Expensive School Myths

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Maybe your safety school is the better choice.

Consider the Cost
● There are more than 4,400 colleges in the US
○ Prices: 0 to $60,000 per year
○ Average cost for public school
■ $15,000
○ Average cost of private school
■ $29,056
(Following based on study by Sallie Mae)
● 2013: 67% of families eliminated colleges by cost (Up from 56% in 2009)
• 40% dismissed schools by cost before they researched the school
• Nearly ⅓ of students borrowed money for college in 2013
• Underemployment for college grads is at 44%

Tuition for Private not-for-profit schools (4-year or above)
○ Average: $22,786
Highest
○ Columbia University: $45,290
○ Sarah Lawrence College: $45,212
○ Vassar College: $44,705
○ George Washington University: $44,148
○ Trinity College: $44,070

Lowest:
○ Berea College: $910
○ Turtle Mountain Community College: $2,250
○ Curtis Institute of Music: $2,300
○ Grace College of Divinity: $2,450
○ Sinte Gleska University: $3,154

Tuition for Public schools (4-year or above)
○ Average: $7,135
Highest
○ University of Pittsburgh: $16,132
○ PA State University: $15,984
○ University of NH: $15,250
○ University of Vermont: $14,784
○ Colorado School of Mines: $14,453

Lowest
○ Haskell Indian Nations University: $182
○ Dine College: $805
○ Colorado Mountain College: $1,770
○ Brazosport College: $1,977
○ Navajo Technical College: $2,120

How Important is Prestige?

Case Study:
• On average, students who were accepted into Ivy League schools but chose less selective ones earned the same income as graduates who did attend Ivy League.
• Based on a case study by Alan Krueger (of Princeton) and Stacy Berg Dale (affiliated with Andrew Mellon Foundation)

Consider the US Senate:
• 1/2 US Senators graduated from public and state universities

Fortune 500 companies with CEO’s that graduated from less selective schools:
(data from 2010)

Bank of America
AT&T
Ford Motor Company
Hewlett Packard
AIG
CVS
Wells Fargo

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Sources:
http://money.cnn.com/101/college-101/college-cost.moneymag/index.htm
http://www.thefiscaltimes.com/Articles/2013/07/26/Why-Students-are-Rejecting-the-Top-Colleges
http://collegecost.ed.gov/catc/#
http://www.brookings.edu/research/articles/2004/10/education-easterbrook
http://in.princetonreview.com/in/2011/02/successful-grads-dont-only-graduate-from-selective-schools.html
http://www.businessinsider.com/malcolm-gladwell-if-you-want-a-science-or-math-degree-do-not-go-to-harvard-2013-9