The Cost of an Education

What does it cost to go to your college or university? As we all know, the economy is still struggling, and the consumer is making wiser choices about where they spend their money. It would be interesting to see how higher education can illustrate and provide the value the prospective students and their parents are searching for at the right cost.

Below is a list of higher education institutions that would have little issue with student’s meeting the cost and finding value in their education as they are full-scholarship institutions. That’s right – all or most students get a full-tuition scholarship or very big chunk taken care of for them.

According to a 2007 BusinessWeek article, most of these institutions have acceptance rates below 15% many around 7%. And their ACT/SAT scores are through the roof. For example, at Berea College ACT score must be between 20 and 30 and SATs between 1410 and 1980. At the Webb Institute, the average student holds a 1370 SAT. Talk about getting the most bang for your buck. And several of the institutions have multiple phases or steps of applying to the school. Below you can find the list of colleges with full-tuition scholarships (quotes come from respective institution’s website and the estimated annual value of tuition listed for each institution comes from the BusinessWeek article mentioned above).

Alice Lloyd College: “No qualified applicant should fail to attend the College due to financial constraints. The College maintains a guaranteed tuition policy for residents of 108 central Appalachian counties” Estimated annual value of tuition: $7,000.

Berea College: “Here, we don’t think your income should dictate your outcome. That’s why we only admit students who have financial need—and then provide them with a 4-year tuition scholarship. Berea students graduate with less than 1/3 the student debt of other students nation-wide.” Estimated annual value of tuition: $23,400.

City University of New York’s Teacher Academy – “Each student who enrolls in The Teacher Academy is eligible for:

• Four-years of tuition and fees, leading to a baccalaureate degree in mathematics or science with initial certification to teach in middle and/or high school
• Stipends for internships during the school year and summer.
• A full-time teaching position within the New York City Department of Education upon successful completion of The Teacher Academy program including course work, field work, and pre-employment screening.

Estimated annual value of tuition: $5,000. Students can earn up to $1,600 annually for fieldwork in partner host schools.

College of the Ozarks: “College of the Ozarks is called Hard Work U for a reason. All full-time students work rather than pay for their tuition. College of the Ozarks openly discourages debt and doesn’t participate in any government loan programs.” Estimated annual value of tuition: $15,900.

Cooper Union: “The College admits undergraduates solely on merit and awards full scholarships to all enrolled students. Estimated annual value of tuition: $31,500.

Curtis Institute of Music: “Curtis provides full-tuition scholarships to all of its students, ensuring that admissions are based solely on artistic promise.” Estimated annual value of tuition: $32,500.

Deep Springs College: “Each student attends for two years and receives a full scholarship valued at over $50,000 per year.” Estimated annual value of tuition (includes room and board): $50,000.

Franklin W. Olin College of Engineering: “All admitted students who enroll at Olin College receive an Olin Scholarship covering tuition during the eight semesters of the baccalaureate program. This scholarship is currently valued at approximately $140,000.” Estimated annual value of tuition: $33,600.

U.S. Military Academy, U.S. Air Force Academy, U.S. Naval Academy, U.S. Coast Guard Academy and the U.S. Merchant Marine Academy (various websites): Estimated value of tuition: $187,000 over four years at the U.S. Military Academy. Students get an average monthly stipend of $800.

Webb Institute – “It’s true: all students admitted to Webb receive a four-year, full tuition scholarship. Costs are limited to room, board, books, laptop and software.” Estimated annual value of tuition: $28,000.

There are also 10 states that have lottery scholarships that give full-ride scholarships to go to an in-state school. Those states are Tennessee, New Mexico, Maryland, Georgia, Florida, Louisiana, New York, South Carolina, Missouri and West Virginia. Some states are merit based and some are solely residence based. But either way, it makes a huge difference to a potential student in these hard times.

There has also been a slight push in recent political campaigns that have pushed for students to get a full four-year scholarship to those who give a years worth of service to their country. Many other countries provide free higher education in return for citizens paying higher taxes or for the student giving their time.

The higher education marketers out there are realizing as more schools and states provide full-tuition scholarships for their high quality students, they are facing more competition especially during this economic downturn. What can you do market your scholarships and quality as higher ed institution. EMG’s Brand Manager’s Notebook has a lot of ideas on how to stay competitive so keep reading.