The decision will affect students and their families not just for the next four years but, in varying degrees, for the rest of their lives. Imagining or attempting to predict the personal and financial ramifications of this choice 10, 20, or even 30 years down the line is a daunting task, but failing to do so increases the risk of making a poor decision.
So what factors should you weigh before choosing? Here is a list that can help make the decision easier:
- Consider your goals for college. Are you mainly looking to get a degree in a certain subject, or do you view college more as an opportunity for expanding your horizons and personal growth? Although both can be accomplished in either setting, the former may tip the scales toward the state university, whereas the latter might lead you to choose the private college.
- Does the school's size matter to you? A large state university may have many more offerings in all areas but also usually has many more students—meaning larger classes and more competition to get into popular courses or majors. But a small college could seem limiting and, if your interests change (as they do for many students), may not even offer the major you ultimately choose to pursue.
- Whom do you want to attend college with? If you go to your state university, most of the other students—some of whom will likely become lifelong friends—will come from your home state, and many even from your high school. If you'd like more geographic diversity, attending an out-of-state school may be the way to go.
- Where do you want to be? If staying close to home is important or you want to develop and solidify local personal and professional relationships, the state university may be your best choice. However, if you feel you've outgrown your location and want to experience something completely different, the private college in a far-off state may make more sense.
- Which school do you want to "take with you" for the rest of your life? Either way, you'll be listing that school on your resume, receiving that school's alumni publications, and otherwise hooked into that school's personal and professional network for years to come.
- What near-term financial effects will attending the school have on you? An all-expenses-paid four-year stint at the state university will free you from having to take part-time jobs during the academic year and full-time employment in the summers; you'll also graduate debt-free. Attending the private college, however, may put significant financial pressure on you while you're in school and burden you with thousands of dollars in debt by the time you're done.
- What about long-term financial effects? Graduating from college debt-free means you'll have more options when it comes to subsequent employment or education. You won't be forced to take a less desirable but higher paying job after graduation to make your monthly payments, and you'll be freer, if necessary, to take on debt if you decide to pursue an advanced degree. You also may be able to do such things as buy a house or start a business sooner. The converse is true if you already have major debt from your college education.
- How will your choice affect your parents' financial situation? Your parents may be more than willing to spend hundreds of thousands of dollars so you can attend whatever college you choose, but can they really afford to? Some parents will seriously compromise their own financial futures for their children, but what will this mean down the line? They may not have enough money to live on, and you may find yourself wanting or needing to help support them later on.
- In terms of your professional future, will it really matter which school you attend? Although many people still believe that attending a prestigious top-tier college is the ticket to personal, professional, and financial success and the only way to get into top graduate and professional schools, this is an outdated misconception. Success is much more a function of your personal qualities, effort, and luck than of where you decide to go to school—and highly competitive graduate programs regularly admit students from state universities.
- Will you regret your decision? Some people are more prone to regret than others; if you're one of them, you may want to choose the school that you believe, in your heart of hearts, is meant for you. Studies have shown that in later life people regret their inactions (the road not taken) more than their actions, so forgoing that expensive dream college in favor of the more prudent state university may set you up for major regrets when you're older—but then again, so could going thousands of dollars into debt.
In the end, deciding where to attend college can be extremely difficult, especially when no choice seems ideal. If, after carefully considering all the factors and consulting with your parents, you find that you still can't choose, flip a coin. Decision theorists say that when two options seem equally desirable, allowing heads or tails to determine the choice is not only reasonable but rational.
