CONSIDER YOUR INVESTMENT
The cost of college depends in part on how long it takes to finish the task. This key factor is often not considered in computing expenses for getting a degree. Clearly, if Mary gets her B.A. in four years at State and Trevor takes five years at the same school, Mary likely spends less money.
Not all students complete their degree in four academic years. In fact, the differences are striking. At state schools about half of the students do their degree in four years or less. What may interest many prospective students and their parents is that at private schools nearly 80 percent finish in four years. A related reality is that only one out of four college students attends a private institution, but one out of every three college graduates is from private schools. Students in private schools not only graduate more quickly, but more private school students actually graduate than their contemporaries in public schools.
All these facts raise two issues:
First, why do so many private school students, including students at Ohio Valley University, finish in less time than their counterparts at public schools? Students at most private schools get more personal attention. Just imagine the difference of being in a classroom of 20 students versus being in a class with 150 students.
Ohio Valley University has a student-to-faculty ratio of 9:1. The two largest public schools in West Virginia have a 22:1 and 19:1 ratio. A nearby branch campus has a 24:1 ratio. More personal attention means more students determine their career choice and degree plan and graduate in four years.
Second, these facts about four- or five-year graduation rates can be translated into dollars and cents. State school tuition is less than the amount charged by private schools. However, add up the cost of five years of tuition costs at the state school and then compare it with four years of tuition costs at a private school plus the income the new graduate earns that first year out of school while their contemporary sits in class at state. It is a wash. But there’s more.
Nearly 60 percent of private school students receive financial aid versus 25 percent at state schools. When one considers the financial aid at independent schools, the private school education completed in four years leaves that student financially ahead of the five-year graduate at a state school.
When considering a college education, look at all the facts. It may surprise you. It may even save you money.
