Paying for College

Private schools have received quite a bit of bad press lately with the credit woes and student loan stumbles. It was starting to seem as if nobody but rich kids would be able to attend these elite schools. If you are not quite in the financial position to attend a private school but are determined to make it happen, you may want to check out Kiplinger.com to see the list of 2008 Best Values in Private Colleges.

Private College is not just for the wealthy anymore. With colleges like Caltech, Swarthmore, and a few of the prestigious Ivy League schools taking bold steps in financial aid, it may be worth exploring as a real option for anyone striving for the best. Many private schools have changed their financial-aid policies in an attempt to keep the best and brightest applying. Many have replaced loans with grants and increased scholarships across the board, even to families earning well into the six-figures.

Topping the list this year is Caltech, with a 3-1 student/faculty ratio, an impressive faculty of Nobel Laureates, and Stephen Hawking as a regular guest lecturer. If your child is a math or science wiz, this place could be worth checking out. It is a very small school, but well worth the cost and effort if you can get yourself accepted. With an average graduate debt of only $5k, it is truly a school for everyone, regardless of socio-economic status. Thanks to numerous grants and a work-study program, students are able to attend a top school and graduate with a fraction of the debt the rest of the country averages.

Swarthmore College near Philadelphia is a great choice as well. In 2008, they have earmarked $1.7 million from their endowment to help cover the grants aimed at eliminating student loans. Much like the others, the grants are largely need-based. In the race to be the top school however, they do award some of the grants for merit which allow them to attract the nations top students who may not qualify on a financial basis only.

Ivy League schools are joining in as well. Princeton has actually been at it for years with the change from loans to grants starting back in 1998. Other Ivy League schools are close behind thanks in part to the huge endowments these schools possess.

So have a look at the entire list here before eliminating the most costly private schools from your list of choices. You may be pleasantly surprised with what you find.

Popularity: 14% [?]

Share This