The better news is that despite lower endowments, which have forced all schools to look for ways to reduce expenses, many colleges are still offering substantial merit scholarships. This year, some of my students received offers of $20,000 a year, making a private college education much more affordable. In addition to having smaller classes and receiving more personal attention, students at private colleges can get the courses they need to graduate in four years. Certain colleges are known for offering generous scholarships, which they use to attract the most desirable students. Applying to schools where you are at the top of the applicant pool will enable you to maximize your scholarship offers.

You may also find good deals at public universities, particularly those in neighboring states. For example, the Western Undergraduate Exchange enables students in Western states to pay the bargain rate of 150 percent of in-state tuition at some public colleges in the region.  

While cost is certainly a major factor in choosing a college, it’s not the only consideration. The cheapest college is no bargain if you would be miserable there for four years. Being in an environment where you’re happy and engaged means you’re more likely to be productive. A successful college career will lead to graduate school acceptances and job offers. It’s worth the extra effort to find colleges that are a good fit educationally, socially and financially.

That’s important, because getting into a school you can’t afford to attend is painfully frustrating. If your financial aid package is not what you expected, it is possible to appeal. If there are special circumstances, such as a job loss or death of a parent, contact the financial aid office. They may be able to improve the package. If another school has offered a financial aid package that has more grants and fewer loans, you can send a copy of the better offer and the financial aid office may match the other school’s offer. Some colleges engage in preferential packaging, where the best aid packages go to the students they want the most.

In addition to providing more need-based aid, some liberal arts colleges are increasing merit scholarships in order to make their school financially attractive. Students are in the strongest position if other, similar colleges have made better offers. You can send copies of those offers to your favorite college, which may be more likely to increase its offer this year, rather than lose a desirable student.

For students who will be applying to college in the fall, it’s more important than ever to do your research and apply to a number of similar colleges that are likely to award good financial packages, so that you can then take those offers to the school you prefer. If that school matches the offer, you have the school you want at a more affordable cost. If your preferred school does not match the offer, you can decide whether the school would provide a significantly better college experience that is worth the extra money, or whether you would be just as happy at one of the schools that will cost less.