Best Value Colleges
With tuition costs soaring and acceptance rates plummeting, students are increasingly turning to the best value colleges to get the most bang for their buck. While academic quality and fit remain crucial, students are more conscious than ever about balancing academics with affordability. But it’s not as simple as just finding the lowest sticker price. The most affordable colleges will be different for every student — so how can you tell if a college is really worth the price tag?
In this article, we will help you uncover the true cost of college and how to find the best value colleges for you. Specifically, we’ll discuss:
- The rising cost of college tuition
- How to calculate how much your education will cost
- The most affordable colleges in the country
- The best value colleges for out of state students
- How to find the best value colleges (in-state and beyond)
- How to afford colleges without relying on loans, and more!
Before diving into a list of the best value colleges, let’s start with an overview of college tuition costs.
The Rising Cost of College Tuition
Even at the cheapest universities in the U.S., tuition and other college costs continue to hit record highs, leaving countless students struggling to pay for college. The trend of rising college costs has been driven by several factors. State and federal funding for higher education has decreased, forcing colleges to rely more on tuition to cover their expenses. As the costs of building new academic facilities and adding amenities rise, colleges have raised tuition prices to balance their budgets.
With more jobs in the U.S. requiring a college degree, demand for higher education is higher than ever. Competition to attract students is fierce across both public universities and private colleges, prompting even “low-cost universities” to raise their tuition. Moreover, colleges know that students have access to loans and scholarships to cover increasing costs, further driving up tuition prices.
Average Cost of 4 Years of College
The average cost of a four-year college education varies significantly between different types of institutions. For instance, average tuition rates at public low cost universities are much lower than high cost private schools. However, even the best value colleges for out-of-state students can become expensive thanks to out-of-state tuition rates.
Let’s break down the average costs (tuition and fees + room and board) for a few different types of schools. According to the College Board, the average cost for a public university is $24,920 per year for in-state students. For students paying out-of-state tuition, the average cost goes up to $44,090. Finally, the highest costs, $58,600, tend to be found at private four year colleges.
From these statistics alone, you can see a major difference between tuition costs at public universities. Even the cheapest out-of-state tuition universities charge more for out-of-state students compared to in-state students. For this reason, in-state public colleges are often the colleges with lowest tuition. Students searching for the best value universities should look at the cheapest colleges by state to find the best prices in their area.
Take UCLA, for instance. California, which has many affordable universities, charges out-of-state students attending UCLA more than three times the tuition of in-state students — $49,354 vs. $15,154. Schools like USC, on the other hand, charge all students the same tuition regardless of residency. As a private school, USC is also more expensive overall ($99,139 per year compared to $76,259 at UCLA). Although USC may not seem like one of the most affordable universities, it’s important to remember that few students actually end up paying the full sticker price.
In-state vs out-of-state tuition costs
In discussing the best value colleges, it is important to understand why tuition costs vary at public universities. Because public universities are funded by state taxes, they offer reduced tuition for students living in the state. Moreover, many public universities only accept a small fraction of out-of-state students. UNC Chapel Hill, for instance, can only take 18% of its incoming students from outside of North Carolina.
Looking at tuition rates alone, the best value colleges are typically those public schools within your home state. If you want to attend college outside your home state, you might find that the best affordable colleges for you are actually private universities with large scholarship funds which reduce the sticker price. Regardless of your residency status, it is helpful to look at institutional, state, and national scholarships to reduce the cost of college.
What does the cost of college include?
While tuition is important, keep in mind it’s just one factor contributing to the overall cost of college. Even the most affordable colleges charge fees and room and board, plus you’ll be responsible for textbooks and other costs. So, if you want to know what is the cheapest college in the U.S., you need to consider more than just tuition.
In addition to direct costs which are paid to the college, you’ll need to account for other college-related costs. Indirect costs include transportation/parking, dorm furnishings, other supplies, bills (especially if living off campus), entertainment, and more. Before enrolling in college, it’s important to consider these indirect costs and how they will affect your budget. Even at the most affordable colleges, these costs can quickly add up.
Additionally, there are costs you can incur for things like clubs and study abroad programs, which many of the best value colleges in the country offer. Studying abroad is a fantastic way to experience other cultures and enhance your education. However, these programs often have costs associated with them not factored into your tuition or fees.
Cost of College at Ivy League Universities
Most people do not think of Ivy League universities as being among the best value colleges in the country. These private schools are located in the northeast, where the costs of living are higher than many other areas of the country. And they have some of the highest costs of attendance, as shown below:
- Yale University: $90,550
- Princeton University: $82,650
- Dartmouth College: $92,445
- Brown University: $93,164
Even though they are not the cheapest colleges by state, these schools do have large endowments and scholarship funds. This is one of the reasons why four of the top 10 best value colleges, according to U.S. News, are Ivy League schools. Additionally, they can be some of the most affordable colleges for international students, who are often ineligible for aid at in-state public schools.
Moreover, Ivy League schools are similar in cost to many elite private universities in other areas of the country, such as Duke, Stanford, USC, and Rice. Although these elite private schools may not seem like the most affordable colleges, for students with high grades, financial aid can significantly reduce the cost of attendance. This makes them some of the best value colleges for out-of-state students, because all students are charged the same tuition regardless of residency status.
Sticker price vs. net price
Merit scholarships, need based financial aid, and grants are just a few of the ways that students can attend the best affordable colleges in the U.S., including Ivy League schools. In fact, over half of students at the top Ivy League colleges receive some sort of need-based financial aid. As such, the majority of families attending the best affordable colleges in the U.S. do not pay full sticker price.
According to U.S. News, the average net price of attending an Ivy League school is $23,234, about a quarter of the advertised sticker price. So when asking what is the cheapest college in the U.S., do not rule out private schools or elite Ivy League universities. These may be the most affordable colleges for you — if you can secure a comprehensive financial aid package.
Are there affordable universities?
While there certainly are affordable universities throughout the country, some of the best value colleges may be more or less affordable depending on your individual circumstances. For instance, you may be able to get a great tuition price at an in-state public university. But, if you are looking outside your home state, the best value colleges for out-of-state students are often private universities.
This means that where you live has a significant impact on the cost of college. Students with higher financial need may find that private colleges are the most affordable colleges for them, because they can get a generous aid package to offset the higher sticker price.
The most affordable colleges or the best value colleges are typically those either in your home state or those with generous financial aid packages — specifically those offering grants and scholarships. Places where costs of living are low and more funding is devoted to education also have some of the most affordable colleges and the cheapest out-of-state tuition universities. Florida, for example, is home to four of the top five best value colleges for out-of-state students. That is because they keep tuition costs low for everyone wanting to attend college in the state.
In addition to the University of Florida system, places like New York, which invest heavily in its CUNY schools, also boast some of the cheapest out-of-state tuition universities. The UC system in California also has several top quality affordable universities, but the cost benefits are mainly for California residents. Purdue in Indiana and Montana Western in Montana are two other affordable colleges in the midwest and west, respectively.
Are there tuition-free universities in the USA?
Though they are rare, there are tuition-free universities in the USA, meaning you only have to cover living expenses and other indirect costs of your college education. As such, tuition-free universities in the USA are not entirely free; you will still need to pay other costs associated with your college education. Here are three tuition-free universities in the USA:
3 Tuition Free Colleges
Alice Lloyd College
At Alice Lloyd College, students have the chance to pay their way through school through an employment program. This is a variation on the work study opportunities offered by many other best value colleges. Though tuition is free, students are still required to provide their own room and board costs, plus other living expenses. The college offers financial aid grants to help cover those costs, but those are determined by financial need rather than employment.
Barclay College
Students at Barclay College who pay to live on campus can qualify for a free tuition scholarship. However, students must maintain residency on campus in order to qualify for this tuition assistance. With this benefit, Barclay is one of the most affordable universities outside of a public state system, costing around $15,000 per year after the full tuition scholarship.
College of the Ozarks
This college’s model is very similar to Alice Lloyd’s. Every student at the College of the Ozarks who receives a tuition assistance scholarship also works on campus for 15 hours a week. This work, plus grants and scholarships, covers tuition. But, like the other tuition-free schools on this list, it does not cover room, board, and other living expenses.
These tuition-free universities in the USA have some restrictions, so make sure you meet the eligibility requirements if you are looking at any of the above schools.
Tuition-free universities in the USA vs. free tuition based on family income
The tuition-free universities in the USA listed above offer tuition assistance scholarships to all attendees. However, other more well-known schools offer a tuition-free education to students via their financial aid programs. Almost a quarter of Harvard University students pay no tuition at all, making it one of the best value colleges for students with significant financial need.
Similar to Harvard, Columbia meets all demonstrated financial need without any loans and promises zero tuition to any students whose family makes less than $150,000 per year. Because these schools are private, tuition assistance is not based on state residency, making these some of the cheapest out-of-state tuition universities.
What Makes a Best Value College?
Before we get into our list of the best value colleges, let’s talk about what they have in common. First of all, the school must offer academic quality. As such, the best value colleges are also some of the most prestigious and rigorous schools in the country. The best affordable colleges must also offer high percentages of need-based aid. The type of aid provided matters too, as grants and scholarships are considered more favorable than loans. Finally, comparing the sticker price (listed cost of attendance) to the net price (what families actually pay) shows how much of a discount the college can offer students.
When choosing from any list of affordable universities, it’s important to consider what price you specifically might be expected to pay. Many schools offer a Net Price Calculator, where you can input your financial information. However, this is just an estimate — you’ll need to apply and wait for your official financial aid offer to confirm your overall cost of attendance.
How to find Best Value Colleges
When determining the best value colleges for you, it is important to consider your individual circumstances, career goals, and financial situation. First and foremost, the best affordable colleges are the ones that are good fits for your academic and career goals. Your school list should include reach, match, and safety options that you’d be excited to attend.
Once you have narrowed down your list and found an array of best fit schools, you can start comparing the costs associated with each. Keep in mind that the best affordable colleges are not always the ones with the lowest sticker price, as financial aid and scholarships can greatly reduce costs.
You will need to submit an application and be accepted in order to receive a financial aid award letter, but you can look ahead of time at the scholarships and grants available to you. You can also consult rankings websites like U.S. News to see which colleges might offer you the best value. Look for things like networking opportunities, internships, research grants — anything that will help you make the most of your time at school!
In the end, the best affordable colleges for you will be the ones that align with your academic and career goals and provide you with a clear pathway to achieving them. Ready to learn more about some of the best affordable colleges? Keep reading — up next we’ve got our list of the top 15 best value colleges in the country.
Top 15 Best Value Colleges
Choosing the right college impacts your education and financial future. The best value colleges offer a combination of affordability, strong academic programs, excellent career prospects, and generous financial aid.
Here are the 15 Best Value Colleges, ranked by U.S. News. (This list also highlights some of the best value colleges for out-of-state students!)
15 Best Value Colleges
1. Princeton University
Ranked #1 not only on the National Universities list but also on the Best Value Colleges list, Princeton University is considered one of the most prestigious schools in the nation. And, it consistently ranks among the top affordable universities for both its academic excellence and generous financial aid. The school offers ample need-based aid, with over 60% of students receiving grants. Princeton is also regularly referenced in discussions about tuition-free universities in the USA due to its strong aid policies.
2. Harvard University
With a robust financial aid program, Harvard University is one of the best affordable colleges in the Ivy League system — and the nation. With a need-blind admissions policy and a commitment to meeting 100% of demonstrated financial need, Harvard is sometimes compared to tuition-free universities in the USA for the financial support it provides. Moreover, students continue to benefit from Harvard’s global reputation long after graduation, opening doors to countless opportunities throughout their careers.
3. Massachusetts Institute of Technology
As an elite school known for its highly advanced STEM programs, you may be surprised to know that the Massachusetts Institute of Technology is considered one of the best value colleges in the U.S. MIT offers one of the strongest returns on investment, with high post-graduation salaries and a commitment to meeting 100% of demonstrated financial need. MIT even has a no-loan policy for all undergraduate students, though many students take on paid research positions to contribute to their education.
4. Stanford University
At #4, Stanford University is considered one of the best value colleges and one of the top private schools in the U.S. Stanford offers students a world-class education and has a strong financial aid program. Families earning less than $150,000 per year pay no tuition, and nearly half of students receive need-based aid. With these generous financial aid programs, Stanford is one of the best affordable colleges and is frequently listed alongside tuition-free universities in the USA.
5. Yale University
Ranked #5 on the list of Best Value Colleges, Yale offers financial aid programs that ensure students graduate with minimal debt. In fact, Yale University meets 100% of demonstrated financial need and offers substantial grants to low-income students. Some even consider it an elite alternative to tuition-free universities in the USA — for qualifying families.
6. Rice University
At #6, Rice University stands out as one of the best affordable colleges among top private universities. The Rice Investment program provides free tuition to students whose families earn less than $75,000 per year. It also offers significant aid to middle-income families, reducing or eliminating the need for loans.
7. California Institute of Technology
CalTech is well known for its exceptional science and engineering programs — and is also among the best value colleges. This college offers need-based financial aid and a strong return on investment due to its elite STEM programs. Students benefit from small class sizes and strong research opportunities.
8. Vanderbilt University
Located in Nashville, Tennessee and at #8 on our Best Value Colleges list, Vanderbilt University is surprisingly accessible to those needing financial aid. The Opportunity Vanderbilt program meets 100% of demonstrated financial need with grants and scholarships rather than loans, making it one of the more affordable colleges among elite universities.
9. Dartmouth College
Located in Hanover, New Hampshire, Dartmouth College is considered one of the best value Ivy League schools. The college’s financial aid program ensures accessibility for students of all income levels. The school is need-blind for U.S. students and meets full demonstrated need without requiring loans.
10. Johns Hopkins University
At #10, Johns Hopkins University, is renowned as one of the best value colleges. Hopkins has eliminated loans from its financial aid packages, replacing them with grants. This makes it a best-value school for students seeking a top-tier education without significant debt. It also stands out when compared to some of the cheapest out-of-state tuition universities. As such, Johns Hopkins is also frequently mentioned among the best value colleges for out-of-state students.
11. Gallaudet University
As the premier institution for deaf and hard-of-hearing students, Gallaudet University provides affordable tuition and extensive scholarships. These offerings ensure accessibility for its unique student population.
12. Brown University
Considered a best value Ivy League school, Brown University has generous financial aid policies, including need-blind admissions and a commitment to meeting 100% of demonstrated financial need without loans. These aid offerings help to reduce the financial burden for students and families.
13. University of Chicago
The University of Chicago’s No Barriers program guarantees full-need financial aid and replaces loans with grants. The university also offers merit-based scholarships to high-achieving students and competes with some tuition-free universities in the USA for affordability.
14. University of North Carolina – Chapel Hill
As a top public university, UNC offers an excellent education at an affordable price. The Carolina Covenant program ensures low-income students graduate debt-free through grants and work-study opportunities.
15. Northwestern University
Located in Evanston, Illinois, Northwestern University meets 100% of demonstrated financial need and has eliminated loans from its aid packages. It also offers generous merit scholarships, making it a great value school and one of the more affordable universities for top-tier education.
Concerns about the rising cost of college tuition are natural. However, as you can see from this list, there are plenty of options for students looking for an excellent education at an affordable price. Need-based aid and scholarships help to alleviate the high tuition costs at some of the best universities in the nation.
Best Value Colleges vs. Cheapest Colleges
The cheapest colleges are those with the lowest upfront cost. While the colleges with lowest tuition may seem financially appealing at first glance, a low sticker price doesn’t guarantee a good return on your investment. Low cost universities may seem like a smart choice due to their lower tuition or living expenses, but the long-term implications can be costly.
Choosing a college solely because it’s the cheapest can sometimes backfire if it doesn’t offer a high-quality education or sufficient career preparation. While you may be paying less, you may miss out on significant mentorship, advising, research, and networking opportunities. However, the cheapest out-of-state tuition universities that maintain accreditation and solid outcomes can be hidden gems.
The best value colleges, on the other hand, offer a comprehensive educational experience at an affordable price. While not considered “low cost universities,” the best affordable colleges offer generous financial aid, along with high job placement rates and strong alumni networks. Some even rank among the cheapest out-of-state tuition universities.
Ultimately, the best value colleges for out-of-state students offer a better return on investment by striking a balance between affordability and strong academic and career outcomes. In the long run, a best value college is often a better investment, even if it has a higher upfront cost than the cheapest option.
What are the Most Affordable Colleges in the U.S.?
Finding affordable colleges is key to minimizing student debt while still receiving a quality education. As such, the best affordable colleges in the U.S. generally fall into three main categories: community colleges, public colleges with low in-state tuition, and private colleges with strong financial aid packages. So, what is the cheapest college in the U.S.?
- Community colleges are often the most cost-effective option for students looking to earn an associate degree or complete general education requirements before transferring to a four-year university.
- State-funded public colleges are generally some of the most affordable colleges for residents. Some states also participate in tuition reciprocity programs, allowing students to attend out-of-state public colleges at reduced costs.
- Private colleges often have higher tuition rates, however some offer exceptional financial aid packages that make them as affordable, or even cheaper than, public schools.
Remember, affordability is highly personal. What is the cheapest option for one student might not be for another. A top-tier private university with generous financial aid might cost the same as an in-state public university for a competitive candidate with demonstrated financial need.
What are the Cheapest Colleges by State?
If you’re still wondering, “What is the cheapest college in the U.S.?” — let’s break it down by state. Every state offers affordable colleges for its residents. In-state public universities typically provide the most cost-effective options, as they receive state funding to subsidize tuition for residents.
While tuition rates vary, here are some of the cheapest colleges by state:
Cheapest Colleges By State
California
The California State University system offers excellent programs at a fraction of the cost of the University of California system. Notable affordable California schools include San Francisco State University, San Jose State University, Sonoma State University, San Diego State University, and California Maritime Academy.
Texas
With a range of affordable universities, from large public universities to smaller colleges, Texas offers different choices for colleges with lowest tuition. Some of the cheapest universities in the U.S. include the University of Texas, Texas A&M University, Jarvis Christian University, University of North Texas, The University of Texas of the Permian Basin, and Texas College.
Georgia
Home to many budget-friendly public colleges, Georgia has some of the lowest-cost institutions. These include Dalton State College, Abraham Baldwin Agricultural College, Savannah State University, Clayton State University, Georgia Gwinnett College, and University of North Georgia.
Florida
The sunshine state is known for being home to colleges with lowest tuition. Some of the most affordable universities in Florida include Chipola College, Florida Gateway College, Florida Atlantic University, Florida Gulf Coast University, University of West Florida, and Florida International University.
One of the biggest cost-saving hacks is in-state tuition. That said, students looking beyond their home state can still attend the cheapest out-of-state tuition universities through regional exchange programs. These agreements, like the Midwest Student Exchange Program and Western Undergraduate Exchange, allow students to attend colleges in neighboring states at reduced tuition rates.
What are the Best Most Affordable Colleges?
The best, most affordable colleges offer high-quality programs with rigorous academics at a fraction of the cost compared to elite schools. Beyond affordability, post-graduation outcomes are key when evaluating these colleges. The best affordable colleges have strong career placement rates, high job satisfaction among graduates, and solid earning potential.
Additionally, the best most affordable colleges offer academic advising, internship opportunities, and career services. These resources ensure students stay on track to graduate on time and successfully transition into the workforce. These types of schools provide the best overall value and lead to long-term success.
Community College Costs and Degree Options
Community colleges provide an affordable path to four-year universities At community colleges students can complete general education courses, earn certifications, or obtain associate degrees at a significantly lower cost than going directly to a four-year school.
The average annual cost of attendance at a public two-year college, including tuition, fees, books, and living expenses, is approximately $14,440. However, the average tuition and fees alone for in-state students is much lower at around $3,800 per year. This makes community colleges an affordable option — often, the most affordable option, especially for students living at home.
However, community college tuition varies by state. Below is a list of the top 10 states with the lowest average community college cost:
- California – $1,428
- New Mexico – $1,951
- North Carolina – $2,484
- Arizona – $2,591
- Texas – $2,885
- Florida – $3,235
- Kansas – $3,387
- Nebraska – $3,408
- Mississippi – $3,579
- Nevada – $3,803
Community colleges offer a wide range of degree programs and career pathways. These offerings include associate degrees, certifications, and workforce training programs in areas like healthcare and IT. Overall, the benefits of attending a community college include lower costs, career-focused programs, seamless transfer to four-year universities, and smaller class sizes.
Is Online College an Affordable Option?
Online education has seen a major rise, especially since the COVID-19 pandemic. As more students seek flexible, cost-effective ways to earn a degree, online college programs have expanded dramatically.
Online college increases accessibility to education and helps combat the rising cost of college tuition. A good example of this is the University of Florida, where in-state online tuition is $3,876 per year (compared to $6,380 per year for in-state in-person tuition). Clearly, online studies offers students a more affordable tuition.
However, apart from cost, one of the biggest advantages of online education is flexibility. Students can attend classes from anywhere, set their own pace, and can choose when to complete assignments and lectures. This flexibility allows many students to work while studying, which is especially beneficial to non-traditional students.
Be mindful that there are important caveats to consider before choosing an online college education, such as accreditation and quality. Not all online programs are created equal. Research the credibility of the school, ensuring the program is regionally accredited, before applying.
5 Tips to Finding an Affordable College Education
As we’ve seen, there are plenty of options for finding affordable higher-education institutions. This includes looking at schools with generous financial aid options, in-state universities, and community colleges. Here are five additional tips that can help you find the best affordable colleges for you:
5 Tips to Finding Best Value Colleges
1. Apply to colleges that offer no or low tuition for low-income families.
Many top affordable universities have generous financial aid policies that allow low-income students to attend at little to no cost. Affordable universities with need-blind admissions, like Harvard, Princeton, and MIT, commit to meeting 100% of demonstrated financial need.
2. Consider local or regional universities that offer lower in-state tuition.
Attending a public university in your home state can be significantly cheaper than going to an out-of-state institution. Additionally, some states participate in regional tuition exchange programs that allow students to attend out-of-state universities for less.
3. Take advantage of community college for general education requirements.
Consider completing your general education requirements at community college and then transferring to a university. Some states have guaranteed transfer agreements that ensure a smooth transition to a four-year institution.
4. Consider living at home or choosing affordable housing options.
Housing is often one of the biggest college expenses. You can lower your costs by living at home, becoming a Resident Assistant, or looking for college towns with a lower cost of living.
5. Use scholarships, grants, and other free money.
Scholarships and grants don’t need to be repaid, so you should apply for as many as possible. You can find some of these opportunities with the College Board’s Scholarship Search.
15 Best Value Colleges – Final Takeaways
Choosing the best value colleges can feel daunting, and we’ve provided plenty of options to consider when seeking out the best value education. To review, here are some key takeaways from our guide to the Best Value Colleges:
Best Value Colleges Key Takeaways
The best value colleges, like Utica University and CUNY, offer a strong balance between affordability, quality education, and return on investment. While Ivy League schools can be costly, many offer generous need-based financial aid, surprisingly making them some of the most affordable colleges for international students and low-income families. For the most affordable colleges for international students and otherwise, be sure to apply for external financial aid and scholarships, too.
The average cost of college depends on what type of college you attend. Remember, the total cost of college includes tuition, fees, housing, meals, books, supplies, and transportation.
In-state tuition is significantly lower than out-of-state rates at public universities. Additionally, there are some tuition-free universities in the USA like the College of the Ozarks. Keep in mind the cheapest universities in the U.S. may have lower sticker prices but may be lacking in quality of education — always do your research on programs before adding low cost universities to your college list!
Use resources like the U.S. News rankings or Niche to find the most affordable colleges. The cheapest out-of-state tuition universities often appear in these rankings. Many of them double as the best value colleges for out-of-state students.
Some of the most affordable colleges include community colleges, public colleges with low in-state tuition rates, and private colleges with good financial aid packages. Moreover, online programs can be some of the most affordable colleges, especially for older adults.
Remember that CollegeAdvisor is here to help you navigate your options, apply to best value colleges, and secure financial aid for your next steps. Reach out for guidance and support!
This article was written by Alex Baggott-Rowe and Bailey Bennett. Looking for more admissions support? Click here to schedule a free meeting with one of our Admissions Specialists. During your meeting, our team will discuss your profile and help you find targeted ways to increase your admissions odds at top schools. We’ll also answer any questions and discuss how CollegeAdvisor.com can support you in the college application process.
