Which College is a Better Deal?

Choosing a school can be very challenging for young students and their families. You want to ensure you get a great education, but cost might also be a factor for you. How can you determine which college offers the best bang for your buck?

It's a Better Deal Than You Think
Understanding the real cost of college can be very difficult, and most people think it costs more than it really does. While private college costs can be very high, the fact is that more than 75 percent of undergraduates in the United States attend public colleges and universities. Only about 2 percent of American undergraduates pay tuition and fees of more than $33,000 per year, according the College Board. And nearly 60 percent of the students who attend public four-year schools pay less than $6,000 per year in tuition and fees. Financial Aid One big step in figuring out which college is the best deal for you is comparing the financial aid you can get. Select your top school choices, find out how much financial aid you will get for attending, and then make a side-by-side comparison of your top schools. This will really help you get your costs into perspective. According to the College Board, around 60 percent of all college students receive grant aid of some kind or another.

Will It Pay Off?
A big question you may have is whether or not paying thousands upon thousands of dollars for school now will be worth it in the long run. The answer is a resounding yes! According to the U.S. Census Bureau, people with bachelor's degrees earn more than 62 percent more on average than people with only a high school diploma. That adds up to a lot of money over your lifetime. So making some sacrifices to pay for college now is probably worth it.

Public Versus Private?
What if you've selected several schools to put on your favorites list, but you don't know whether to choose a public four-year university or a private college? Which is the better deal in the long run? Many people feel that you can get a better education through a private college, and there's no doubt that a name like Harvard, Yale or Stanford will look good on your resume once you're searching for a job. However, folks who want to save some money might opt for a four-year public university. Many schools around the United States are almost as well respected as the Ivy League schools. If you think you might want to attend graduate school, you should know that you might have better luck attending a higher-tier school. That doesn't necessarily mean you need to choose a private school--just that your public school choice should be a higher-ranking school.

It's Up to You
Ultimately, each individual will have to carefully consider all of their options before making a choice. You may be better off attending the cheapest school possible and saving some money. But if you're interested in attending graduate school after you earn your bachelor's degree, or if you plan to enter a highly competitive career, it might be more important to attend a higher-ranking school, even if it costs a bit more.

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