Comparing College Costs

As a family compares the different types of college choices for their student, they will have three general choices:

  • Community Colleges
  • State Universities
  • Private Colleges and Universities

Many factors go into selecting the right college for each student.

  • Does the school have the major the student is interested in studying?
  • Is the school too far from home (or too close)?
  • Does the school share my belief system?
  • Can I be accepted academically?
  • Is the school in an urban, rural, or suburban setting with the best match for me?
  • Can my family make the financial commitment required to attend the school?

All of these questions and many others weigh toward the decision.

When comparing costs at different schools, a student needs to consider the bottom line cost (direct costs minus financial aid).  The bottom line cost then needs to be compared against other criteria in making a decision.

For example:

College A – Medium priced state college ($14,000 tuition, room and board, and fees).
College B – Private college ($24,000 tuition, room and board, and fees).
College C – Community College ($7,000 tuition, room and board, and fees).

 

College A

College B

College C

Direct Costs

$14,000

$24,000

$7,000

Federal Grants

$  2,000

$  2,000

$2,000

Scholarships

$  1,000

$  8,000

$      0

Student Loan

$  3,500

$  3,500

$3,500

Bottom Line Costs (not covered by Financial Aid)

$  7,500

$10,500

$1,500

Once a family has the bottom line costs, they can use it as one part of the college choice puzzle.  A family needs to consider many parts of the puzzle to determine the best choice for college.