As college expenses continue to increase, students and parents need to financially plan their overall costs for attending a college or university. The rising higher education costs can become a factor in deciding whether to attend a public or private school. Another key factor is to pay close attention to the expenses associated with an in state school vs. an out of state school. Both factors share the same dependents of tuition, books/supplies, room & board, transportation, and general expenses.
Being financially prepared for college can be aided by evaluating these key components of a higher educational institution. It is not always pertinent to attend an out of state school if it means causing financial distress on your life. There are many in state colleges and universities in the public and private sector that offer great degree programs to help off set some of these expenses. Although, you will always pay more for attending a private school instead of a public institution! Evaluating the type of education you receive from a private school and public school are often debated.
While private schools tend to be full of prestige, it doesn’t necessarily mean they are better schools. Sometimes private schools can offer a smaller class, making it a closer and more approachable setting for students and professors to interact with one another. The chart below demonstrates the differences in college expenses associated with attending a public or a private higher education learning institution.
Table 1: Average Estimated Undergraduate Budgets, 2008-09 (Enrollment-Weighted)
Enrollment-weighted tuition and fees are derived by weighting the price charged by each institution by the number of full-time students enrolled in 2007-08. Public four-year in-state charges are weighted by total 2007-08 full-time enrollment in each institution. Out-of-state tuition and fees are computed by adding the average in-state price to the out-of-state premium weighted by the number of full-time out-of-state students enrolled at each institution. Room and board charges are weighted by the number of students residing on campus.
* Average total expenses include room and board costs for commuter students, which are average estimated living expenses for students living off campus but not with parents. Source: The College Board, Annual Survey of Colleges.
The ultimate conclusion about college expenses of public and private schools is that the cost associated with attending a private school increases by almost four times the amount, in comparison to attending a public college or university. Whether or not you choose to attend a public or private school depends on your financial situation and what you make of your experience. Any college and university are good for students as long as you learn and take it as a good experience.
Do you think the education at a private school is better than public college or university, when you calculate four times the cost?