SSIS College Spotlight: Financial Fit — Public and Private
volume 2, issue 2. Fall 2016
volume 2, issue 2. Fall 2016
Dear Seniors and Families,
Not all state schools cost the same and many private colleges publish a sticker price that is much higher than what the average family contributes. This Spotlight focuses on the cost of college—private and public—and how to evaluate the value of each in light of your own situation.
Please remember that individual ambitions and circumstances as well as the policies and endowments of individual schools dictate how any individual financial package is put together and interpreted. Read all college website information carefully and do not be afraid to call a college’s financial aid office—their counselors are available to talk. It’s part of what they are paid to do.
As always, take advantage of the SSIS College Counseling office space, the materials you find there, and me!
Best always,
Caroline
Your College Counselor
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COLLEGE IS REALLY EXPENSIVE OR WHAT?
Short answer: yes. Longer answer: “sort of and not necessarily.” It all depends…
The trick: which, where, what, who, why.
Colleges are non-profit institutions that are either funded publicly or privately (we are ignoring for-profits: perhaps there are some that are valuable, but many—if not most—are scams). State-funded schools, despite dollars from boosters and patent dividends from research, depend largely on state tax revenues and politics. Private institutions rely on tuitions, patents, and donations. As a rule, they enjoy greater discretion, but can experience their own financial challenges, often depending on their size, location, corporate sponsorships, alumni network, and length of existence. Some schools, such as the Ivies, are fortunate to have grown large endowments over time that make it possible for them to offer students financial packages that are competitive with local public institutions. A great student from the San Juan Islands can attend MIT, Amherst, Brown or Swarthmore for the same price or less than the cost of Western, Central, Eastern, WSU, Evergreen or the UW.
PUBLIC INSTITUTIONS
WHICH: State schools tend to fall into two categories, internationally competitive research universities (University of Washington) and regional schools (Western, Central, Eastern, Washington State, and Evergreen State College). Each has its own culture, academic strengths and admissions criteria—all have a mission to serve students whose families contribute to the state tax base, and all are competitive with national and world measures for distinction.
Did you know?—Eastern is part of a nationwide program that brings undergraduates together annually at a research conference sponsored by the Council on Undergraduate Research. WSU is noted for an exceptional record in many faculties, including teaching, communications, and pre-veterinary medicine. Western offers small class sizes, has a global focus, is recognized for being green, and is first among mid-sized universities for students joining the Peace Corps. The Evergreen State College is part of the national Colleges That Change Lives consortia, Central is highly ranked for excellence and affordability, and its students and departments regularly achieve national recognition. And, the University of Washington ranks globally at #11 overall and #3 for public universities (2015).
What do state schools cost? Tuition, room and board, student fees, books, and incidentals add up, but state school sticker prices for in-state students are the best deal you can get. For example: full price at Central comes to just under $22,000 a year (2016-2017). Good grades and scores can bring down the cost, financial need can bring down the cost, department or region specific scholarships can bring down the cost, ethnic or first-generation status can bring down the cost. CWU, like many other colleges and universities, offers a host of merit and need-based scholarships and grants as well as opportunities for work-study. By the time you have exhausted all merit and need-based options, Central can become increasingly affordable.
What about the UW? The published total cost per year comes in at just under $26,000 (2016), It is the most expensive of the (heavily subsidized!) Washington public institutions, but the UW also offers the Husky Promise, a promise that full tuition and standard fees will be covered by grant or scholarship support for eligible Washington state students. Work study and other grants and scholarships can help with room and board. The University of Washington is among a select group of public universities that has agreed to the terms of the Coalition for Access and Affordability to meet the full demonstrated need of every student accepted.
WHERE: Western Undergraduate Exchange (WUE) universities make it possible to attend public institutions in neighboring western states for the same or competitive price as schools in one’s own state. For some students, this is very important. If, for example, you hope to specialize in southwestern or mayan archeology, you would do well to research schools in Arizona and take advantage of their WUE membership. Here is a list of WUE schools offering 4-year degrees and a 2015 list itemizing WUE cost savings. California State schools are included—for example, California State Polytechnic University, Pomona—but, unfortunately, not the University of California schools. These, like other selective public research universities across the nation, charge out-of-state tuitions comparable to private universities—it is one way they work to make up the gap between their actual cost and their tax-based revenues and in-state tuitions.
WHAT, WHO, WHY: This is the part where you have to know something of your own ambitions, learning style, preparedness, and so on. What depends on what you want to study and therefore which schools offer you the best programs. Who depends on who you are: are you driven to take advantage of a everything a large university has to offer or would you do better in an undergraduate-focused program that stresses close collaboration with professors and colleagues? Consider also whether you should work with specific area specialists. “Who” also goes to how prepared you are to qualify for merit-based or department-based aid. Why? Money matters—you want to get a 4-year degree with no loans (or so low in amount—and preferably without interest—so as to be able to pay them off very quickly). The object is to find the most appropriate educational fit for your future that you actually can afford.
As a financial matter, be clear: in comparison with private schools most state schools cost less to begin with because they are already supported by significant tax dollars. Reducing the cost further can be tricky, especially if you do not qualify for a Pell grant or other federal aid. State schools just don’t have as much financial leeway. Private schools are more expensive—sometimes a lot more. Their value cannot be understated—many can offer scholarships and grants that will provide you with tremendous, personalized educational opportunities, support, and services. Figuring out which schools offer what and how they make themselves affordable is key.
PRIVATE INSTITUTIONS
Private schools fall into several categories: national, regional, religiously-affiliated, members of various academic or regional consortia or partnerships, and Coalition for Access & Affordability members. National private colleges and universities draw students from everywhere and award degrees in over 50% of liberal arts disciplines. They are generally quite competitive. Regional institutions also can be quite competitive, but they offer fewer graduate degrees and more than 50% of their undergraduate degrees are in areas not traditionally recognized as liberal arts. Many religiously affiliated schools welcome students of all beliefs and backgrounds. Consortia members and those with partnership arrangements between schools enhance learning opportunities and tend to have national reputations, and Coalition schools share a pledge to meet 100% of demonstrated need.
Consortia members or those schools with partnerships can be very attractive, sometimes these are called:
- 3-2 Programs (B.A. and B.S. degree program)
- Exchange Programs
- Cooperative Programs
The objective is to give ambitious students a chance to engage deeply with the liberal arts even as they accelerate their educations as engineers, research scientists, lawyers, artists, or other professional designation. There is a cost savings associated with these kinds of programs as well. For example, check out Occidental College and its relationship with Cal Tech, Columbia University School of Engineering, Columbia School of Law, Art Center College of Design, and the Keck Graduate Institute. Occidental is but one of many colleges that offer such tremendous opportunities.
All these private school designations affect cost. Schools with a national draw and reputation tend to attract more donation dollars, which can translate into more money for scholarships. Regional and religiously affiliated schools tend to have less money to spread around overall, but they do offer a handful of merit awards that can bring tuition down to zero.For example, Santa Clara University merit awards can covers 4-years of college. For the right student, one of these colleges might be a terrific fit between academics, social life, experiential opportunities, and price.
Sadly, you can’t know the real cost of college—public or private—until you have applied, been accepted, and received your financial package—but you can guess. Please see the Spotlight devoted to the terms, tools, and tips for financing college.