Cost A Big Factor In University Selection

Cost A Big Factor In University Selection

Experts from the University of California, Los Angeles, found in a recent study of freshman students that cost is an enormous factor in university selection. It should be. Tuition is increasing along with debt loads and unemployment for recent grads.

Students make cost essential

College selection is a pretty big deal. There are a lot of things to consider. Distance from home is a big one. Getting there, moving in and subsequent trips home during the holidays involves a lot of logistics. Academics are another, as one certainly doesn't want a worthless degree from a diploma mill and certain colleges are known for specializing in particular fields. Campus life is another, because quite frankly university can get dull.

Co-ed colleges are pretty essential to most university students.

Another consideration is price. According to USA Today, a recent UCLA study found it is fast becoming the largest factor in university selection. It should be; one shouldn't pay more for a degree that's just as good somewhere cheaper.

Over half look at money

This study was done two years ago by UCLA experts, and it showed 62.1 percent of respondents made the decision depending on economic factors. This year, the findings increased to 66.6 percent of students. About 283 colleges and 193,000 freshmen were interviewed.

Price of attendance at the institution respondents chose was an issue for 43.3 percent. Their first choice being unaffordable was an issue for 13.4 percent and a lack of financial aid from their first choice of college was a factor for 9.5 percent.

Students should look at costs

The Wall Street Journal reports that the price of tuition has increased by 13 percent since the 2007-2008 school years, and that is just at non-profit colleges. Public universities saw a 27 percent increase in the cost of tuition, according to the College Board. This is why price should be factor students consider when picking a school.

It is also significant to look at the net being paid since more colleges are offering grants and scholarships. There was really a 4 percent decrease in what students actually paid out of pocket for private non-profit universities and an 18 percent increase for public universities and colleges, which is not nearly as bad as you might think. People end up getting more loans as seniors though since most colleges offer more grants and scholarships in the beginning.

No jobs for grads

The unemployment and underemployment rates combined equal about 53 percent of recent grads, according to the Atlantic. That is really bad news. The good news is that people with a degree in general end up with less unemployment, a rate at around 4.4 percent, and more job opportunities. As long as a recent graduate can actually get the job, they are expected to keep working most of the time.

A 2011 Project on Student Debt study showed an average debt of around $26,000 and about two thirds of graduates having student loans, according to CNN.

Students need to be more careful about picking a college considering the higher chances of getting debt and harder time of joblessness.

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