, New York
    Tag Price (for state residents): $23,447
    Average Need-Based Scholarship: $8,892
    Total out-of-pocket cost: $14,555

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It is Article was originally published in English by Jessica Dickler for our sister chain CNBC.com. For more from CNBC enter here.

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