Public vs Private College Costs

Thanks to all of the students and parents who attended the Financial Aid night presentation tonight.  Financial aid and paying for college is always a critical issue for students and families.  

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.  Nationally, the difference is about $5,500. 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 2018 was $30,323.