Truman One of the Best Values in Education
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.
[More from Kiplinger: 10 Best Values in Out-of-State Public Colleges]
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 Schools
Despite 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.
[More from Kiplinger: 10 Top Public Colleges with the Lowest Graduating Debt]
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 Rule
You 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.
If 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."
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"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
Undergrad 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.
[More from Kiplinger: 10 Best Values in Out-of-State Public Colleges]
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.
[More from Kiplinger: 10 Top Public Colleges with the Lowest Graduating Debt]
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.