One factor that will determine how much you pay for college is location. I’ve talked before about how students who insist only on schools in the northeast or on the coasts will pay for the privilege. Geography can actually be a hook depending on the location of the college and the student. Here, I’m going to cover how location can affect how much you pay to attend a public university.
Anyone who reads my blog for a while will realize that I have a thing about college graduation rates. One of the “50’s” in my 50-50 schools is graduation rates. And I can’t say it’s just something I started paying attention to as my son got closer to college. My master’s report was on high school graduation rates. Yeah, I was playing with graduation rates before most people ever heard of them. So no one should be surprised that I want to be clear about the difference between graduation rates and freshman retention rates and why it matters.
The idea behind the 50-50 school listing is to identify colleges that meet a basic standard, graduation rates, while accepting more students than they reject. However, acceptance rates of 50% or better do not guarantee accessibility for many students. The fact is that the majority of the 50-50 schools are private and not all are generous with their financial aid.
Most people understand that private colleges have a much higher price tag than public universities which is why many never consider private schools. This is a shame since there are some private colleges that offer great opportunities along with generous financial aid. What a lot of people don’t realize is that out-of-state public institutions generally have the worst characteristics of both public and private colleges. They have the high price of private colleges with the limited financial aid of public universities.
When high school athletes and their families start looking at colleges, it often comes as a surprise to many that the largest NCAA division, D3, doesn’t offer athletic scholarships. Students may receive academic scholarships and financial aid but no scholarship for participating in collegiate athletics.
Students everywhere who struggle with standardized tests appreciate the increasing number of test optional colleges. However, it’s important to understand that there isn’t any one definition of “test optional.” Furthermore, just because a college states that it’s test optional for admissions doesn’t mean that tests aren’t required for scholarships or course placement. So be sure to check out the colleges for their specific requirements.
US News Best College Rankings consists of two national lists: National Universities and National Liberal Arts Colleges. Most people recognize the schools at the top of the National Universities list. Those at the top of the National Liberal Arts lists? Not so much. The reason is because by definition, Liberal Arts Colleges (LAC) are smaller, have a limited number of majors, and few, if any graduate students. And this makes them some of the most effective college teaching experiences around.
The point of the 50-50 schools list is to identify colleges and universities that most students can get into while meeting a minimum standard for college graduation. However, just because a school is academically accessible doesn’t mean that students can afford to attend. Some of the most expensive colleges make the list. Like colleges and universities in general, colleges on the 50-50 list vary dramatically in their financial aid generosity.
For the past few years, Troy Onink has had a Guide To FAFSA, CSS Profile, College Financial Aid And Expected Family Contribution at Forbes Magazine. It’s a great article that explains critical elements of the college financial aid process. I think the most valuable part of the guide is the Federal EFC Quick Reference Table. (Click here for an updated version of the EFC Chart with assets.)
