Comparing College Costs
As a family compares the different types of college choices for their student, they will have three general choices:
- Community Colleges
- State Universities
- Private Colleges and Universities
Many factors go into selecting the right college for each student.
- Does the school have the major the student is interested in studying?
- Is the school too far from home (or too close)?
- Does the school share my belief system?
- Can I be accepted academically?
- Is the school in an urban, rural, or suburban setting with the best match for me?
- Can my family make the financial commitment required to attend the school?
All of these questions and many others weigh toward the decision.
When comparing costs at different schools, a student needs to consider the bottom line cost (direct costs minus financial aid). The bottom line cost then needs to be compared against other criteria in making a decision.
For example:
College A – Medium priced state college ($14,000 tuition, room and board, and fees).
College B – Private college ($24,000 tuition, room and board, and fees).
College C – Community College ($7,000 tuition, room and board, and fees).
|
College A |
College B |
College C |
Direct Costs |
$14,000 |
$24,000 |
$7,000 |
Federal Grants |
$ 2,000 |
$ 2,000 |
$2,000 |
Scholarships |
$ 1,000 |
$ 8,000 |
$ 0 |
Student Loan |
$ 3,500 |
$ 3,500 |
$3,500 |
Bottom Line Costs (not covered by Financial Aid) |
$ 7,500 |
$10,500 |
$1,500 |
Once a family has the bottom line costs, they can use it as one part of the college choice puzzle. A family needs to consider many parts of the puzzle to determine the best choice for college.
