Escape Student Loan Debt by Attending One of These Top Colleges for Financial Aid

Prospective college students not only have to contend with the stress of getting in (or not getting in) to the school of their choice, but they then need to figure out how they will pay to attend.

For the 2022-2023 academic year, the average cost of tuition and fees plus room and board, books and other expenses for a four-year private college totaled $57,570, while for four-year, in-state public colleges, it was more than $27,940, according to the College Board.

A recent Princeton Review survey found that 98% of students and their families will need financial aid to help pay for college, and 8% said they will choose a college based on how affordable it is. For those looking to lighten the student loan burden, attending a school that offers attractive financial aid packages can be a major draw.

Here are the top public and private colleges for financial aid, based on data from The Princeton Review, as reported by CNBC.

The following public schools, ranked from 5 to 1, offer the most for students looking for affordable education and a good amount of financial aid.

• Location: Manhattan, New York
• Sticker price per year (in-state): $23,447
• Average need-based scholarship: $8,892
• Total out-of-pocket cost: $14,555

• Location: Sarasota, Florida
• Sticker price per year (in-state): $17,207
• Average need-based scholarship: $13,540
• Total out-of-pocket cost: $3,667

• Location: Kirksville, Missouri
• Sticker price per year (in-state): $18,949
• Average need-based scholarship: $9,576
• Total out-of-pocket cost: $9,373

• Location: Chapel Hill, North Carolina
• Sticker price per year (in-state): $22,014
• Average need-based scholarship: $15,704
• Total out-of-pocket cost: $6,310

• Location: Charlottesville, Virginia
• Sticker price per year (in-state): $36,806
• Average need-based scholarship: $26,662
• Total out-of-pocket cost: $10,144

The following private schools, ranked from 5 to 1,  may cost a bit more but still offer an attractive amount of aid to students who qualify.

• Location: Nashville, Tennessee
• Sticker price per year: $68,980
• Average need-based scholarship: $54,417
• Total out-of-pocket cost: $14,563

• Location: Pomona, California
• Sticker price per year: $82,700
• Average need-based scholarship: $51,856
• Total out-of-pocket cost: $30,844

• Location: New Haven, Connecticut
• Sticker price per year: $83,880
• Average need-based scholarship: $61,067
• Total out-of-pocket cost: $22,813

• Location: Princeton, New Jersey
• Sticker price per year: $79,090
• Average need-based scholarship: $62,844
• Total out-of-pocket cost: $16,246

• Location: Poughkeepsie, New York
• Sticker price per year: $81,360
• Average need-based scholarship: $58,722
• Total out-of-pocket cost: $22,638

Josephine Nesbit contributed to the reporting for this article.

Photo Disclaimer: Please note that some photos are for representational purposes only.