Early decision for college applications is due November 1, and tuition and room and board at a four-year college costs between $27,940 and $57,570 per year in the United States.
WalletHub released its 2024’s Best College & University Rankings report to help college-bound seniors make the most informed school choices. The personal finance website compared more than 800 higher-education institutions in the U.S. based on 30 key measures grouped into seven categories, such as student selectivity, cost and financing and career outcomes. Data includes student-faculty ratio, graduation rate and post-attendance median salary.
In Virginia, Washington and Lee University in Lexington is No. 1, followed by UVA, William & Mary, University of Richmond and Virginia Tech. Virginia Military Institute is at No. 6, followed by Hampden-Sydney College, Sweet Briar College, Regent University and James Madison University in Harrisonburg.
Washington & Lee received a No. 1 ranking for admission rate, student-faculty ratio, graduation rate and post-attendance median salary.
UVA’s graduation rate is No. 1, admission rate is No. 2 and post-attendance media salary is No. 3.
Experts offered WalletHub commentary on whether college should be free and how Americans can make a college education more affordable.
“The link between investments in postsecondary education and economic development is clear. We as a nation should be committing to making college as affordable as possible — if we want to spur the next Silicon Valley or compete with the Nordic nations for innovation, we need to have more of our own youth being able to graduate from college without debt. That said, college does not need to be free for everyone, but it should be for those without the means to pay. We should have needs-based plans, where students from families below a certain income level or wealth status should contribute only limited or no tuition and should have living expenses included in financial aid packages while allowing wealthier families to continue paying. The return in terms of economic productivity will benefit the broader society, including those who have to pay,” Diane Hirshberg, Director and professor of Education Policy at the University of Alaska Anchorage and vice-president academic at University of the Arctic.
The coverage of college’s cost could be enough to make Americans reconsider a college degree, according to Shaun M. Dougherty, program director for research and evaluation methods and professor at Boston College.
“The vast coverage of the cost of college might be enough to put people off the idea of even considering a college degree, even if it would benefit them in their long-term financial position. As a result, free two-year college has promise as a policy. Community college is already fairly inexpensive in many states, and if making it free gets more people in programs that help improve their overall skills and the overall supply of skilled workers, the net cost to the government of making it free could seem worthwhile. The risk is that making it free, might look less appealing to some, but it is likely worth that risk. Some states, like Tennessee, have had free community and technical colleges for a few years, and there is evidence that it is creating some benefits, even if fewer people than initially hoped have taken advantage of it,” Dougherty said.
Associate Professor Gerardo L. Blanco, who is academic director for the Center for International Higher Education at Boston College, said many public universities offer a great value for students looking to graduate with minimal debt and great job prospects.
“Many private non-profit institutions are committed to promoting access and, even with higher sticker prices, offer generous financial aid. Understanding the difference between the sticker price and the net price is key, and planning in advance is crucial. Many organizations seek to promote college access, and students would benefit greatly from researching those organizations rather than fixating on rankings, for example,” Blanco said.
Rene S. Parmar, dean of the School of Education at Lehman College, said several professional fields are high-paying from the beginning for college graduates, especially fields in STEM such as engineering and healthcare.
“But not everyone has a passion for these fields, so it would be ideal to see what the job market looks like and pick a career path that is satisfying and allows for the development of hobbies or other interests that one would enjoy. As for low debt — there are many great public colleges out there. In either case, it is best to go into college with your eyes open about the challenges and requirements. In addition to academic performance, these can include staying organized, communicating frequently with mentors and advisors, joining social networks that will support your goals, being persistent through difficult times, and juggling several responsibilities at once. And these skills carry over into career success as well,” Parmar said.
Assistant Professor Daniel A. Collier at the University of Memphis said that regional public universities provide the best return on a student’s investment.
“They often enroll the most diverse — based on socioeconomic status and race — students, and they do not charge a ‘premium’ price. In that, they are often ‘more’ affordable. But all of this depends on what you mean by ROI — do you mean ROI by money in and money out or ROI with the greater social good because they are not highly rejective institutions? In my estimate, public regional universities fit the bill on average for both types of ROI,” Collier said.
Dougherty said flagship public universities offer the best return on investment.
“These are often research-intensive schools that offer a wide range of majors, including professional schools in nursing, education, business, and engineering, as well as the liberal arts. Public two-year colleges also offer many degree and certificate programs known to produce a substantial return on investment. In some cases, these can be bridges to transfer to four-year colleges (which further reduces the total cost of a BA), but many programs are designed as terminal degrees or certificates and may not transfer. This is important for folks to know as they make investments of their time and money. If they have no interest in transferring for a four-year degree, it is not a problem, but it is important to know on the front end,” Dougherty said.
Support AFP
Share
Rebecca Barnabi
