University of Michigan |
If
they haven’t already done a little homework, the families of college-bound
seniors are rapidly discovering how much it’s going to cost to send their
children across state lines to attend public institutions.
“Do
you know how much more it’s going to cost us to send ‘Joey’ to
the University of
Michigan instead of Virginia Tech?” asks a Virginia-based family
sorting through the various offers their son received.
Yes.
And the price difference hasn’t changed substantially in the past year when
their son began the process of applying to his dream school in Ann Arbor.
A
little late in the game, these parents are figuring out they’ll be working ten
more years and sacrificing retirement for their son to go to Michigan.
And he’s upset and disappointed to see all he’s worked for suddenly taken off
the table because it’s “just too expensive” or “not worth” an additional $130,000
or more over four years for him to leave state.
Despite
repeated requests for families to look carefully at cost before launching an
all-out admissions campaign, this question or one similar comes up every
single year from Virginia families grappling with the final decision of
which school makes the most sense from a financial perspective.
And
although Virginia offers really good college deals to residents, comparable
questions are being asked in other sections of the country as families consider
the bottom line cost of a college education outside their home state.
But
taking a step back, it’s really interesting to see how quickly the
in-state/out-of-state differential has grown.
Within
recent memory, top-ranked public institutions discovered that out-of-state (including
international) students potentially represent a serious source of revenue for
budgets suffering from relentless reductions in state appropriations.
They coined the title “public ivy” and began setting prices to match—some more
aggressively than others.
According to the College Board’s Trends in
College Pricing, the average published out-of-state tuition and fees at
public four-year colleges and universities rose by 3.4 percent last year or
from $23,107 in 2014-15 to $23,893 in 2015-16. Average total charges (including
room and board) came to $34,031.
Compare
this with the published tuition and fees for in-state students,
which increased from $9,145 to $9,410. Including room and board, the average
in-state student could expect to pay somewhere in the vicinity of $19,548.
And
differences across states can be really significant.
In
2015-16, the published out-of-state tuition and fees at public four-year
institutions ranged from a little over $6,000 in North Dakota or Nebraska to
north of $40,000 in Michigan and Virginia.
Not
surprisingly, tuition rates for out-of-state students at “name” public
institutions continue to go through the roof as schools probe exactly how much
the market will bear.
For
example, in 2001, the University of Texas at Austin charged nonresidents $10,445.
In 2015-16, these students paid $34,836—way more than three times as
much. At the same time, rival Texas A&M went from $10,052 to $28,021,
for out-of-state students—a slightly more modest increase.
During
this period, Clemson went from $11,284 to $32,800, and the Citadel increased from
$10,402 to $33,440. Always a costly option, the University of Vermont went from
$20,705 for nonresidents in 2001 to $39,130 in 2016. The University of North
Carolina at Chapel Hill increased out-of-state tuition from $11,934 to $33,673,
and the University of Tennessee at Knoxville went from $11,320 to $30,626.
On
the west coast, the University of Washington increased to $34,143 from $13,257,
while in the south, Georgia Tech rose to $32,396 from $12,350.
State college systems are definitely looking for out-of-state (and
international) students, both to help balance budgets but also to make up for
declining populations of students graduating from high schools within their
borders.
And
colleges love to brag about how many states are represented on their campuses.
But
just because you represent a little “geographic” diversity for the most
expensive schools, don’t expect to receive much in the way of financial
aid. Most merit aid goes to support other more pressing interests.
So
do your research before assuming that a public institution is automatically
less expensive than a neighboring private college or university. You may be
surprised to find that between reasonable tuition and generous financial aid,
the private option looks pretty attractive.
For
the record, the following are 25 residential public institutions where
out-of-state students paid the most tuition (based on data collected by the College
Board and compiled by the Chronicle of Higher
Education) in 2015-16:
- University of Michigan at Ann Arbor: $43,476 ($54,030 including room and board)
- University of Virginia: $43,082 ($53,482)
- College of William and Mary: $40,516 ($51,494)
- Virginia Military Institute: $39,550 ($48,216)
- University of California at Irvine: $39,458 ($52,405)
- University of Vermont: $39,130 ($50,310)
- University of California at Davis: $38,659 ($53,176)
- University of California at Santa Barbara: $38,573 ($52,765)
- University of California at San Diego: $38,265 ($50,336)
- University of California at Riverside: $38,235 ($53,935)
- University of California at Berkeley: $38,139 ($53,701)
- University of California at Merced: $37,913 ($53,559)
- University of California at Santa Cruz: $36,582 ($51,312)
- Michigan State University: $36,360 ($45,934)
- University of California at Los Angeles: $35,631 ($49,083)
- University of Connecticut: $34,908 ($47,082)
- University of Texas at Austin: $34,836 ($46,292)
- Colorado School of Mines: $34,828 ($45,836)
- University of Washington at Tacoma: $34,209 ($45,042)
- University of Washington: $34,143 ($45,453)
- University of Colorado at Boulder: $34,125 ($47,319)
- University of Washington at Bothell: $34,062 ($44,895)
- Indiana University at Bloomington: $33,741 ($43,536)
- University of North Carolina at Chapel Hill: $33,673 ($44,575)
- The Citadel: $33,440 ($39,821)
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