Understanding College Costs: The Real Price You’ll Pay

A recent Niche.com survey revealed an interesting stat: “76% of juniors consider the total cost when deciding where to apply. Colleges with a sticker price over $40,000 per year are eliminated early by about half of students.”

At PLU, the sticker price is over $40,000, but here’s the tea: 100% of incoming students don’t pay that amount! On average, students at PLU pay around $24,825 – significantly less than that daunting $40k from the survey.

Let’s Break It Down: Sticker Price vs. What You Actually Pay

• Merit Scholarships: If you’re doing well in high school, many colleges – especially private schools will award you a merit scholarship based on GPA, grade trend and even course selection.
  • “doing well” doesn’t mean perfect! At PLU, we award merit scholarships starting at around a 3.0 GPA, and so do many private and public schools!
• Need-Based Aid: If your family has financial need (determined usually by the FAFSA), you will qualify for need-based scholarships and grants. These can come from the school itself, but also from the state government (if you choose an in-state public or private college) and/or the federal government.
• Net Cost: Every college’s ‘net cost’ is available online. Niche.com is a great resource, or simply Google it! It’s an average, but can give you an idea of how generous a school’s financial aid is.
• Making Out-of-State Public Schools More Affordable: Programs like the Western Undergraduate Exchange (WUE) can make out-of-state public schools more affordable. Note: Out-of-state tuition applies to public colleges, but private schools like PLU have the same tuition for everyone.
• Making Out-of-State (& in-state) Private Schools More Affordable: If you want to go out-of-state, consider private schools! Especially smaller, regional ones. We tend to be a bit more generous in awarding scholarships. This also applies to in-state colleges – check out the small and/or private colleges in your backyard, too.
• Net Price Calculator: Every school has to have a Net Price Calculator (here’s the link to PLU’s). These take a bit more effort – because you’re putting in your information to make it work – but it can give your family an idea of what you may qualify for in need and merit aid from the schools you are considering. And once you’ve done one you can do them all!
• Ask the College: Contact colleges directly to inquire about scholarships, average net costs, and more. They’re there to help!
• Outside Scholarships: Search for outside scholarships that can be used at any college!

Financial Fit vs. Overall Fit

Cost is crucial, but don’t let the sticker price scare you off. Apply to schools that seem like a great fit academically, socially, geographically, or in terms of values, and then see what kind of financial aid package they offer. Applying doesn’t commit you to anything!

So, do your research, apply to schools that feel right, and use available resources to make an informed decision. You got this! 

A version of this post was originally published by Melody Ferguson, Dean of Admission at PLU.