Source: moneycentral.com
Even with tuition climbing at double-digit rates, there are deals to be had. Kiplinger’s survey shines a spotlight on schools that combine great academics with reasonable costs.
By Brian Knestout, Kiplinger
Between registering for classes, making new friends, navigating an unfamiliar campus and, oh, yes, studying, new college students have plenty of worries. The prospect of graduating with a crushing debt shouldn’t be one of them.
But considering the way tuition charges have rocketed in the past year, a little worry isn’t just prudent, it’s unavoidable. Tuitions at public colleges are 12.5% higher, on average, this year than they were a year ago, according to the American Association of State Colleges and Universities. That’s on top of the 9.6% increase in the fall of 2002.
But the averages hide staggering tuition increases at some campuses, as lawmakers take aim at college budgets in the scramble to make state budgets balance. Auburn University, in Alabama, hiked in-state tuition and mandatory fees by 17% this fall (to $4,426) in response to a 6% cut in state appropriations — and that was before Alabama residents soundly defeated the governor’s call for higher taxes. Students in New York marched across the state to protest a 28% increase in state university tuition, triggered by a 20% state budget cut.
In California, the legislature lopped $410 million off the University of California’s budget, an amount equal to the total funding for UC-Berkeley. That led to a 30% increase in the in-state cost of attending each of UC’s eight campuses. Students have sued to try to roll back the increase. Students in Maryland, who were hit by a 6% increase in the fall of 2002 and an additional 5% increase this past January, also sued, arguing breach of contract. They lost, and tuition rose another 13% this fall. State regents in Arizona gave up their proud position of offering the lowest in-state tuitions in the country and whacked students at Arizona State and the University of Arizona with a 39% tuition increase, the largest percentage increase in the country.
And skyrocketing tuition is only half of the story. Colleges are tightening their belts, too, resulting in things you’re not likely to see in the next recruitment fliers: bare library shelves as acquisition budgets are slashed; empty administrative offices as jobs are eliminated; and more crowded classrooms or fewer courses as faculties are squeezed.
Hunting for excellent education, reasonable price
So it’s high time to cast a critical eye across a public college landscape to see which colleges give students the best bang for the buck. Our exclusive survey of U.S. public colleges and universities shines a spotlight on schools that combine great academics with reasonable costs. (To view Kiplinger’s complete list of college values, follow the link below.)
Kiplinger.com
‘100 Best Values in Public Colleges’ database
As our database shows, there are still dozens of places where students can get an excellent education for a reasonable price. The University of North Carolina at Chapel Hill tops our list for a fourth consecutive time, despite a 5% tuition increase this fall. How? Despite the hike, total costs for in-state ($11,290) and out-of-state ($23,138) students remain reasonable, especially when judged against private schools with similar academic reputations.
For Graham Long, a senior from Charlotte with a double major in political science and peace, war, and defense studies, saving money doesn’t mean sacrificing quality. “My dad pays my tuition, which he couldn’t do if I were going to a much more expensive private school,” says Long, who is active in student government and sings in a school choir. “The academic climate is terrific, the professors are incredible, and I’m getting a great education without having to take on any debt.”
High-caliber academics and generous financial aid are also keys to UNC’s top ranking. Chapel Hill’s ability to meet 100% of the shortfall for students with financial need sets the school apart from the pack. “Need” is the difference between a college’s cost and the amount formulas calculate a family can “afford” to pay. A school that meets 100% of need offers enough grant money, loans and work-study jobs to fill the gap.
Chapel Hill’s sterling academics and reasonable cost let it draw top-notch students without having to rely on beefy merit-based scholarships, saving the money for those with need (the school does offer merit-based scholarships, but it primarily uses private donations to fund them).
Out-of-state deals
The nation’s best deal for in-state students is, unfortunately, available only to North Carolina residents. So this year we applied our evaluation to out-of-state total costs to uncover the best bargains for out-of-state students, too.
Drumroll, please: Backed by its strong academic and financial aid scores, UNC-Chapel Hill comes out on top again.