These colleges are the best for your investment
Some college rankings will tell you which schools are the best for partying or which schools have the best food. The NerdWallet list of “best colleges for students’ buck,’’ isn’t one of those, but it might just be more useful in the long run.
A recent analysis by NerdWallet ranked 32 Massachusetts schools they say give students will get the most for their money. And, given that Americans have $1.2 trillion (yes, with a “t’’) in student loan debt, many prospective students want to make sure the college they attend is worth the cost.
Harvard took the top spot on the list, even though the total 2015-16 cost of tuition is $45,278. It’s worth noting that the NerdWallet analysis used tuition costs from the 2012-13 school year, when it reported Harvard cost $39,966. At the time, students who did receive aid, including grants, loans and scholarships, got an average of $38,381 or 96 percent.
“I was personally not aware of how generous Harvard was,’’ said Victoria Simons, the data analyst on the study. “Just because a school’s elite doesn’t mean it’s unaffordable.’’
But aid isn’t everything. Simons said their staff measured school affordability, the success of graduates, their median income after 10 or more years, and how meaningful graduates find their careers, among a few other factors when drafting their list.
“Our study is different from the Princeton Review rankings because we’re not trying to figure out what school is best,’’ said Victoria Simons, the data analyst on the study. “We’re trying to figure out the best return on your investment.’’
The NerdWallet analysis was released the same day Hillary Clinton announced her student loan reform plan while on her campaign trail in New Hampshire. Under the plan, $175 billion in grants would go to states that take steps to reduce tuition costs for public colleges and universities, according to an early report by the New York Times.
That means the plan would only apply to two of the schools that made NerdWallet’s top 10 list, as most of the schools were private. However, Massachusetts Maritime Academy, which ranked seventh, and Framingham State University, which was tenth, are public.
You can view the complete NerdWallet ranking here.
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