Q Should I pick the college that offers me the most assistance?
Not necessarily: it depends on how much of the cost of attending the college is covered by its financial aid offer, and how much you and your family can afford to pay out of pocket. If a very expensive college offers you the most financial aid in dollar terms, it still may leave you with a big bill because the cost of attendance is so high. A less pricey college offering a relatively small amount of aid, however, may end up costing less overall, because the help covers more of the cost. So while it’s flattering to get fat financial aid offers, make sure you look at the bottom line, which is what you are left to pay after deducting aid like grants and scholarships (don’t include loans, which have to be repaid).
Q Is attending private college worth it?
Deciding if a private school is worth the money depends not only on how much aid you’re offered but also on what kind of a student you are, and what you and your family can afford.
There’s no denying the headline numbers are jarring. The average sticker price for a year at a four-year private college — including tuition, fees, housing and meals — was $53,000 (about Rs 44 lakh) for the 2022-23 school year, compared with just over $23,000 (approximately Rs 19 lakh) for an in-state public college, according to the College Board (books, supplies and other costs are extra). Some sticker prices are much higher — for example, Bowdoin College, a prestigious private college in Maine, US, has a published price for the current school year of almost $83,000 (nearly Rs 69 lakh);
New York University is up to about $85,000. No wonder students and families are clutching their wallets!
Keep in mind, though, that it’s mostly wealthy families paying that sticker price; everyone else typically pays less — sometimes a lot less — because of grants and scholarships. The average net cost of attending private school, including tuition, fees, housing and meals, has actually been declining in recent years when adjusted for inflation (it has for public schools, too), and was projected to be about $29,000 (about Rs 24 lakh) for the 2022-23 school year, according to the College Board.
That’s better, although it’s still a challenging price for most families to pay without borrowing. It’s hard to envision saying no to attending an Ivy League college if you can get in; they have vast resources and a cachet that will serve you well when applying to graduate school or a first job. Smaller liberal arts colleges, while they may lack the instant name recognition of the Ivys, can offer students benefits like more interaction with professors — but many also come with a steep tab.
Given all that, it’s smart to consider whether a good public school may get you where you want to go.
Q Is it better to start at a community college and transfer after completing prerequisites?
Attending a less-expensive community college for two years before transferring to a four-year college to complete your bachelor’s degree can save money — but this approach requires careful research and strategic planning. College policies vary, so you may not receive full credit for all of your community college classes at every four-year college. You may have to retake some courses, or even transfer as a second-year student, which adds to the cost.
The College Board suggests talking to admissions advisers at community colleges, as well as special transfer advisers in the admissions offices at the four-year colleges you’re considering, to ask about choosing classes and navigating the transfer process. Ask the community college how many students there successfully transfer to four-year programmes to get an idea of whether you’ll have support in your goal. Some two and four-year colleges have formal pacts, sometimes called “articulation agreements”, to help transfers go smoothly, so be sure to ask about that, too.
Q Are for-profit colleges worth considering?
College in general is a big investment, but students should be especially cautious when considering for-profit schools.
For-profit colleges are businesses that earn money for the benefit of their owners or investors. Some for-profit colleges are chains with campuses in many states, while others are smaller, local schools.
For-profit colleges have a history of controversy. In 2018, for example, the for-profit chain Education Corporation of America abruptly shut down nearly all of its schools after losing its accreditation, leaving some 20,000 students in the lurch. In 2015, Corinthian Colleges, one of the biggest for-profit chains before it collapsed, filed for bankruptcy amid allegations that it had misled students with false promises about job placements and future earnings.
They also produce “disappointing” results, according to Stephanie R. Cellini, a professor of public policy and economics at George Washington University, US. A recent survey by Public Agenda, a nonprofit research group, found that just 38 per cent of alumni of for-profit schools said their degree was worth the cost, while 37 per cent said it was not and the rest said it remained to be seen.
NYTNS
Last updated on 30 Jan 2024
