Private colleges offering more financial aid to make up for tuition spikes
POSTED: Tuesday, May 7, 2013 - 4:36pm
UPDATED: Wednesday, May 8, 2013 - 5:25pm
Tyler, TX (KETK) — The number of students committing to private colleges is declining due to tuition spikes.
In order to keep their classrooms full, private schools are offering more financial assistance to students.
May 1 is the deadline for high school seniors to commit to a college.
But, a lot of those students find themselves in a financial bind, especially if they applied to a private college.
Private colleges have been raising their tuition significantly in the last couple of years, but have not been raising their merit awards to match that.
"Many of the colleges are down in the number of people they thought would be choosing their college and its extremely important for a college, private or public, to be able to meet the number of students they need to make their place financially viable," said Director of College Advising at Bishop TK Gorman Jane Manley.
According to some early reports, non-top-tier schools fell 10 to 20% short of their enrollment goal.
To make up for this loss, some colleges are giving their incoming freshman a tuition discount.
Some increasing their discount rate by 65%.
Milan Chaump, senior at Bishop TK Gorman received a 16,000 scholarship to attend a Catholic University in Ohio.
"Yes it made my dad really happen."
But, even four year public universities tuition and fees for in state students rose almost 5%.
These rising costs is why senior Matthew Roe can't attend his top choice school in the fall.
"I applied to Southwestern University and I was accepted and I was planning on going there to play football and and track but financially we're not able to afford it." said Roe.