Some private and public colleges have shown significant improvement in providing financial aid, according to an expert.

• With ongoing issues with the new FAFSA rollout, families are becoming increasingly concerned about their ability to pay for college.
• The Princeton Review ranked colleges based on the amount of financial aid awarded and student satisfaction with their packages.
• In 2023-24, some schools awarded scholarships of more than $68,000 to students in need.

Financial aid award letters have been delayed due to ongoing issues with the new Free Application for Federal Student Aid, which have also prevented many high school seniors and their families from applying for aid altogether.

According to the National College Attainment Network, only 45% of the high school class of 2024 has completed the FAFSA, which is a 12% decline compared to the class of 2023 a year ago.

"Over 300,000 students did not apply for financial aid, and many of them have the highest need, according to Robert Franek, The Princeton Review's editor-in-chief. This is a devastating blow."

The cost of attending a four-year college or university, including tuition, fees, room and board, books, transportation, and other expenses, is rapidly approaching $100,000 per year without financial aid.

Despite the increasing cost of college, students and their parents seldom cover the full amount.

Besides federal aid, several individuals may also qualify for financial aid from their state or college.

The Princeton Review ranked colleges based on financial aid and student satisfaction in its 2024 report, which was based on data from surveys of administrators and students at over 650 colleges in the 2023-24 school year.

Some colleges have aggressively tackled financial aid and cost of college issues due to the challenges with the FAFSA, as Franek stated.

Experts predict that college enrollment may decline due to FAFSA issues. Harvard has been ranked as the top "dream" school. Some of the nation's top colleges have implemented no-loan policies.

According to Nancy Goodman, founder of College Money Matters, bringing more families in the door will result in more informed decisions about paying for college, which will ultimately benefit high school students.

Colleges with more financial aid are likely to be more appealing to students, she believed.

Top 5 private colleges for financial aid

The average scholarship grant awarded in 2023-24 to students with need at the top five schools on The Princeton Review's list was more than $68,000. Grants are the most desirable kind of financial aid because they do not need to be repaid.

New Haven, Connecticut is where Yale University is located. The sticker price for attending Yale is $87,150. On average, need-based scholarships amount to $71,577, while the average total out-of-pocket cost for students is $15,573.

Poughkeepsie, New York-based Vassar College has a sticker price of $85,220, with an average need-based scholarship of $61,252 and an average total out-of-pocket cost of $23,968.

Williams College is located in Williamstown, Massachusetts, with a sticker price of $85,820. The average need-based scholarship is $70,764, and the average total out-of-pocket cost is $15,056.

Pomona College is located in Claremont, California, with a sticker price of $86,814. The average need-based scholarship is $65,925, and the average total out-of-pocket cost is $20,889.

The average total out-of-pocket cost for students at the California Institute of Technology in Pasadena, California is $8,745, while the average need-based scholarship is $74,013.

Top 5 public colleges for financial aid

In 2023-24, the average scholarship grant awarded to students with need at the five schools on this list exceeded $20,000.

The average total out-of-pocket cost for students at the University of Virginia in Charlottesville, Virginia is $8,051, while the average need-based scholarship is $27,233, leaving an in-state sticker price of $35,284.

The average total out-of-pocket cost for students at the University of North Carolina at Chapel Hill, located in Chapel Hill, North Carolina, is $4,961. The average need-based scholarship for these students is $17,853, while the sticker price (in-state) is $22,814.

The New College of Florida is located in Sarasota, Florida, with an in-state sticker price of $20,271. The average need-based scholarship is $17,607, and the average total out-of-pocket cost is $2,664.

The average total out-of-pocket cost for students at the University of Michigan in Ann Arbor is $5,075, while the average need-based scholarship is $26,613, leaving an in-state sticker price of $31,688.

Kirksville, Missouri-based Truman State University has an in-state sticker price of $22,354, with an average need-based scholarship of $11,610 and an average total out-of-pocket cost of $10,744.