The price tag for college tuition has always been overwhelming. Factor in inflation, and the published prices seem staggeringly high. Most families will pay a lot less thanks to financial aid, including scholarships, grants and loans, however. PennyGem’s Johana Restrepo has more.
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00:00The price tag for college tuition has always been overwhelming.
00:07Factor in inflation, and the published prices seem staggeringly high.
00:13Most families will pay a lot less thanks to financial aid, including scholarships, grants
00:18and loans, however.
00:20CNBC points out that it's not uncommon for more sought-after schools to be $80,000 or
00:27more a year.
00:28At some private colleges, the average scholarship award is over $50,000, bringing the out-of-pocket
00:36cost down.
00:37At public in-state schools, the net price the average student will pay is $14,360 a
00:45year.
00:46The published price is $26,364 a year.
00:52The U.S. Department of Education awards about $120 billion each year to help students pay
00:58for higher education.
01:01Students must first fill out the Free Application for Federal Student Aid, or FAFSA, to know
01:06about all of their financial aid options.