Mythbusters: 3 Reasons Why Private Universities Aren’t as Expensive as You Think

When you think of private education, you may think of tuition costs that skyrocket. However, most college and universities are actually quite affordable. Ignoring the fact that they can be extremely easy to pay for, they have such a negative connotation associated with their name in terms of costs, that cause the many, many myths of how expensive they are.

There are many of those myths out there that give private education an undeserved bad reputation. Let’s take a look at a few and bust them.

School is Extremely Expensive

The absolute biggest misconception of private colleges is that it is way too expensive. Many times people look at the cost as an overall comparison point. However, the cost relies on how much the school is funded by whichever state it is in, which is more important.

Bruce Perkins, associate vice president for enrollment management at Oklahoma Baptist University, spoke with NewsOk about the finances.

“It is true that tuition costs for public institutions are lower than those at a private school because they are regulated by the State Board of Regents,” said Perkins. “However, university expenses continue to rise and the costs must be met. Thus, since tuition is regulated by the state, public universities pass these costs along to the consumer through fees.”

Financial Aid isn’t Available in Private Schools

One of the next biggest misconceptions of private education is that no financial aid is available if any. However, that isn’t the case. NewsOK says there are many options for financial aid, it just depends on what fits for you.

“Oftentimes, there is more financial aid available to students from a private university,” said Perkins. “It is not unusual for private universities to offer more aid in terms of academic scholarships and institutional financial need-based aid. Students are also able to take any of their federal aid or state aid to a private school.”

The Debt will be Through the Roof

Along with many people believing they won’t be eligible for financial aid, they also believe that they will be stuck with a ton of debt after they graduate. Perkins says that ultimately, the debt doesn’t come from what type of school you go to. It really depends on the tuition at your chosen school. For example, the private college Oklahoma Baptist University has seen its students with $1,400 less debt than the state average and $4,900 less than the average of other private university students.

Even though private education is less expensive than many people believe, students still have the option to take out loans, as with any public university. Forbes says to make sure that you have student loan refinancing at the top of your list immediately after graduating.

87% of private schoolshave less than 300 students. So, both less expensive than many people believe and as small as they are, private schools are a great choice for anyone.

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