Like many students and their parents, you might find yourself facing an extreme case of sticker shock when you start looking at college costs. For most people, cost will play some role in the final decision about where to go to college. Before eliminating any particular options, however, keep the following in mind:
- The biggest single component in the cost of college is generally not tuition, but rather room and board. If you are considering starting at a Community College to save money, keep in mind that unless you're living at home, this will probably at most save $6,000 per year over attending a CSU school
- Many private colleges have more generous financial aid packages than their public counterparts. In fact, except at the most selective private schools, only a small percentage of students pay the full tuition. Aid often comes in the form of both merit and need-based scholarships, and the cutoff for eligibility for the need-based scholarships may be higher than you think. In fact, many students at small private colleges end up paying just over half the stated tuition cost. An interesting take on this can be found in a recent article by CBS News.
- The total cost of attendance obviously will be greater if students take longer than 4 years to graduate. At some highly impacted colleges, it may take more than 4 years to be able to take all the classes needed for graduation, especially if a student decides to change majors mid-way through their college program.
Here in California, we are fortunate to have an extensive public University system, as well as a large variety of community colleges and private institutions. For the purpose of comparison, I've chosen one institution from each of the following systems: California Community College, California State University, University of California, and private colleges.
Institution Tuition Estimated Total Cost of Attendance
Sierra Nevada College (private) $26, 945 $44, 600
UC Davis $16, 800 $31, 119
CSU Chico $ 6,890 $23, 444
College of the Siskiyous $ 810 $16, 732
Clearly, College of the Siskiyous is least expensive, and Sierra Nevada is most expensive, correct? Well, it depends. What types of grades are you getting? At Sierra Nevada College, any student with a GPA of 3.75 or above qualifies for an automatic tuition reduction of $11,000, making the tuition $15, 945 - less than the tuition at UC Davis. Smaller merit scholarships are available for students with a GPA of 3.0 or above. Additional need-based assistance may also be available.
Another factor to consider - the estimated cost of room and board at all these colleges is about $11,000. If you have a grandparent or other relative in Chico or Davis or Incline City (Nevada) who would provide room and board at a reduced cost, the total cost of attendance could be similar to or less than the cost of attending a community college where you have to pay full price for room and board.
Perhaps this post has been rambling a bit, so let me sum up my key points. There are many factors in the cost of education. While beginning your college career at a community college is certainly one way to save on the cost of your education, there are many other factors to consider. If you can reduce housing costs at some 4-year institutions, the cost of attendance might not be much more than attending a community college away from home. Furthermore, the total cost of attendance at a private school may be similar to or less than the same program at a public university, depending on the availability of scholarships and the time it takes to graduate.
One final note - some schools (mostly private colleges) are now offering guaranteed graduation within 4 years if students sign an agreement to follow the school's guidelines for academic counseling. With average cost of attendance upwards of $20,000 per year, this could amount to huge savings. Check out this article for more information. Be sure to check the schools you are looking into to see if they offer this guarantee.
For most people, cost will inevitably be a large part of the final decision on where to attend college. I urge you, however, not to eliminate choices based on cost without first exploring all your possible options.
