Opinion

The public university system still works and pays

It is a common misconception that money invested in an undergraduate education at a private university will pay off in the future. I cannot say with authority that the experience will not make up for the extra costs: There may be an intrinsic value in attending a certain university because of the atmosphere, community or culture. When looking at the figures, a public university is the smartest choice financially for an undergraduate in Texas.

For the purpose of analysis, eight private schools in Texas were examined: Rice University, Baylor University, Southern Methodist University, Texas Christian University, Texas Lutheran University, Southwestern University, Trinity University and Houston Baptist University. According to the website PayScale, these colleges have an average median starting salary of $43,938 and an average median mid-career salary of $80,488. This must be compared with the average yearly cost of these schools: $46,041 per year with a four-year average price tag of $184,163. The price is computed by adding up tuition and fees, books and supplies, room and board, transportation and personal expenses as allocated by the website College For All Texans.

For comparison, I chose eight state schools in Texas: Texas A&M University, University of Texas, University of Houston, Texas Tech University, Sam Houston State University, Stephen F. Austin State University, Lamar University and Texas State University. The average median starting salary of these state schools is $44,675, and the average median mid-career salary is $80,513. Since public universities have a separate tuition fee for residents and non-residents, resident fees were examined exclusively to get a sense of what the average Texan would have to pay for a higher education. These schools have an average yearly tuition of $23,066 — a four-year price tag of $92,264.

The starting and mid-career salaries of public and private university graduates in Texas are negligible: a $737 difference in starting salary and a $25 difference in mid-career salary, both in favor of public universities. A private university costs nearly double what a state school costs: $46,041 per year versus $23,066 per year. Assuming a four-year college experience, that is a difference of $91,899.

It is important to remember that the numbers do not reflect the happiness of the students, possible differences in the amount of knowledge gained or overall satisfaction with their college experience; but these items are not easily quantifiable. Public universities offer a wider variety of majors, a more diverse campus and a larger selection of opportunities and activities while private universities have a liberal arts focus and fewer options for study. For instance, Rice does not have a business college, which is a staple at many public universities.

F. King Alexander, the president of California State University-Long Beach, said there are benefits to students who attend the most elite colleges, such as those in the Ivy League, but most private universities cannot achieve that same level of network effects and continue to charge several times the amount of tuition at a public university.

“Plenty of people who are now rich and powerful went to public colleges and universities. Steven Spielberg went to (California State University, Long Beach),” Alexander said. “He’s doing all right.”

From a financial standpoint, the way to get the best bang for your buck is to attend a public university. But in the end, it is how you apply yourself and what you do with your education that will make you a success.

Sarah Backer is a business sophomore and may be reached at [email protected].

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