“$62,000 per year? Are you kidding me? There is no way!” What many families fail to recognize is that the pricing model colleges use is unlike buying a car from Saturn; everyone doesn't pay the same amount. In fact, colleges function more like the airline industry where the person seated next to you, most likely, paid a different amount for their seat than you did for yours. At many private colleges and universities, few students actually pay the full price tag, and many either get merit money or need-based financial aid that reduces the price.
Every year we have students admitted to private colleges where the net cost is less than at their in-state university. How is this possible? If you are a compelling applicant, many private colleges can be very generous with merit money, a non-need-based financial award that you aren't required to pay back. If you are applying for need-based financial aid, many private colleges are better equipped to meet a greater percentage of your financial need and may meet it with grant money. Obviously, I am painting with a broad brush, but the takeaway is: don’t count a private college out simply because of the sticker price.