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When applying for colleges, the cost can be one of the first things to come to mind when determining the best fit for your education and future. According to CBS News, the net price for a private College is $33,720 per year compared to the average public university which is $19,230 per year. But why are private colleges so expensive compared to public institutions? What are the differences between public and private institutions to make private colleges costlier?
As it turns out there are quite a few reasons as to why this is the case-
- The “Ivy League”
- More qualified professors
- Different ways of funding
- No government funding
There is more to list other than these reasons, but we will get more in depth as we go through the article.
Differences between Private and Public institutions
There are differences between public and private universities that can be broken down. A university is considered "Public" when the state pays for a portion of the tuition for their students--this is why out-of-state students at these universities have to pay more than in-state students because citizens outside of that state are not paying taxes. A private university is one that solely relies on donors and the tuition of its students. For example, students at public universities typically have access to more options for financial assistance, including scholarships and grants funded by the state to support their programs.
On the other hand, private colleges are not funded by the state, forcing up the cost of tuition immediately. Still, they frequently require additional resources to assist, causing the University to raise student rates. A lot of the time, the price that private universities advertise is much higher than the actual price you will be paying--the likelihood of Financial Aid increases depending on your financial circumstances. The advertised price is also higher because the school is not receiving any funding from the government.
The "Ivy League"
Private “Ivy League” colleges have a reputation to uphold for being places to receive some of the best education. Particularly those with long-laid-out notoriety and substantial research stemming from the University, especially in their undergraduate and graduate programs (Havard, Stanford, MIT, John Hopkins, etc.).
Due to the value of the education students receive from the world's most brilliant minds, these Universities tend to command higher tuition fees. Moreover, the eliteness related to private institutions narrows out who can join their undergrad and grad programs.
Not just the fact that the staffing and the research are fantastic at these places, but also that these universities are more academically challenging than public or community colleges. Having a more challenging education shows that you are more intelligent, have more outstanding problem-solving capabilities, and have higher expertise in your respective field than those from other colleges. This boost ahead comes with a cost, though.
Qualified professors
Another significant contribution to the higher tuition costs is that private colleges hire more qualified professors than public schools, and they have higher salaries than public institutions. Professors at private universities have an average salary of $126,336 compared to private universities averaging $101,523, according to Best Colleges. This differential in pay is also caused by the fact that private universities prefer more expertise and more experienced professors and staff to instruct at the universities, which goes back to the notoriety and eliteness correlated to the private college.
The Funding of the Private Colleges
As we discussed before, private universities are funded in two ways. Those being through donations and tuition. Tuition is always a consistent source of revenue for the college as long as there is a good amount of students applying and being accepted within the university, but funding also comes in the form of Donations.
A lot of time the university will reach out to families of students, previous alumni and professors that used to work for the university, for donations back into the college. This makes up for the fact that the university does not receive any government subsidies at all. A lot of the time the universities may send out letters to homes of Alumni asking for donation amounts to help fund their programs. So after you graduate and you see a letter from your alma mater, more than likely they’re gonna be asking for some of your dough.
Financial Aid at Private Colleges
Although the overall price for a private institution may be higher there are plenty more opportunities for grants and scholarships at private universities because of the smaller classes and the use of donation funds going right back to the students.
And as of late, private universities have extended discounts through grants and Scholarships to cover nearly 53.9% of tuition to undergraduates. So with this in mind if you are a higher performing student it may potentially cost less to attend a private university compared to a public one.
Benefits of the Private University
Okay okay, so now that we have covered why the private colleges are more expensive as compared to Public Universities, what are some benefits of attending a Private university?
The smaller class sizes offer a more intimate space between the professor and the student, allowing a more personal relationship to form between the two. And for references later after a student’s college career is over, this can be a valuable asset for the student to take advantage of--especially for specific jobs in a previous student’s major field.
And if you are a person that doesn’t care for a large amount of people these are the colleges for you to attend.
Drawbacks of attending a Private College
Many private colleges are more for the individual one on one connections between the professor and the student. Which means that a lot of the time these schools are smaller in size compared to secular public institutions. With the exception of the Ivy League, there is less research opportunity within these colleges and they don’t get as much D1 sporting attention compared to Public schools.
Unlike Colleges like John Hopkins, private universities usually do not have foundations with billions of dollars leading the world with innovation and discovery within research programs. So if that is what you are looking forward to within the college experience, the private schools aren’t for you.
Additionally, the sticker prices of the private Universities are much higher than public institutions. Sure, there is plenty of opportunity to earn scholarships and receive aid if you are a stellar student. But for those with lower grade point averages, it’s going to be a little tougher to pay for school especially without the help of government funding.
Fewer Majors
Private colleges also tend to be more specified in one area of curriculum than another, as compared to public schools but this also means that their primary focus of schooling is on those specific subjects.
So if you want to attend college for strictly one specific subject or another, private college is the way to go. But if you are looking for more than just an academically charged experience or have no idea what you want to do with the rest of your life (which most 18 year olds do not), the Public University may be a better domain to discover what interests you and what inspires you to work towards for the rest of your life.
Independence of Private Colleges
Private universities have more autonomy in decision-making and governance than public universities, especially when there’s ever changing social norms and having to adapt to diversity, equity, and inclusion guidelines. This is why religious schools are private, so they do not have to transform the beliefs that they hold for the public’s pleasure.
However, this independence often comes with a higher price tag, as they have to generate the necessary funds to sustain their operations and accomplish administrative policy.
That ends our discussion on why private colleges are more expensive
If you are deciding between a Public or a Private institution, it mostly depends on what you are looking for when it comes to your education. If you are an individual seeking to be a star athlete on one of a University’s sport teams, then I would suggest a public university for you. But if you are seeking to get an education where you are closely tied with your professors, have smaller classroom sizes, and have more one-on-one interactions between your teachers, attend a private university.
Although they do not receive government funding there are plenty of Financial aid opportunities offered at these schools. And as covered in the article, they end up funding students' educations more than most public colleges (of course there are exceptions especially when it comes to the best of the best schools.) If you are a competent enough student, there is much to gain financially from these colleges.
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