A year ago, private colleges were struggling to navigate rough economic waters. Then they headed into the hurricane. Endowments plunged along with the stock market. Families whose savings had sunk or whose home equity had disappeared began rethinking plans to send their kids to private schools.
But here's the surprise: In many cases, students who applied to colleges for the 2009-10 academic year actually received more financial help than the previous year's applicants.
Independent colleges boosted financial aid by 9% while keeping tuition increases -- an average of 4.3% -- to their lowest levels in four decades. (Yet still raising the average cost of a year at a private school to about $35,600.) Some schools, worried about competition from public institutions, accepted more applicants. And many vigorously pruned expenses. Result? Families found private college still affordable, and enrollments generally have held steady. David Warren, the president of the National Association of Independent Colleges and Universities, said, "What we're seeing is a well-weathered storm."
To find schools that have weathered the storm especially well, look to Kiplinger's 100 best values in private colleges and universities for 2009-10. These institutions, led by Pomona College among liberal-arts colleges and California Institute of Technology among universities, provide a top-quality education at an affordable price -- usually because of generous financial aid.
Think you earn too much to qualify for financial aid? You might be pleasantly surprised. In recent years, most top-tier colleges and universities have extended financial aid almost exclusively to students in need. A few of the top 20 institutions in our rankings, however, bestow merit money to a significant percentage of students. Davidson, Whitman and Grinnell, on the liberal-arts side, and Rice, Stanford, Emory, Vanderbilt and the University of Richmond, among universities, offer scholarships to at least 20% of their undergraduates. Grinnell awards aid to an impressive 61%.
Delivering real value
We also look at costs, including the price of attending the institution, as well as its generosity in giving financial aid. Strange as it may seem to call a school that charges, say, $50,000 a year, a good value, many of our top-ranked institutions give enough aid -- often in the form of grants -- to bring the average price to as little as half or less of the sticker price. Because liberal-arts colleges concentrate on undergraduates and universities extend their mission to graduate students, we separate our top 100 into two lists. But we apply the same academic and financial criteria to both categories.
This year's top 100 private colleges and universities have met the challenges of a slumping economy with brio, delivering quality, generous financial aid and, in a few cases, prices almost as low as out-of-state tuition at some public institutions.
Caltech, in Pasadena, Calif., which heads the list of private universities for the fourth time running, and Pomona, in Claremont, Calif., which leads the liberal-arts list for the second consecutive year, might be the past and current crown jewels, but gems appear throughout our rankings.
On the liberal-arts side, Swarthmore, outside Philadelphia, edges out Williams, in Williamstown, Mass., for the No. 2 spot, in part because of the significant merit aid it awards a few students. Both schools attract outstanding students and offer enough need-based aid to make the education affordable to families with limited resources.
Princeton, Harvard and Yale, on the university side, also offer ample need-based aid and have stretched the definition of need to include families with higher incomes. At Yale, where total costs run $48,450 per year, families pay an average of 10% of their income.
Some schools in our rankings simply offer a good education at a good price. Wheaton, Wofford, College of St. Benedict, Hillsdale, Knox and Thomas Aquinas, on the liberal-arts list, manage to keep total annual costs below $40,000. Among universities, Elon, Creighton, Whitworth, Bradley, the University of Tulsa and Gonzaga also have sticker prices of less than $40,000. College of St. Benedict, in St. Joseph, Minn., and Bradley University, in Peoria, Ill., are both new to the top 100.
Cutting cost, not quality
Despite the cuts, Pomona provides its students with a top-quality education in a setting that snowbound Ivy Leaguers can only dream of. This small school, with about 1,500 students, faces the San Gabriel Mountains and basks in the Southern California sun. Almost all of its freshmen return for their sophomore year, a sure sign of happy campers, and 90% of its seniors graduate on time, sparing the expense of a fifth year. As for financial aid, if you need it, you get it. The average financial-aid package brings the $50,568 sticker price down to a modest $16,454.
About 25 miles west of Pomona College, students at Caltech enjoy an equally sun-saturated setting, along with the ultimate in academic nurturing: a student-faculty ratio of 3-to-1, the lowest on either list. At Caltech, 100% of incoming freshmen scored more than 700 on the math section of the SAT. Thanks to small classes and a compact campus, these left-brainers have plenty of opportunity to soak up each other's smarts as well as the wisdom of an elite faculty that includes five Nobel Prize winners.
Caltech's endowment did not emerge from the recession unscathed, but the hit could have been worse. It lost about 20% over the 12 months that ended in September, compared with Harvard's 27.3% haircut and Yale's 24.6% drop (as of June 30). The school responded to the downturn by cutting administrative costs and postponing long-term projects, but it continued to hire faculty members and maintain financial aid. Last spring, applicants enthusiastically responded to Caltech's efforts, accepting admission in record numbers. Chameau said the school has no problem squeezing in a few more students. "We will accommodate them, and they will be happy here."
A mixed outlook
Meanwhile, colleges that recently expanded their financial aid, including replacing loans with grants, must now do so with vastly diminished endowments -- the well from which much of the aid is drawn. So far, top-tier schools have stood by their commitment. But some schools are quietly adjusting their admissions policies to weed out more-needy students, said David Oxtoby, the president of Pomona. He hopes to continue Pomona's no-loan policy, introduced in 2007, but won't guarantee it. "We can't commit to never pulling back."
Best values in private liberal-arts colleges
| Rank | School | State | Enrollment | Total cost* | Cost after aid based on need | Cost after aid not based on need | Average debt at graduation |
|---|---|---|---|---|---|---|---|
1 | Pomona College, Claremont | Calif. | 1,532 | $50,568 | $16,454 | $50,568 | $11,300 |
2 | Swarthmore College | Pa. | 1,490 | $50,750 | $19,035 | $14,596 | N/A |
3 | Williams College, Williamstown | Mass. | 1,997 | $50,680 | $14,305 | $50,680 | $9,214 |
4 | Davidson College | N.C. | 1,668 | $46,030 | $25,526 | $29,433 | $25,025 |
5 | Claremont McKenna College, Claremont | Calif. | 1,212 | $51,380 | $19,229 | $40,257 | $10,518 |
6 | Amherst College | Mass. | 1,697 | $49,678 | $13,907 | $49,678 | $12,603 |
7 | Washington and Lee University, Lexington | Va. | 1,752 | $50,352 | $21,968 | $25,036 | $23,616 |
8 | College of the Holy Cross, Worcester | Mass. | 2,898 | $50,042 | $24,418 | $27,442 | $16,800 |
9 | Colby College, Waterville | Maine | 1,846 | $51,020 | $20,214 | $28,620 | $19,222 |
10 | Bowdoin College, Brunswick | Maine | 1,723 | $51,700 | $19,909 | $50,700 | $17,560 |
11 | Middlebury College | Vt. | 2,455 | $51,380 | $22,072 | $51,380 | $19,981 |
12 | Haverford College | Pa. | 1,169 | $52,359 | $21,838 | $52,359 | $17,125 |
13 | Carleton College, Northfield | Minn. | 2,000 | $50,933 | $24,542 | $47,538 | $20,083 |
14 | Hamilton College, Clinton | N.Y. | 1,872 | $51,160 | $23,813 | $36,709 | $18,259 |
15 | Bates College, Lewiston | Maine | 1,776 | $50,500 | $20,407 | $50,500 | $18,785 |
16 | Wesleyan University, Middletown | Conn. | 2,772 | $54,097 | $26,339 | $7,142 | $27,402 |
17 | Wellesley College | Mass. | 2,344 | $50,594 | $18,219 | $50,594 | $12,639 |
18 | Vassar College, Poughkeepsie | N.Y. | 2,389 | $52,330 | $21,631 | $52,330 | $19,910 |
19 | Grinnell College | Iowa | 1,678 | $45,912 | $19,991 | $35,203 | $19,526 |
20 | Whitman College, Walla Walla | Wash. | 1,489 | $45,412 | $21,949 | $37,459 | $16,684 |
21 | Kenyon College, Gambier | Ohio | 1,644 | $50,640 | $23,671 | $38,861 | $19,462 |
22 | Wheaton College | Ill. | 2,366 | $35,090 | $20,600 | $30,052 | $21,549 |
23 | Colgate University, Hamilton | N.Y. | 2,836 | $51,890 | $19,951 | $51,890 | $20,164 |
24 | Harvey Mudd College, Claremont | Calif. | 738 | $51,937 | $25,560 | $41,497 | $21,018 |
25 | Macalester College, St. Paul | Minn. | 1,900 | $47,866 | $22,490 | $42,551 | $17,304 |
* Total cost reflects tuition, mandatory fees, room and board, and estimated expenses for books. It does not include additional meals, transportation or personal expenses.
Best values in private universities
| Rank | School | State | Enrollment | Total cost* | Cost after aid based on need | Cost after aid not based on need | Average debt at graduation |
|---|---|---|---|---|---|---|---|
1 | Calif. Institute of Technology, Pasadena | Calif. | 921 | $46,629 | $18,159 | $17,715 | $9,871 |
2 | Princeton | N.J. | 4,981 | $49,055 | $17,704 | $49,055 | $5,955 |
3 | Yale, New Haven | Conn. | 5,277 | $48,450 | $12,747 | $48,450 | $12,297 |
4 | Rice, Houston | Texas | 3,051 | $44,088 | $19,984 | $29,423 | $11,108 |
5 | Harvard, Cambridge | Mass. | 6,678 | $49,684 | $12,834 | $49,684 | $10,813 |
6 | Duke, Durham | N.C. | 6,496 | $51,125 | $20,235 | $23,406 | $24,205 |
7 | Columbia, New York | N.Y. | 5,667 | $54,789 | $21,038 | $54,789 | $18,420 |
8 | University of Pennsylvania, Philadelphia | Pa. | 9,756 | $51,080 | $23,969 | $51,080 | $19,085 |
9 | Dartmouth College, Hanover | N.H. | 4,147 | $51,821 | $18,373 | $51,371 | $20,126 |
10 | MIT, Cambridge | Mass. | 4,153 | $50,292 | $20,234 | $50,292 | $14,148 |
11 | Stanford | Calif. | 6,532 | $51,267 | $20,661 | $47,752 | $15,724 |
12 | Brown, Providence | R.I. | 6,095 | $50,394 | $20,468 | $50,394 | $19,390 |
13 | Emory, Atlanta | Ga. | 6,890 | $50,032 | $23,074 | $31,530 | $23,181 |
14 | University of Richmond | Va. | 2,795 | $49,540 | $18,485 | $30,330 | $20,915 |
15 | Northwestern, Evanston | Ill. | 8,476 | $51,850 | $25,914 | $49,607 | $19,808 |
16 | University of Notre Dame | Ind. | 8,363 | $49,795 | $25,658 | $43,689 | $29,835 |
17 | Vanderbilt, Nashville | Tenn. | 6,637 | $52,520 | $22,104 | $34,276 | $19,839 |
18 | Cornell, Ithaca | N.Y. | 13,846 | $50,874 | $25,602 | $50,874 | $23,485 |
19 | University of Chicago | Ill. | 5,065 | $52,232 | $18,394 | $40,712 | $27,562 |
20 | Johns Hopkins, Baltimore | Md. | 4,744 | $52,890 | $25,538 | $28,101 | $21,984 |
21 | Washington Univ. in St. Louis | Mo. | 6,985 | $52,609 | $25,135 | $45,223 | N/A |
22 | Tufts, Medford | Mass. | 5,044 | $51,889 | $24,299 | $51,389 | $23,687 |
23 | Boston College, Chestnut Hill | Mass. | 9,060 | $52,308 | $26,761 | $34,412 | $19,358 |
24 | Brandeis, Waltham | Mass. | 3,196 | $50,739 | $26,712 | $28,291 | $20,095 |
25 | Wake Forest, Winston-Salem | N.C. | 4,476 | $49,932 | $25,557 | $37,148 | $24,827 |
* Total cost reflects tuition, mandatory fees, room and board, and estimated expenses for books. It does not include additional meals, transportation or personal expenses.
( msn.com )
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