The U.S. News and World Report is out with its latest
college rankings once again. Topping the
list are the usual suspects: Princeton,
Harvard, Yale, Stanford and the California Institute of Technology. However, what I found most interesting was
the list of the top universities whose students graduate with the least amount
of debt.
Those schools (in the top 5) include: Princeton, Harvard, Howard
University, Utah State and University
of Massachusetts-Amherst. As you probably already know, these are also
some of the most expensive schools to attend, with the possible exception of Utah
State and UMass-Amherst.
At Princeton, for example, students
graduate with an average of about $5,000 in debt. That’s the average amount of money students
borrowed to finish their studies. But,
are these REALLY the best colleges when it comes to staying out of debt?
Personally, I don’t think these numbers tell the whole
story. Perhaps the students at these
schools incur less debt because their families already have the means to pay
for their education, or they earn more scholarship money. These certainly aren’t the cheapest schools
to attend.
One thing that U.S. News and World Report doesn’t figure
into the tally is distance learning programs, or those schools which are
strictly distance-learning institutions.
There are definitely some cost savings available to students who earn
the majority of their credits through CLEP or DANTES testing, or by taking
inexpensive distance learning courses and combining these credits to earn a
degree at institutions such as Excelsior, Thomas Edison State College or
Charter Oak State College.
The list certainly doesn’t take into account nationally accredited
programs which offer low, interest-free payment plans, like those available at California
Coast University
or Ashworth University. I’m willing to bet that many graduates of
these schools graduate with little to no debt at all.
In fact, some schools complain the U.S. News ranking system
is flawed, and unduly influences college applicants and affects the admissions
of schools which rank lower on the list.
Many schools are now boycotting the ranking system in a sense by withholding
information from the annual survey.
If your school doesn’t rank near the top of the annual
survey should you feel like you are attending a sub-par institution? I don’t think so. A good education is important, but a good
education can be found in solid public colleges and universities, as well as
distance learning programs, and they don’t have to break the bank. These schools are usually a better bargain,
have student-friendly payment plans, and in some cases, student don’t have to
borrow money to attend or study courses. While cost isn’t the only consideration when
choosing a degree program, ANY ranking system or list won’t give students the
whole story, either.