Going out of state for college versus in state tuition
Jennifer McClelland | RSS | 6 Comments
Is it time for college students to be calling home?
When you’re going to college should you stay close to home or go away to a private school with ridiculous tuition, room and board?
Of course, I’m biased.
I am a product of public college education and think that I came out as well as another peer of mine who is Vanderbilt educated (even though I paid THOUSANDS less than she did overall).
Since the recession, many new students are opting to stay in their home states to attend college rather that go to other states to get their bachelor’s or master’s degrees.
Public universities are hurting for money. My business school’s professors are encouraged to not print syllabus among other necessary documents.
Over the past a small amount of years, the financial organization of public universities has changed radically. States no longer fund the accounts for the majority of a school’s budget. A school is lucky if the state supports 20% of a college’s overall budget. For example, William and Mary’s college for the 08-09 school year was only funded 18% by taxpayer dollars. In the 1970’s, taxpayers funded 43% of the school’s budget. “At this point, we’re a privately supported university that also gets some meaningful state aid,” says W. Taylor Reveley III, president of William & Mary.
To make up the divergence, public universities have got to rely on tuition and charges to pay for the majority of the budgetary requirements; because of this, many state schools work hard to be a magnet for out of state students, who will pay a premium, sometimes more than three times as much as residents, to attend.
“Given the way that states are cutting back on funds, to replace an in-state student with an out-of-state student, particularly if you can capture some of that revenue for your own purposes, is a good thing financially for schools,” says John Maguire, chairman and founder of Maguire Associates, a research-based consulting firm specializing in educational institutions.
So I suppose sometimes it comes down to whether you want to go in state or out of state and the cost you may incur.
If you live in Alabama, congratulations, you can go to Auburn. If you live in Mississippi you get to go to … Ole Miss.
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Tags: university of north carolina, educational institutions, maguire associates
Andy | Mon, May 25 2009
Well the recession is definitely keeping students from foreign colleges.
Nancy | Tue, May 26 2009
I agree with you completely. Although there is merit to prestigious colleges, I don’t think it’s worth the money to attend a high-priced private college unless you’re planning on going into law or medicine. Obviously, Harvard is going to be a great choice if you’re planning on becoming a lawyer, but if you plan on majoring in, let’s say…accounting, it doesn’t make sense to get a degree from a private school. I think employers care a lot more about your experience than where you got your degree (assuming that you have the required bachelor’s or master’s degree the position warrants).
Amy | Thu, Jun 25 2009
I attend one of the nest Universities in the UK, and I’m amazed by the amount of US/Canadian students that we’re receiving. They must be paying over $60,000 per year. I can’t believe that this is the only alternative, but I didn’t really understand the US system until I read this article. I was under the impression that US college was funded? Is that naive? Or is it sometimes?
monika from Sales Training | Thu, Nov 19 2009
I agree with you but I think higher education is not for the average class of people because nowadays education is not easy to afford.
Roberto from best toaster | Fri, Nov 20 2009
I was unfortunate enough to not be able to attend university because I got married 2 young
Dana | Sat, Nov 28 2009
The best option that would work for me would be going as far from home as possible. This is what college is supposed to be: growing up. If I were to afford college this is what I would do but I guess I’ll live this decision to those who will actually have the chance or the luxury of getting college education.