Public vs. Private college costs

[disneysteve]

We are in the midst of the college search process with our daughter. I've always heard and read that public schools are the more affordable option. What we've learned very quickly is that that statement is only partially true. Public schools IN YOUR HOME STATE can be the more affordable options. Once you go out of state, all bets are off.

We just returned from a trip to visit University of Virginia (we live in NJ). Out of state estimated cost of attendance is $54,304 for students entering this fall.

That's several thousand dollars higher than her current first choice, Rochester Institute of Technology, a top-notch private school in NY, where the estimate is more in the $48,000 range.

Another school on her list, University of Maryland, comes in only a bit cheaper at about $42,000.

Not until we look in New Jersey do the numbers get more reasonable: Rutgers at $30,200 or Rowan at about $26,000.

So for all the parents out there, keep that in mind when you hear everyone tout the benefits of public colleges. They aren't always as cheap as they are made out to be.

[JoeP]

Steve, can you please confirm this ranking, from most expensive to least? My understanding has been:
1. Private
2. Out of state public
3. In-state public

Of course, there is quite a bit of overlap.

In-state public tuition has really gone up a lot in 30 years; I think my annual tuition/books/dorm/food at a major state university center was around $5-6k/year!

[disneysteve]

Steve, can you please confirm this ranking, from most expensive to least? My understanding has been:
1. Private
2. Out of state public
3. In-state public

Not necessarily. As I said, UVA is actually more expensive than RIT, so that would put #2 on your list ahead of #1.

[moneybags]

In addition, private schools tend to be more generous with scholarships and financial aid. Public schools also give most of their scholarship money to in-state students. Public schools make money on the out of state students. In fact, some are increasing their out of state student admisssions specifically for this reason (some states, like VA, have a certain percent of admissions that must be in-state students). Some public schools will offer in-state tuition to out of state students if the students are desired.

Bottom line is, apply to a variety of schools and weigh your options after all the numbers come in.

[disneysteve]

In addition, private schools tend to be more generous with scholarships and financial aid. Public schools also give most of their scholarship money to in-state students. Public schools make money on the out of state students. In fact, some are increasing their out of state student admisssions specifically for this reason (some states, like VA, have a certain percent of admissions that must be in-state students). Some public schools will offer in-state tuition to out of state students if the students are desired.

Bottom line is, apply to a variety of schools and weigh your options after all the numbers come in.

All true. The whole "public schools are cheaper" line just isn't that simple.

[bjl584]

I went to a public school in state for a full 4 years to earn a BA. I then went to a private school in state to earn an MBA.

If I could do it over I probably would go to community college for 2 years, then transfer to an in state public university to finish out my BA. Then I would've went off th grad school.

Going to community college for the first half of a Bachelor's Degree can be a huge savings, and it won't tarnish one's resume one bit.

I'm to a point where the schools I went to and my GPA don't really matter. My work experience are all that people look at.

[MonkeyMama]

I think this is one reason my perception is that public colleges are abundant and inexpensive. I live in a big state. Seriously. I have many friends and relatives being offered "in-state" rates for scholarship and financial aid (like on the east coast). I think that make more sense when you live in a super tiny state - to be given more options. But anyway, I know I can restrict my kids to in-state tuition and know my kids will still have a lot of options. I think often on an international forum people just think I am crazy. But it helps to remember that we are all looking at totally different playing fields. I can think of like 10 GREAT public schools off the top of my head, and there are 33 in our state public university system. If I lived in the smallest state in the union, I think my experience would be a little different.

[disneysteve]

it helps to remember that we are all looking at totally different playing fields.

Very true. Even when looking at in-state schools, prices vary dramatically. It can easily cost over 30K/year here in NJ for a state school as a state resident.

[JoeP]

Not necessarily. As I said, UVA is actually more expensive than RIT, so that would put #2 on your list ahead of #1.

Right, which agrees with my statement about overlap.

[kv968]

I agree with bjl, if your daughter decides to go to an in-state public (or even private) college, she should seriously look at doing the first 2 years to a community college.

The way they're set up now, the community colleges have programs that are tailored to and guarantee you getting into state schools (and some private) if you finish their curriculum with a certain GPA. Not that you couldn't transfer that degree and credits to a different school, but now they've streamlined the process.

It would definitely save a lot of money for those first 2 years.

[moneybags]

I agree with bjl, if your daughter decides to go to an in-state public (or even private) college, she should seriously look at doing the first 2 years to a community college.

The way they're set up now, the community colleges have programs that are tailored to and guarantee you getting into state schools (and some private) if you finish their curriculum with a certain GPA. Not that you couldn't transfer that degree and credits to a different school, but now they've streamlined the process.

It would definitely save a lot of money for those first 2 years.

This is how I did it, but there are downfalls. If you have a difficult major, you could end up taking a heavy workload in your last 2 years. Many of your degree requirements won't be offered at the junior college.

[Like2Plan]

So for all the parents out there, keep that in mind when you hear everyone tout the benefits of public colleges. They aren't always as cheap as they are made out to be.

Wouldn't you say the articles that tout the cost benefits of public colleges usually have an in-state qualifier that goes along with it? I think that is especially true for the state's flagship schools.
But, you are right that you might be better off going private if you aren't planning to go to an in state public college. (It looks like even the public colleges in NJ cost a pretty penny. )
Is your DD a junior this year? I really enjoyed the college hunting phase with our DS. We caught a break because he went with an in state public college (in VA )

[disneysteve]

Is your DD a junior this year? I really enjoyed the college hunting phase with our DS. We caught a break because he went with an in state public college (in VA )

Yes, she is a junior. We are enjoying the process so far. It helps that we love to travel and see new places. When we went to Rochester, we added a couple of days in Niagara Falls and Niagara on the Lake. This past weekend with UVA, we took some time to visit Shenandoah National Park and take a hike on the Appalachian Trail, as well as to visit historic downtown Charlottesville. So every college visit is also a mini family vacation.

[breathemusic]

I think it probably varies a lot from person to person based on everything from financial need, to how good your grades are in high school for getting scholarships, to what school you want to attend. Not all public schools are cheap and some private schools give more aid and scholarships than others. For that matter, some local communities have more small groups that give out scholarships than others. It's not something you can slap and equation on and say "yes, this type of school is definitely cheaper."

I only applied to in-state schools and the most expensive private school I applied to (and went to) was the most affordable because they gave TONs of financial need and other scholarships. I also was fortunate to live in a small comminity that had many groups that gave scholarships so I had many of those too. Even with stellar grades, the public schools that had tuition at half the price gave me crap for scholarships and still ended up being more expensive in the long run.

[ua_guy]

I had a similar experience to Breathemusic. A private school ended up being the cheapest and also the best experience.

Is your kid someone who knows exactly what she wants to do with her time in school? If not, it's absolutely worth sitting down and reviewing majors she's interested in and coming up with a "project plan" of sorts with contingencies and strategies if she decides to switch. Look at overlapping requirements and electives that could set her up for a head start on a couple of different majors. That way, she'll always be ahead of her degree(s) of choice. I had a buddy in college that received 4 (four) different degrees in a total of just 5 years. Talk about getting one's money's worth out of a university experience.

I've seen too many friends get lost or decide a different course of study at great cost. Suddenly the difference in cost between different schools becomes a moot point when summer courses and an additional year of study are considered in the total cost.

I'd also carefully consider community college as a strategy to accomplish undergrad coursework. It can come at great savings, but it requires a focused candidate with drive to not only complete that coursework in the wake of other distractions (work, potentially living at home, etc), and also someone who will passionately pursue acceptance into a university for coursework related to a specific degree.