Private vs. Public Colleges: What You Really Pay For

At first glance, public colleges often seem like a budget-friendly choice. However, private schools have many in-house resources available to help families, making them a surprisingly competitive option. Are you interested in a private college but feeling like it might be out of reach? Use this guide to discover cost comparisons, different types of aid and tips for evaluating the true cost of colleges.

The sticker price

When visiting schools, you may hear an admissions counselor use the term “sticker price.” This is a fancy way of talking about the total published cost to attend an institution per year. Typically, this number includes tuition and room and board. However, at private schools, most students do not pay the sticker price, thanks to generous financial aid packages, scholarships and grants.

How private schools reduce cost

Factors that affect the sticker price include the amount of financial aid you are offered, whether you are an in-state or out-of-state student and whether you plan to live on or off campus.

Types of aid

Private colleges can reduce the cost of attendance through robust financial aid options, making them more comparable — and sometimes cheaper – than public institutions. Merit scholarships, awarded for academic achievement, test scores, leadership or special talents, can significantly lower tuition. Along with merit, students are often eligible for competitive scholarships where, after admission, they can apply and compete for even more aid.

With larger endowments and more flexibility in distributing institutional aid, many private colleges also offer need-based aid and commit to meeting a high percentage of a family’s demonstrated financial need, as calculated by the FAFSA. These grants and awards, unlike loans, do not need to be repaid.

In other words, you might be surprised to find that there is a wide range of financial support available, from academic scholarships to need-based financial support and the federal government to financing plans that help your family spread the costs of education throughout the year.

For example, in 2023, Berry College scholarship ranges included:

2023 Berry Merit Scholarship Range: $10,000-$25,000
2023 Berry Need-Based Grant Range: $2,500-$16,000

While state schools may have lower sticker prices — particularly for in-state students — the financial aid they offer is often more limited and highly competitive. Along with larger class sizes, potential delays in graduation and the cumulative costs, expenses can add up quickly. Make sure to calculate and estimate all that you can, including income from student jobs, to get an accurate comparison.

Direct and indirect costs

As you factor in expenses, remember direct and indirect costs. Direct costs are additional fees for technology, activities, meal plans, etc., that might be required. Sometimes lower tuition at state schools is accompanied by high additional fees. Research as much as you can on the website.

Then, estimate indirect costs, the expenses the college does not charge you, but that the typical student spends. For example, students need books and supplies not included in tuition. Likewise, personal expenses and transportation will need to be calculated. If you decide not to live on campus, housing, food and utilities would also be included on your indirect cost list. Want more examples? Check out Berry’s estimations here.

Understanding the net price

If you are starting to feel overwhelmed or confused, pause and find the Net Price Calculator. This college cost calculator, on nearly every college's website, estimates the cost of attendance at the school after subtracting the amount of financial aid a student is deemed eligible for based on their family's financial situation. Using this tool will give you a better idea of your own out-of-pocket cost, known as the "net price.”

Different sticker, similar debt

Considering Berry College is in Georgia, statistics on public schools in the state offer perspective. The University of Georgia Schools compiled statistics on first-year retention, four-year graduation rate, the percent entering with HOPE Scholarships and student loan indebtedness at graduation. Statistics for individual schools may be found on the University System of Georgia Student (USG) Outcomes website and the USG by the Numbers website.

Below is an apples-to-apples comparison of Berry versus select Georgia schools. For all comparisons, only full-time four-year bachelor’s degree-seeking students were included. Note that the HOPE Scholarship covers only up to four years at a state institution. Students needing a fifth or sixth year to graduate pay the full cost for those years.

	Berry College	University of Georgia	Kennesaw State University	Georgia College and State University	University of North Georgia	Georgia State	University of West Georgia
% of GA entering students with HOPE Scholarship	93%	100%	86%	97%	76%	62%	79%
% of GA students that retain HOPE/Zell Scholarships	72%	89%	59%	68%	54%	56%	61%
% of GA students that graduate with HOPE/Zell Scholarships	60%	71%	30%	48%	40%	41%	33%
% of entering students returning for second year	84%	94%	77%	82%	73%	80%	78%
% graduating in four years or less	68%	75%	21%	50%	29%	26%	29%
% of graduates with debt	46%	33%	50%	45%	42%	55%	65%
Average student loan debt	$24,894.00	$19,187.00	$24,160.00	$23,946.00	$22,191.00	$22,980.00	$23,487.00

Return on investment

While counting every nickel and dime is important, don’t forget to consider long-term outcomes in your equation. While private colleges do require an investment, the return is clear when you add in the depth of mentoring and quality of academic and hands-on experiences.

At Berry, our approach to education includes eight semesters of paid professional development, setting students up for success during their time on campus and long after graduation. On graduation day, 74% of Berry students already have job offers in hand. Within six months, 99% are meaningfully employed or enrolled in graduate school.

Among recent graduates, 91% report satisfaction with their next step, and 87% have completed significant research or internship experiences. Berry’s students also excel in competitive professional fields: 86% of pre-med applicants are accepted to medical school, 80% of pre-vet students gain admission to veterinary programs, and pre-law students boast a 100% law school acceptance rate.

Want to explore how Berry prepares students for the future? Check out the Berry Journey, our four-year guided experience, designed to help students take ownership of their education and steer it toward a purposeful life.

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To learn more about your financial aid options, talk with your admissions counselor or visit https://www.berry.edu/scholarships-and-aid/. Have more questions? Discover more on our blogs like public vs. private comparisons beyond cost or what makes college cost worth it.