As I mentioned in a recent post, I appeared as a guest on our local public radio station to discuss college affordability concerns. In reflecting on that show, there is one topic we didn't cover in enough depth, so I want to address it here. The perception of many prospective college students is that private colleges are the high cost luxury option, and in tough economic times it makes more sense to go to a public (state) university. In the current economic situation, this perception may lead many students to give up on what could be their best chance for successfully completing college.

What leads to this perception is the large gap in tuition prices between private colleges and in-state tuition at public colleges. But tuition price is misleading, particularly with private colleges. By having a higher tuition, these institutions are able to use discounts in the form of grants and scholarships to achieve the size, quality and diversity they are seeking in their student population. Virtually all private colleges seek to address financial need with grant aid to make it possible for less affluent students to attend. Virtually all private colleges also offer scholarships to attract students who will contribute to the academic quality and/or vibrant campus community of the college. So focusing on sticker price alone doesn't tell you how much a college will expect you to pay to attend. The only way to know that is to apply for admission, apply for financial aid, and wait to see what they offer.

In the current environment colleges are finding it challenging to continue to fund financial aid.  However, many of the private colleges are in better shape than public universities in states facing a budget crisis. Many public university systems are having to cap or reduce enrollment to respond to large cuts in state funding. Private colleges, being locally managed, can adapt to changes in endowment, student need levels, and demand more quickly than state universities which must ultimately answer to the state government. 

Private colleges are building on a solid commitment to and excellent track record for serving diverse student populations. Faced with the current challenges, they are unlikely to back away from that commitment.  So if you are in the process of selecting colleges where you want to apply, don't let economic concerns steer you away from four year private colleges toward only considering two or four year state colleges.