Even though college is an expense that can cost tens (or even hundreds) of thousands of dollars over the course of a degree, many people see this expense as an investment in a student’s future, paving the way for a higher-paying eventual career or a once-in-a-lifetime experience that can’t be quantified. But there are some colleges in Illinois that would end up being a much steeper investment than others.

There are many more factors than just the cost of tuition at any given school when it comes to finding out the true cost of an education at any school. Room and board, the type of program a student is looking for, cost of living and books can all change how much a semester’s worth of education costs will really turn out to be. Academic merit-based, need-based or other types of scholarships and financial aid can also play a big part in how much any one school will actually cost a student and his or her family. Depending on the kinds of scholarships or financial aid a student receives, a school whose absolute tuition cost may be higher could end up being a less expensive option than another school that seems to have a lower tuition cost but hasn’t given out as much in scholarship funds.

Niche.com ranked more than 1,000 colleges in the U.S. to find out which ones are really the most expensive after scholarships and financial aid were factored into the calculations. The prices were averaged out across all students at a school after analyzing tuition costs against how much scholarship money the school usually makes available and how much federal financial aid students who go to that school usually apply for.

The analysts found that Illinois is home to the number-one most expensive school in the country when factoring in scholarships and financial aid–The School of the Art Institute of Chicago. The University of Chicago is the number-62 most expensive in the country.

Here are the top 10 most expensive schools in Illinois after scholarships and financial aid and an average net tuition payment for one year:

10. Bradley University — $24,155

9. Wheaton College–$24,623

8. Columbia College Chicago $26,414

7. DePaul University–$27,561

6. Roosevelt University $27,723

5. Illinois Wesleyan University–$28,434

4. Northwestern University–$28,868

3. Loyola University Chicago–$29,671

2. University of Chicago–$31,917

1. School of the Art Institute of Chicago–$44,838

 

According an NPR report, the federal government is the biggest dispenser of financial aid for college in the country. Check out these graphs from NPR which show much federal aid and scholarships are given nationwide.

financial aid graph 2 financial aid graph 1

According to the Free Application for Federal Student Aid (FAFSA) website, aid awards are given “until funds are depleted,” so it’s best to turn in an aid application as soon as possible once a student has their financial and school information ready. According to the site, students must be either citizens, legal residents or be covered under the Deferred Action for Childhood Arrivals law to be eligible for federal student financial aid. They must also have graduated from high school and remain in good academic standing throughout college.

From the U.S. Department of Education:

The financial aid office at your college will determine how much financial aid you are eligible to receive. Your eligibility for most federal student aid depends on a variety of factors, including your Expected Family Contribution (EFC), your year in college, your enrollment status, and the cost of attendance at the college you will be attending.

Beyond government grants or loans and academic scholarships from schools, students may also apply for multiple specific scholarships. Such awards are often granted based on the type of high school a student attended, what they plan to study in college, demographic information or dozens of other criteria. Many students can find creative ways to find out how to get help paying for school if they investigate thoroughly.

 

NEXT ARTICLE: Top 30 toughest Illinois colleges to get into for 2015

 

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