Choosing a university is a big commitment that requires to take into consideration many factors. Most students, counselors and parents use some very common criteria: the admission and graduation rate, the university’s reputation and location, the curriculum, the cost, and the standing of the school in a set of accredited rankings. Nevertheless, a not so common criteria, but equally important, is the value for money of a university.
Since choosing a university has become very important for the post-graduation employment prospects of a student, and the cost of attending a reputable school has substantially increased over time, it is of a great importance to monetize this relationship. A student, on the one hand, should look at the total cost of attending the school. This includes tuition, living expenses, other expenses, and the opportunity cost of developing other skills at work. On the other hand, one should consider the benefits of the school, such as the cost saving opportunities during college (grants, scholarships, part time job) and the employment opportunities after graduation (first and subsequent salaries).
Estimating value for money for a university is not the easiest thing to do. You have to take into account for many different parameters, and to examine some key factors. It is very important to compare by a specific major, because each one is unique and has its own earnings potential over time. You also have to decide how much into the future you want to take into consideration in your comparison, since some colleges might have very good prospects right after graduation, but not so great in the long run. A thorough analysis requires a lot of time and effort. Thankfully, there is an extensive array of rankings on this matter to help the students decide on the value for money they get from their education. However, each ranking has different criteria and comparing them to each other requires caution.
Top 10 US schools in three major value for money rankings
Ranking | US News 2019 | MONEY 2019 | Best value schools 2019 |
1 | Princeton University | Princeton University | California Institute of Technology |
2 | Harvard University | University of California San Diego |
University of Notre Dame |
3 | Massachusetts Institute of Technology | University of California Irvine |
Princeton University |
4 | Yale University | University of California Los Angeles |
University of Pennsylvania |
5 | Stanford University | Stanford University | Rice University |
6 | Columbia University | Massachusetts Institute of Technology | Vanderbilt University |
7 | Vanderbilt University | University of California Berkeley |
University of California Berkeley |
8 | University of North Carolina Chapel Hill |
CUNY Bernard M Baruch College |
Brown University |
9 | California Institute of Technology | University of Michigan Ann Arbor |
College of William and Mary |
10 | Dartmouth College | University of Virginia Main Campus |
Brigham Young University |
Finally, it is important to remember that value for money is not the only factor to consider when choosing a college but merely one of many, since it ignores valuable things that cannot be easily monetized and are equally or even more important in deciding a university. Choosing the right university is a major investment for a student and here at AGF Tutoring we have some of the best consultants to help you with this decision. They can get you through the different rankings and help you decide which university is the best fit for you.