“I suspect that other schools are going to sit up and take notice and likely follow what’s going to happen at Drew,” said Robert Franek, The Princeton Review’s editor-in-chief and graduate of the Drew University Class of 1993, as well as a member of the university’s Board of Trustees.
With the tuition decrease — which comes out to about $10,000 less — Drew is narrowing the gap between the sticker price and what many families actually pay. (That’s the difference between the full tuition price and any need-based and merit aid that a student receives.)
Most students pay less than a college’s sticker price thanks to financial aid. Your net price is a college’s tuition and fees minus grants, scholarships and education tax benefits, according to the College Board.
At Drew, nearly three-quarters of the student population already get an average of $30,000 in need-based aid.
Even as college costs soar, families in general are paying less out of pocket than in the past and relying on loans, scholarships and grants more than ever.
During the 2016-17 academic year, the typical family reported receiving $8,390 in scholarships and grants — enough to cover 35 percent of their college costs, an increase from the previous school year, according to a recent Sallie Mae report “How America Pays for College 2017.”
The second-highest proportion comes from income and savings followed by borrowed money, which covered 27 percent of college expenses in 2016-17.