Comment I agree, with very few exceptions (Score 4, Interesting) 127
If you're after a good solid education, state schools do offer the best ROI for undergrad studies. I went to one, and was able to (barely) pay for it myself with a small amount of student loans, summer work and a little savings. Undergraduate education, from a content perspective, is very similar everywhere. I have a chemistry degree, and almost all undergrad chemistry programs are the same -- 2 survey courses, 2 organic chem, 2 physical chem, 2 analytical chem, 4 or 5 different lab courses, 4 or 5 electives (which vary based on what the schools' professors are concentrating on.)
The main differentiating factors I've noticed with private schools are the networking opportunities in and out of school, and the "cushy" factor. Even in a high tax state like New York, the state universities are pretty Spartan as far as accommodations go. Lately, states have been spending lavish sums trying to catch up in terms of sports facilities, etc. but they're still not a Harvard or Yale. Students going the state university route need to understand that they're going to get what they pay for, and likely be ahead of their private university peers in terms of raw dollars in debt when they get out. They need to be self-motivated and mature enough to handle their own affairs -- outside of class, everything at a state university is like dealing with a state agency. You're one student of thousands, and no one but you is going to care if you fail out. As far as opportunities go, private schools do give you a leg up. There are certain jobs you can't even hope to interview for such as white-shoe consulting firms or investment banking, who almost exclusively recruit from Ivy League schools. In my experience, this only applies to your first job or two, however. I've interviewed both public and private college grads, and there's an equal distribution of qualified people in each camp.
Since tuition is going way up at both the public and private levels, students who don't already have the money saved really do need to do a cost-benefit analysis. I probably would have had a better experience at somewhere like MIT or Stanford, just because I would have been studying with more smart people. But, I didn't have the money for $100K+ tuition. Students need to stop and think whether the caché of a big name school offsets the huge expense. They need to think about things like:
- - Do I want to go to medical or law school after undergrad?
- - Do I ever want to work in investment banking?
- - Will I be disappointed if I don't get to work at BCG, Bain, or Booz & Company?
- - Do I want the opportunity to hang out with the children of corporate executives and make those "school ties" connections that public university students can't get?
If the answer to any of these is "yes" and the student has a pot of money, they should go to private school. Otherwise, they should save their money. If a student is willing to hustle a little to get their first job, their accomplishments at that job and the connections they make will carry them through the rest of their careers. They probably won't reach stratospheric heights of corporate power, but talented students graduating with in-demand degrees can still do well.