Truman State University president Troy Paino sits at the head of a long
table facing six students, all members of an honors society that
regularly meets with him. “What’s the value of a Truman education?” he
asks.
As the winter sun descends over the red-brick campus
buildings outside the window, the students extol the merits of core
courses and ponder whether taxpayers should subsidize nonvocational
training. One student contends that employers will value her
well-rounded background; another argues that the liberal arts endanger
your ability to reason by encouraging you to value all ideas
equally—even the crackpot theories. The meeting ends, and the students
head out into the cold to study or socialize, setting aside the bigger
questions of college value for the daily rigors—and fun—of academic
life.
When
it comes to Kiplinger's top 100 values in public education, we'll leave
the philosophical debates to the academics. Instead, we rank our
schools on more-tangible measures of academic quality—including test
scores and four-year graduation rates—as well as affordability. Truman
State, a small public school in Kirksville, Mo., has traditionally
landed in the top third of our rankings. This year, it finishes at
number 19, thanks to strong academics and an affordable price.
The
University of North Carolina at Chapel Hill tops the list for the 12th
time. The school has earned a first-place trophy every time Kiplinger's
has ranked public colleges. SUNY Geneseo claims the number-one title for
out-of-state value.
Why is the University of North Carolina at
Chapel Hill a perennial favorite? Credit its stellar academics,
reasonable sticker price and generous financial aid. At 77%, Carolina’s
four-year graduation rate is about 45 percentage points higher than the
average rate for four-year public schools. Its 31% admission rate (the
percentage of applicants who are accepted out of those who apply) makes
it among the most competitive schools on our list.
Carolina's
total annual cost runs less than $20,000—a bargain compared with private
schools, which run an average of $39,518 a year, according to the
College Board. Financial aid brings the cost to an average of $6,035 a
year. And Carolina meets 100% of students’ financial need, one of only
two schools in our rankings to do so (the University of Virginia, number
two, is the other). "Meeting full need is a huge challenge, but it is
such a high priority for us that we make whatever adjustments we have
to," says UNC Chancellor Holden Thorp, who will step down in June.
Although
UNC has absorbed more than $230 million in state cuts since 2008, this
year’s budget has held steady and even included a modest salary increase
for university employees. "We're getting things back to where they
were," says Thorp. "And we're happy about that."
SUNY Geneseo, a
small honors college 35 miles south of Rochester, N.Y., edged out UNC
for the top spot for out-of-state value, based primarily on total cost
($27,769 for out-of-staters). Its academics didn't top UNC's but were
solid enough when combined with price to launch it into first place.
Other
high achievers include the University of Virginia, which moved up one
spot over last year. Its 97% freshman retention rate ties with several
other schools, including UNC, for the best record, and UVA's 87%
four-year graduation rate is the highest on our list. The University of
Maryland at College Park jumped three places, to number five, thanks to
an improved four-year graduation rate and a minimal increase in total
cost over last year.
The State of State SchoolsDespite
a slowly improving economy, the landscape for public colleges continues
to look bleak. Having endured cuts in state appropriations over the
past several years, colleges have bumped up class sizes and trimmed
administrative staff. Meanwhile, the average sticker price—$17,860 for
in-staters and $30,911 for out-of-staters, according to the College
Board—climbed 4.2% and 4.1%, respectively, over last year, once again
outpacing inflation and family incomes. An even bigger cause for
concern: The net price (sticker price minus financial aid) for in-state
students has risen for the third year in a row.
The
outlook for new grads isn’t much better. Many recent graduates are
swapping mortarboards for part-time or low-paying jobs, while tackling
student debt. "The notion that college is a ticket to a good,
middle-class life of prosperity is perceived to be less true today,"
says Richard Vedder, of the Center for College Affordability and
Productivity. Still, a typical college grad can expect to make about
$20,000 more per year than the typical high school graduate.
California Schools RuleYou
may be scratching your head at the appearance of five California
schools in our top 20. After all, tuition and fees have risen 72% in
California since 2007–08. UC institutions charge the five highest total
amounts for in-state students (and the six highest total amounts for
out-of-staters) among our top 100 schools. For example, UC Berkeley may
rank eighth for both in-state and out-of-state total value, but its
costs, at $29,049 for in-state and $51,927 for out-of-state students,
are second-highest on our list. Only 54th-ranked UC Santa Cruz charges
more.
So why do California schools keep earning top marks in our
rankings? Academics are key. Sixth-ranked UCLA ($26,888 in-state) admits
just 25% of applicants, with 44% topping 700 on the math portion of the
SATs and 22% beating 700 on the verbal portion. Berkeley charges more
than UCLA, but its stellar academics round out its value. Berkeley
admits only 22% of applicants, making it the most competitive school on
our list. Over a third of these elite students score 700 or above on the
verbal SATs, and 58% earn 700 or above on the math portion.
Fortunately,
most students don't pay those shocking sticker prices. UC schools
offset their high cost with liberal need-based financial aid. "If you
meet the requirements at the University of California, we have generous
aid packages," says Dianne Klein, a spokeswoman for the UC system.
"Nearly half of our students don’t pay any tuition at all."
Last
fall, California passed Proposition 30, which increases the sales tax
and raises income taxes on high-income residents, preventing almost $6
billion in cuts to education, including higher ed. That’s good news if
you’re considering a California public school. “We can breathe a little
easier now and reinvest in academic excellence,” says Klein.
Hidden GemIf you've never heard of Truman
State, you're not alone, says President Troy Paino. "People come up here
and say, 'This is the best-kept secret in higher education.' And I say,
'Well, I don't really want to keep it that way.'"
Truman draws
many of its applicants from the Midwest. It has competitive students
(27% of incoming freshmen score 30 or higher on the ACT) and a
relatively low, 16-to-1 student-faculty ratio. Truman's hook is that it
offers a private school–style liberal arts education at a public school
price.
For Missouri residents, that price is just $15,720, and it
falls to an average of $8,950 after tallying need. With 85% of need
met, Truman is one of the more generous institutions on our list. And
costs are low for nonresidents, who pay a reasonable $21,456 (or $14,686
after need). Out-of-state merit scholarships can make that nonresident
tuition even more palatable. For example, an out-of-state A student
scoring 29 or higher on the ACT can expect a $5,000 annual scholarship.
Students
at Truman commit to studying hard. "Everyone is nerdy in their own
way," says Alexis Morris, a junior who is majoring in chemistry. "It's
the kind of school where on Sunday, the library doesn’t open until 1
p.m. but everyone is lined up at 12:30."
"This
is the only public school I applied to," says Nathan Klein, a
21-year-old senior and physics major. Klein also submitted applications
to seven private schools but leaned toward Truman after visiting the
campus. A generous scholarship sealed the deal.
Truman State is
still subject to the same budget woes as any other state school. Last
fall, a proposed tobacco tax increase that could have earmarked more
than $200 million for education failed to pass. But Paino says that
Truman is accustomed to maintaining its academic priorities despite
tight budgets. "We try to invest our money in what directly serves
students, whether it's on the student-life side or on the academic
side."
For Klein, who will graduate loan-free this spring and
head to a seminary, Truman was the right choice. "I've had all the same
opportunities at Truman that I'd have had at any other school," he says.
"Maybe more because I’m not graduating with debt."
The
institutions in the top ten range from small colleges to immense
flagship universities and span the entire nation, but they have one
thing in common: They all deliver the most academic bang for your buck.
1. University of North Carolina at Chapel Hill
enrollment: 18,430
Student-faculty ratio: 14:1
Graduation rate: 4-yr., 77%; 6-yr., 90%
Annual in-state cost: $18,609
Annual out-of-state cost: $39,361
Avg. debt at graduation: $17,525
UNC
Chapel Hill is our number-one public college for the 12th time. Why is
it a perennial Kiplinger winner? Credit its stellar academics,
reasonable sticker price and generous financial aid. UNC's 77% four-year
graduation rate trounces the 31% national average, and its 31%
admission rate (the percentage of applicants who are accepted out of
those who apply) makes it one of the most competitive schools on our
list. Non-Carolinians can also take advantage of a superior value -- UNC
is number two in our out-of-state rankings, behind SUNY Geneseo.
2. University of Virginia
Undergrad enrollment: 15,762
Student-faculty ratio: 16:1
Graduation rate: 4-yr., 87%; 6-yr., 94%
Annual in-state cost: $22,645
Annual out-of-state cost: $48,597
Avg. debt at graduation: $20,951
After
finishing in third place in our rankings consistently since February
2008, Virginia finally climbed to second place. Credit higher test
scores this year and a gentle increase in total cost. The
Charlottesville school's 87% four-year graduation rate is the highest on
our list. And UVA is one of only two schools in our rankings to meet
100% of financial need (first-ranked UNC Chapel Hill is the other).
In-state students pay just $5,464, on average, after factoring in need.
3. University of Florida
Undergrad enrollment: 32,598
Student-faculty ratio: 21:1
Graduation rate: 4-yr., 59%; 6-yr., 84%
Annual in-state cost: $16,593
Annual out-of-state cost: $38,870
Avg. debt at graduation: $16,841
Although
UF dropped one place in our rankings this year, it continues to score
high on both cost and academic measures. Students stick around, with
only 5% leaving after freshman year. And although Florida is a big
school -- with 16 colleges, more than 150 research centers and
institutes, and the largest undergraduate enrollment in our top ten --
it's still selective, with a 43% admittance rate.
4. College of William and Mary
Undergrad enrollment: 6,071
Student-faculty ratio: 12:1
Graduation rate: 4-yr., 85%; 6-yr., 91%
Annual in-state cost: $23,950
Annual out-of-state cost: $47,724
Avg. debt at graduation: $20,835
Small
and highly competitive, this so-called "public Ivy" admits some of the
cleverest students in our rankings: 43% scored 700 or higher on the
verbal portion of the SAT, and 37% earned 700 or higher on the math
portion. An enviable ratio of 12 students per faculty member helps keep
these brainiacs engaged. Total cost is on the high side compared with
other state schools, but with 85% of students graduating within four
years, it's unlikely that you’ll pay for an extra year.
5. University of Maryland, College Park
Undergrad enrollment: 26,775
Student-faculty ratio: 18:1
Graduation rate: 4-yr., 66%; 6-yr., 82%
Annual in-state cost: $19,931
Annual out-of-state cost: $38,310
Avg. debt at graduation: $24,180
Maryland
has climbed steadily in our rankings. Now the home of the Terrapins
holds the fifth spot. Some credit goes to a four-year tuition freeze,
which ended in 2010 but helped Maryland leap-frog its tuition-raising
peers. In-staters pay an average of $12,499 after need. The 2014-15
academic year will see Maryland leave the Atlantic Coast Conference to
join the Big Ten. The change promises to affect both athletic match-ups
and gain UMD entry into the Big Ten's Committee on Institutional
Cooperation, 15 schools that share resources, such as library materials,
study abroad programs and research opportunities.
6. University of California, Los Angeles
Undergrad enrollment: 27,199
Student-faculty ratio: 17:1
Graduation rate: 4-yr., 68%; 6-yr., 90%
Annual in-state cost: $26,888
Annual out-of-state cost: $49,766
Avg. debt at graduation: $18,814
Despite
increases in tuition for California state schools, they remain
competitive in our rankings, thanks to generous financial aid and
rigorous academics. The posh neighborhood of Westwood in Los Angeles
isn't a bad place to spend four years, but you'll need to be a top
student to get into UCLA. The first of three California schools on our
top-ten list admits just 25% of applicants, with 44% earning 700 or
higher on the math portion of the SAT and 22% scoring 700 or above on
the verbal portion. At first glance, total cost is high. But with 84% of
need met, Californians who qualify for need-based aid can expect to pay
just $10,229 this year.
7. New College of Florida
Undergrad enrollment: 845
Student-faculty ratio: 10:1
Graduation rate: 4-yr., 51%; 6-yr., 68%
Annual in-state cost: $16,181
Annual out-of-state cost: $39,210
Avg. debt at graduation: $14,172
This
tiny Florida school boasts solid academics and outstanding
affordability. Its $16,181 total in-state cost, the lowest in our top
ten, makes it a great deal for Floridians. And that cost shrinks to
$7,674 after accounting for need-based aid. Average debt at graduation
is $14,172, also the lowest in our top ten. The school ranks only a
so-so 30th for out-of-state value.
8. University of California, Berkeley
Undergrad enrollment: 25,885
Student-faculty ratio: 17:1
Graduation rate: 4-yr., 71%; 6-yr., 91%
Annual in-state cost: $29,049
Annual out-of-state cost: $51,927
Avg. debt at graduation: $17,116
Berkeley
admits only 22% of applicants, making it the most selective school in
our top 100. Over one-third of these elite students scored 700 or above
on the verbal portion of the SAT, and 58% hit 700-plus on the math
portion. Its $29,049 in-state price tag may seem high, but average debt
at graduation is $17,116, the third lowest in our top ten.
9. SUNY Geneseo
Undergrad enrollment: 5,485
Student-faculty ratio: 20:1
Graduation rate: 4-yr., 69%; 6-yr., 81%
Annual in-state cost: $18,519
Annual out-of-state cost: $27,769
Avg. debt at graduation: $21,000
With
the lowest total costs for out-of-state students in our top ten, SUNY
Geneseo is the number-one pick in our rankings for out-of-staters. But
that doesn't mean New Yorkers can't expect to find value as well.
In-state total cost is $18,519, and that shrinks to $14,047 after
accounting for need. And students enter with high test scores: 24%
scored 700 or higher on the SAT verbal portion while 20% scored 700 or
higher on the math portion.
10. University of California, San Diego
Undergrad enrollment: 23,046
Student-faculty ratio: 19:1
Graduation rate: 4-yr., 56%; 6-yr., 85%
Annual in-state cost: $26,632
Annual out-of-state cost: $49,510
Avg. debt at graduation: $19,936
UCSD
has the lowest total cost among our top California schools, and it
lands at number ten for the second time in a row. Its sticker price
isn't cheap, but San Diego delivers on generous financial aid, with
students carrying an average of $19,936 in debt at graduation. And while
climate doesn't officially factor into our rankings, balmy winter
weather makes this Pacific Coast school even more alluring.