Public Colleges Vs. Private Colleges: What's Really Affordable?

Many parents of college-bound students see the “sticker price” at private colleges and universities and grab their chests when tuition and fees are quoted at $30,000 or even $35,000 for one year. It’s true that the total cost of education at some private institutions is well over $120,000, a daunting financial hurdle for a bachelor’s degree. In comparison, while the cost of public colleges and universities is increasing even for in-state students, public institutions still seem, at first blush, to provide a more affordable education. But there’s more to the equation of tuition at public colleges vs. private colleges than just sticker price, so the question of what’s really affordable may sometimes have a surprising answer.

Public Colleges vs. Private College:  A surprising story of financial "safety" and financial "reach"

Although it was ten years ago when I weighed the costs of public colleges and private colleges, my own experience is still relevant today, so I’ll briefly share my story. A top student at a large public high school (and a very needy student financially), I looked at colleges and universities all over the country and applied to a mix of schools, big and small. Despite the hefty applications costs - which I cashed in savings bonds to pay - I figured I’d have enjoy the most flexibility if I availed myself to multiple financial aid offers.