The Pointer UW-Stevens Point Student Newspaper
A recent study by financial data and information company SmartAsset, found that colleges providing the best value are in Wisconsin, with the University of Wisconsin-Stevens Point assessed as having the ninth best value in the state and 277th best in the United States.
The company chose five factors to determine value: tuition, student living costs, scholarship and grant offerings, retention rate and starting salary. Each factor was weighted equally and rankings were assigned to each school; an index was created and the top school was assigned a value of 100. National educational data collection organizations gathered the information.
AJ Smith, managing editor, said its goal is to provide free, accurate and personalized advice to individuals making big finance decisions, such as taking out student loans. Transparency and organization of information, Smith said, is a way to help ensure informed decision-making.
“Let’s face it, we make these decisions one, maybe two times in our lifetime,” Smith said. “We hear questions like, ‘is college still worth it?”
UW System Universities in Wisconsin. Photo courtesy of smartasset.com
SmartAsset reported that UWSP had a lower average starting salary and somewhat higher living costs, but low tuition and a fair retention rate improved the ranking.
Chris Kanugh, senior forest management major, transferred to UWSP from UW-Fox Valley. Kanugh said his decision to attend UW-Fox Valley was primarily for financial reasons but also because he was unsure of which career path to take.
“I went there because it was cheaper,” Kanugh said. “I chose this school because it was rated well for natural resources. I also chose this school because it was cheaper than others.”
Carol Scipior, associate director of financial aid at UWSP, said about 70 percent of students at the university receive some form of financial aid and most graduate with a level of indebtedness below the national average. During the last academic year, the university awarded $20 million in grants, $40 million in loans and students received $5 million in outside resources.
Scipior believes UWSP has an excellent value due in part to the city’s size and the services UWSP provides, like text rental. Scipior said the current freeze on tuition also helps keep costs low.
UW-Madison was ranked as having the best value in the state, despite having the second highest living costs after Milwaukee School of Engineering. A student retention rate of 95 percent and a high average starting salary helped Madison’s ranking.
“The cost of living in those cities can be very high,” Scipior said. “There is also a huge increase in tuition at private colleges.”
Financial specialists agree, choosing the right college or university is not easy and may not be based entirely on financial value. Students may consider special programs and quality of education in addition to costs at particular schools.
“You have to know your own values,” Smith said. “They can decide that ‘hey, that’s great but I’m really strapped for cash right now.’ The goal is that you’re making an informed decision.”
Scipior said she thinks students need to look at all components of a college education and decide what is most important to them. Sacrifices, Scipior said, may be inevitable.
“I think education is a good investment,” Scipior said. When speaking about students she said, “They need to really start planning early. And when they are here they need to live somewhat frugally.”
Avery Jehnke
Reporter
ajehn738@uwsp.edu
