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Strategies to Decrease the Cost of College #4 – Graduation Rates

 

College Graduation

What is the admit rate to Harvard? Stanford? University of Minnesota?
Many know because so much gets written and too much emphasis is placed upon how difficult it is to get into certain colleges.
When considering colleges, rarely does one ask, “What is Wossamotta U’s graduation rate?” When the ultimate end game is to graduate – I want to know how long it will take to get out.
Today it takes students on average 5.1 years to graduate with his/her four-year degree, according to the National Student Clearinghouse Research Center. Thus, it is important to understand the likelihood I am paying for four, five or six years to finish a degree.
The graphic below highlights how much a degree will cost (based on Fall 2018 cost of attendance) if completing it in four, five or six years at three different schools. 

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Sadly, four in ten families have no strategy to pay for four years of college, let alone five plus – Sallie Mae 2017 – How American Pays for College. – with each year beyond four typically funded by taking on increased debt.
It is extremely important to find and enroll at a good fit school. Statistics tell us tells there is a direct correlation between choosing a “good match” school and your retention and ultimate graduation from that school – even if it takes you > four years. But, the numbers do tell us something.
Look at the percentage of students who graduate from these schools in four years:
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Compared to:
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Comparing graduation rates can yield potential cost-savings. In a surprising number of instances, your overall out of pocket costs will be lower if you graduate in four years from a “higher cost” school than six years from a school with a lower sticker price.
Just as I advocate never eliminating a school based on its sticker price if Winona State University is a good fit and your top choice do not eliminate it solely because their four-year graduation rate is lower than others.
All schools have warts and many students leave for a variety of reasons having nothing to do with the college itself, and just because the typical student doesn’t graduate in four years it does not mean you will not, however…
Be mindful of certain realities – something systematic regarding how a school offers (sequences) classes or the types of students it attracts or its student services/resources or cost of attendance, or funding mechanisms or etc., makes it more difficult to graduate in four years than other schools.  
Focus less on admit rates. Pay more attention to graduation rates when determining if a college is a good financial fit.
After all, the goal is to graduate. And in my humble opinion – in four years or less!
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Need help finding good match colleges. Contact me. and I can work with you to shave thousand’s of $$ off a college degree.  

Jeff has spent 30+ years working in higher education as a Registrar and Director of Student/Academic Services. As an educational college planning consultant, he uses his experience and insights to save you $$$ by helping you in identify “good match” colleges to fit your academic, social and financial needs.

Does Tuition at Every College Cost $50,000?

No!  

Look at the tuition rates (approximate for 2015-16) for a handful of colleges in the image below.

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Yet ad nauseum I am reminded of the high price of college. This morning I read another story on the rising cost of college tuition. The other day my news feed was inundated with this storyaverage college debt is up again this year“. Why the doom and gloom? It sells. The sad reality is the mainstream media focuses 99% of their coverage, upon a handful of highly selective schools – the roughly 150 schools with admit rates under 20% and where tuition alone costs upwards of $40,000+
Are college cost rising. Yes, I won’t argue that point, but… there are many many great affordable programs that don’t cost the proverbial “arm and a leg”. When was the last time you read an article on Truman State University?  
Did you know Truman is considered a “Public Ivy”, is recognized as a College of Distinction, was a top producer of U.S. Fulbright students for the 2015-2016 academic year, and boasts high graduation, retention and post graduation rates rates? Oh, and it’s affordable. As a Midwest Student Exchange Program partner institution, out of state students in eight partner states (including MN) pay a MSEP tuition rate of approximately $10,728 this academic year. Look beyond the headlines!  
Look beyond the box scores! And beyond a geographic region. There is more to the Crimson Tide, than football. How does a full tuition scholarship opportunity for out of state students grab you? Touchdown! The University of Alabama offers attractive academic merit scholarships for out of state students with a composite ACT of 27+ and a 3.5+ GPA. A scholarship + a reasonable out of state tuition rate = affordable.  
One national college publication¹ reviewing small college bargains had this to say about the University of Minnesota Morris. “If you’ve ever taken a wrong turn on the way to Duluth, you might have stumbled upon one of the best public liberal arts colleges in the country.” Despite being geographically challenged (UM-Morris is pretty much due west of Minneapolis), the Fiske Guide does nail the fact it is a great academic institution. With both low tuition rates (in and out of state) and competitive merit scholarships, UM Morris is a very affordable option.  Look beyond the headlines!
Reduced out of state tuition options, i.e,. Reciprocity.  Residents of MN, WI, ND, SD, and the Canadian province of Manitoba enjoy lower tuition rates if they attend public colleges and universities in these states.  For MN residents, the University of North Dakota is one such option. There is a reason the Princeton Review included it in the 2015 The Best 379 Colleges edition. Low tuition, strong academic programs, and automatic merit scholarships = affordability. Look for regional tuition discount programs!
Look beyond four year degree options! Still haven’t grown out of the Thomas the Tank Engine phase? Dream of being a railroad engineer? Consider the Railroad Conductor Technology Certificate program at Dakota County Technical College. This program boasts established partnerships with many national and regional railroads, high program placement rates for graduates (the industry is experiencing high retirement attrition), and the 16 credit certificate program generally takes less than one year to complete. High placement rates + low tuition + < one year to complete + above average beginning salaries = affordable.
Good match colleges and universities exist for everyone. Eschew the doom and gloom articles. And any “College Rankings” for that matter. Find colleges that match “fit” your college bound students academic strengths, talents and interests and meet their needs academically, socially and financially. More good match colleges and programs exist than you might think.

¹Fiske Guide to Getting Into the Right College, 4th edition

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