What are "best values"? These are schools that are above average academically and cost considerably less than many other schools when the financial aid that they dispense, in the form of need-based grants and scholarships, is taken into account.
[See U.S. News's rankings of Best Value Schools.]
How are the best value rankings determined? These rankings are based on three variables: the ratio of quality to the "discount price," the percentage of all undergraduates receiving need-based scholarships or grants, and the average discount from the school's sticker price.
We considered only universities and colleges that finished in, or near, the top half of their categories in the 2012 edition of the U.S. News Best Colleges rankings. Why? U.S. News believes that the best values are found among colleges that are above average academically.
What does "discount price" mean? It's the amount a student and his or her family actually paid after receiving scholarships or grants based on financial need in the 2010-2011 academic year. The scholarships or grants are the money that is free to the student or his or her family—money that they don't have to pay back.
Where does the school's 2010-2011 academic year tuition and financial aid data for the best value rankings come from? They were supplied to U.S. News by each school in the spring and summer of 2011.
How can I negotiate a better financial aid package? Many schools are willing to reconsider their first offer, especially for a student they really want. Most say they reconsider only if presented with new information, so you will definitely want to contact the aid office if you can come up with ways your financial situation has meaningfully changed since filling out the financial aid application forms. Your father or mother might have been laid off or perhaps your grandmother has become ill and your parents are contributing to her care, for example.
[Visit our paying for college guide to find out more.]
A more direct approach is to ask one school to meet or beat the offer of another. Some schools invite students to notify them if they have received better packages from other schools. Whatever their rationale for seeking increased aid, families should avoid using the word "negotiate" in their discussions. The term irks many college aid officers: Even though aid officers negotiate regularly, use of the term directly contradicts their ability to assert that they don't.
What's the best way to find out about scholarships? There are dozens of books in the library and sites on the Web devoted exclusively to scholarships not based on financial need. They will tell you how much money is available, who qualifies, and how to apply. It is generally considered a waste of money to pay a scholarship search service to uncover information that you can find yourself with a little digging.
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