The best value colleges

February 26, 7:31 PMFrugal Living ExaminerBudget Girl

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Do you have a son or daughter in high school now?  Thinking about how they will finance college?  In this economy, the rising cost of higher education can be quite intimidating...even scary. 

If you have small children, you still have some time on your hands.  Make sure to open a 529 college savings plan to start saving now.  On the other hand, what if your teenager is approaching college within the next two years?  Well don't cancel out certain colleges just because of the price tag.  Review all options and research what grants and scholarships are out there.

The report “Best Value Colleges for 2009,” by The Princeton Review, highlights top colleges and universities that help qualifying students pay for their tuition.

According to the msnbc article, "On a tight budget? Try applying for Harvard" gives these examples on how expensive schools can become affordable:

• A single year of college at Harvard can appear to be out of reach for most families. The cost for tuition, room and board is $47,100, Franek said. “But here’s the interesting thing,” he said. “The average grant aid package at Harvard is $35,000. So that really cuts the price tag down.”
• Likewise, a single year of tuition, room and board at Princeton costs $45,600. “But the average grant aid — that’s free money that you don’t have to pay back — is $31,600 a year,” Franek said. “At Princeton, they want to make sure that they remove finances from the equation. They’ll back you … so that they meet 100 percent of your need.”
• To cite the report’s top-ranked public university as an example: The price tag for a year of tuition, room and board at the University of Virginia is $16,300 for Virginia residents. The average grant package for incoming freshmen is also $16,300. “They’ll meet 100 percent of your needs once you’re admitted, whether you’re in state or out of state. It’s amazing,” Franek said. “They will aggressively give you grants, scholarships and other non-loan options."

So go out searching for the best value.  It will be worth every penny!