This is a great thread!! Trying to summarize for parents who may read this and haven’t been following the changing landscape of college expenses (all you other brilliant CC folks, help me flesh this out and correct it):
(1) Beginning in the 1980s, state appropriations as a percentage of students’ expenses for public colleges began to decline rapidly, with the rationale that rather than taxpayers supporting kids going to college, the kids themselves (and their families) should take on a bigger portion of the expense of a college education. Classic example: University of Michigan, 1960 - 78% of operating expenses were paid by the state. In 2023, 13% of expenses were paid by the state.
The difference is partially covered by federal research grants, but much of the costs are now pushed onto the students. Scanning the web, 28% of the University of Maryland’s budget is paid by the state of Maryland. It looks like around 15-18% of the University of Alabama’s budget is paid by the state of Alabama.
States blue and red expect students going to our public colleges to pay for it, in a way that was simply not true in the post-WW II golden era of public higher ed. (and I didn’t even get into the GI Bill)
(2) Over this same 40 year period, universities began competing for students with nicer dorms, dining halls, student life features, and a much more robust support staff for students. All of this costs $$, and it was not coming from the state! You many not care if your dorm or dining hall is state-of-the-art, or if there are dozens (hundreds!) of tutors, writing coaches, counselors, etc, but they are there and are built into the cost of modern higher ed. You can’t opt out of that built in cost.
(3) Partially as a result of (1) and (2), inflation in college costs has been astounding over the past forty years.
(4) The Lure of the Full Ride: everyone has heard of this, and many aspire to it, and some get it … but:
(a) NCAA athletics is a semi-pro setup at this point that doesn’t apply to 99.9% of us here on CC;
(b) A few schools that are aggressively trying to increase their ranking profile offer celebrated full-ride scholarships, often correlated to National Merit Finalist status (is Alabama still the no 1 NMF school? I think Oklahoma was at one point); these are typically large state schools but also include places like Tulsa
(c) However, for most students, the best scholarships at state schools cover at most tuition (and usually a bit less than this), leaving room, board, and fees to the families (and this can easily add up to $20,000/year. Very few of the nation’s elite college offer a “full-ride” merit scholarship, and receiving one of those is like winning a lottery. It simply cannot be planned for or assumed, given even acceptance to these factories of rejection is unpredictable for even the most over-qualified students in the world. Washington & Lee is the outlier in the size of their merit scholarship program, but it is still hugely competitive.
(5) There are full-rides that parents hear about, or read articles about, at all of our nation’s elite universities – as when you read about student XYZ who was admitted to Harvard, and has a full-ride. But these are need-based - and the articles typically don’t mention this out of respect for the children’s privacy about their economic situation. My children’s high school does this: they brag about the size of scholarships earned by students at the school without ever mentioning that the scholarship sizes were often determined by need, not merit. I understand why they do this - but for casual observers, it gives the impression that there are lots of full ride scholarships out there.
A this point, many of the nation’s “elite” schools have abandoned merit-based aid completely in favor of need-based aid, out of a sense of equity. The idea is that everyone who goes to XYZ college should pay what they’re able - that’s what’s fair.
(6) But then there is tuition discounting … widely discussed in news articles, many private colleges will offer additional aid, beyond need, to lure students to their school. (The likelihood of this occurring is tied to the ease the school has in attracting students who will pay anything to go there.) This discounting NEVER leads to full-pay situations, but rather simply drops the price a bit.
TL;DR: Given larger social dynamics impacting higher ed over the last forty years, any family with an income in excess of about $65,000, or with measurable wealth in home equity or savings, should assume that they will need to contribute some money to their kid’s college education, at a rate that grows proportional to growing income and/or wealth. While “full-ride” scholarships can be applied for, they are so rare as to be impractical to be planned on as part of a rational college search strategy.