Massachusetts Institute of Technology (MIT) campus in Cambridge, Massachusetts
(Photo: Bloomberg/Getty Images)
and Acceptance rate is just under 4%MIT considered the ultimate dream school new survey College-coming students and their families.
However, it’s not only one of the hardest schools to get into, it’s also one of the hardest schools in the country The most expensive Institutional – Tuition, room and board, and other student expenses exceeded $79,000 this year.
Meanwhile, the majority of incoming college students and their parents now report that affordability and handling debt burden According to the Princeton Review, this is often closely tied to a college degree, which is their top concern, even more important than getting into their first-choice school 2023 College Hopes and Concerns Survey.
Most of the colleges that top students’ wish lists are “perennial favorites,” said Robert Franek, editor-in-chief of The Princeton Review. They’re also the most competitive: Stanford also has an acceptance rate of just under 4%; at Harvard, it’s around 3%.
get out of it PandemicA small group of colleges, including many in the Ivy League, saw a record increase in applications this season, according to a report from the Common Application.
Report finds application volume up 30% Since the 2019-20 school year, this is despite a decline in enrollments across the country.
“There’s a subconscious consensus that college is only worth going to if you can go to a life-changing college,” says Hafeez Lakhani, founder and president of Lakhani Coaching in New York.
More from Personal Finance:
College still worth it, study finds
States with the cheapest in-state college tuition
These 4 Steps Can Help You Save Big on College Costs
National College Decision Day is coming
With acceptance letters rolling in, students have just a few weeks to determine their next steps before National College Decision Day, May 1, the deadline for high school seniors to choose the colleges they will attend.
At that point, they must pay a non-refundable deposit to secure attendance at the school of their choice.
But the big question remains how they will pay for their degrees.Up to 98% of households said financial aid The Princeton Review found that paying for college is necessary, with 82 percent saying it is “extremely” or “very” necessary.
“Financial assistance is needed now more than ever,” Frannick said.
Don’t make a decision based on list price alone
Still, “never cross an expensive school off your list of considerations based solely on the sticker price,” says Franek.Consider quantity provide assistancebecause private schools generally have more money to spend.
“Many of these schools offer substantial scholarships – it’s free money.”
For example, MIT offers a generous aid program for those who qualify. Last year, the average student who received financial aid paid less than $20,000 a year, according to the school.