FOSTER CITY, Calif.,
Feb. 20, 2020 /PRNewswire/
-- The annual cost of a bachelor's degree program can be
prohibitive except in states like North
Dakota, where it's less than half the price of the nation's
most expensive options. A thrifty student or parent can utilize
this information and more with MoneyRates.com's just-released
study on the most affordable and helpful collegiate environments
from state to state.
The study dug up major differences in student-to-teacher ratios,
which can determine how much attention a student gets, as well as
how long it takes to receive a bachelor's degree. Some states might
initially appear to make financial sense to a family but end up
being ruled out because of low completion rates. That's the case in
Nevada, where only 1 in 4 college
students receive a bachelor's degree within six years. Nevada students are also twice as likely as a
few well-performing states to leave college or change schools.
Those students may then be saddled with college debt without a
degree to show for it.
"There are so many factors to consider when looking at colleges
that it can be overwhelming for parents trying to guide their
children through this critical life decision," said Richard Barrington, senior financial analyst at
MoneyRates.com. "It's harder and harder for parents to evaluate how
quality and price can vary across states as they decide. We crunch
the numbers so they don't have to. The survey is released each year
so that families can make choices that are best for everyone, and
play to their students' strengths. The study's results are
searchable by individual factors for just this reason."
MoneyRates ranked 50 states based on five factors relevant to
affordability and effectiveness. Those are average cost, retention
rate, student-to-faculty ratio, six-year graduation rate and
breadth of choice. Here are the top picks using all of those
factors:
1. Massachusetts
2. Michigan
3. Pennsylvania
4. Illinois
5. (tie) Nebraska
(tie) New
York
7. Iowa
8. (tie) California
(tie) Missouri
10. (tie) Connecticut
(tie) New
Jersey
(tie) Virginia
One major pattern that emerged is that many of the best states
for college students are on the pricier side of average costs per
year. While the national average is at $37,520, we have to break the bad news first.
Massachusetts is the
second-highest of any state, with costs of $54,265. However, it ranks highly in the four
other categories, including having the second-highest retention
rate in the nation for both undergrad and graduate school
students.
Thriftier families still looking for great student/teacher
ratios might then consider Michigan, where the cost (at $36,596) is close to the average price while
still delivering a high retention rate, at 77%. Other Midwestern
options include Nebraska with a
tuition rate of $32,954, which is
cheaper than most states but still ranks above average for
retention and graduation rates.
If costs are the biggest factor, North
Dakota came in with the lowest total costs ($21,814) of any state for both in-state and
out-of-state students living on campus. That substantially beat out
the next closest state, Wyoming,
which came in at $26,005.
Methodology
To view each state's ranking with full methodology, as well as
other factors to help families get an early start on meeting the
financial challenge, please visit our full post on the states
selected:
www.money-rates.com/research-center/best-states-for-college-students.html
About MoneyRates.com
MoneyRates.com is owned and
operated by QuinStreet, Inc. (Nasdaq: QNST), a pioneer in
delivering online marketplace solutions to match searchers with
brands in digital media. QuinStreet is committed to providing
consumers and businesses with the information and tools they need
to research, find and select the products and brands that meet
their needs. MoneyRates.com is a member of the company's expert
research and publishing division.
Since 1998, MoneyRates.com has served as a personal finance
resource designed to help readers make the most of their money. In
addition to a variety of financial calculators, MoneyRates.com
researches and tracks CD, savings, and money market rates offered
from over 400 financial institutions across the country to offer
expert advice on banking, investing and retirement
planning.
Website: www.MoneyRates.com
Twitter: @MoneyRates
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Eury
Public Relations Manager
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Direct +1.412.532.9352
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SOURCE MoneyRates.com