So, said Warren Buffet, net worth $86 billion.
Tuition can be a measurement of value, as in, “What’s the value of the education for the number of dollars exchanged?” When families question the “affordability” of a particular college, as in, “Do I have enough money to pay for X College?”, they’re in essence determining the value of one college’s education for the dollars to be exchanged without creating adverse financial risks for their student or the family.
In order to determine “value” of a college education, however, students and parents first need to define the student’s life purpose and understand the student’s aptitude. Then, students can search through the various programs available and identify mentors at a particular campus, as well as determine if the campus culture aligns with their views.
Then, families can more reasonably determine the impacts or opportunity costs for the family when dollars are used for college. To assist in cross-college tuition comparisons, Jon Boeckenstedt, Vice Provost of Enrollment at Oregon State University, published the following Tableau, compiled from the latest The College Board data in their annual Trends in College Pricing:
From Higher Ed Data Stories, State Flagship Tuitions Over Time, October 27, 2020
For more information about how to both plan for and navigate the complex college admissions process in order to minimize the risk of educational malinvestment, contact Creative Marbles Consultancy