College Costs - Public vs Private

One of the topics that always comes up when talking about colleges is the affordability (or lack thereof) of colleges.

Lots of students are scared away by the costs of private schools and do not even consider them as reasonable alternatives – even if the college has all of the features that they are looking for in a school. Please don’t automatically rule them out… Look for the right school first and then worry about the costs and determining if it is going to be a viable option later. The reason I say that is that the data shows that the total difference in college debt between a public and private Ohio college from the time they entered to the time they completed their bachelor's degree only ended up being between $1,000 - 5,000. Yes, I know that is still a lot of money, but in the whole scheme of things it really isn’t and so completely eliminating a school from consideration that you might really like because the initial cost seems too high just isn't worth it.  Now, that being said, if you found that the actual costs to attend were significantly different then at the time when you are comparing actual financial aid awards to one another you will be in a position to make an educated choice about what is the right college for you - costs and all.  Part of the reason that some students may elect to take on a potentially higher cost of a private college is that the 4 year graduation rates at those schools can be significantly higher than the rates at some of the public colleges.  Ultimately there is a lot to compare.

Debt is a very real problem and something all students need to keep in mind, but remember, college is an investment in your future so while it is important to make informed and educated decisions, try not to let the numbers completely panic you.  

And in case you were curious… here’s the specific data and the source: According to The Project on Student Debt – The average student loan debt for seniors graduating from Ohio colleges and universities in 2015 was $28,146 for Ohio public universities and for Ohio private colleges the average debt was $32,679.  

I also wanted to give you a heads up that we will be hosting a Financial Aid Presentation regarding filling out your FAFSA on Wednesday, October 4th at 7pm in the WKHS Auditorium.  Please save the date and plan to attend!

Below are a few articles related to college costs:

10 most, least expensive colleges

10 colleges that give merit aid to the most students

Private college tuition is rising faster than inflation…again

Explore the costs of attending college

Consider the cost benefits of private colleges

Use community colleges as affordable stepping stones to4-year college degrees