The High Cost of Private Universities: A Closer Look at Why Low-Income Students Still Choose Them
With picturesque campuses, small class sizes, and lush green lawns, the appeal of private non-profit universities in California is undeniable for low-income students seeking a historic college experience. However, the financial burden can be staggering, with costs sometimes exceeding $30,000 in the first year alone, even after factoring in grants and scholarships. While most California students opt for public universities, approximately 160,000 students choose to study at private non-profit institutions like Chapman University, Loyola Marymount University, Stanford, and the University of Southern California.
The Financial Struggle
Analysis of federal college cost data by CalMatters revealed that low-income first-year students paid an average of around $21,000 to attend private campuses in the 2021-22 academic year. This amount, though still high, has decreased slightly in recent years, adjusted for inflation in 2023-24 dollars. Despite this, the price tag remains a considerable obstacle, especially for families with incomes below $48,000. Exceptions exist, such as Stanford and the University of Southern California, where low-income students may pay significantly less due to generous financial aid packages.
The Real Cost of Attendance
However, many private universities still have steep net prices, which refer to the total cost of attendance (tuition, housing, transportation, and meals) minus all grants and scholarships. For example, the net price for low-income students at Pepperdine University exceeded $36,000 for the 2022-23 academic year. This financial strain often forces families to reconsider their choices, as highlighted by Kristin Paredes Collins, who oversees enrollment and financial aid at Pepperdine.
Navigating Financial Hurdles
CalMatters conducted interviews with 16 Pell grant recipients at private non-profit universities in California, shedding light on the challenges and motivations of attending these pricier institutions. Many students juggle multiple jobs, forego extracurricular activities, and seek additional financial assistance to make ends meet. Despite these sacrifices, students emphasized the value of attending prestigious institutions with smaller class sizes and unique academic programs.
The Value of Personal Connections
The students’ experiences underscored the importance of personal connections and academic opportunities offered by private universities. For Leandra Cardenas, a second-year psychology student at Loyola Marymount University, living at home has made her education practically free, thanks to state, federal, and campus grants. Although the commute is long, Cardenas values the personalized education and individual attention she receives in smaller classes.
The Balancing Act of Work and Education
For students like Mika Panahon, who juggled multiple jobs to cover living expenses while attending the University of Southern California, the road to a private education is paved with hard work and determination. Despite the financial strain, many students believe that the benefits of attending a private university, such as access to prestigious networks and tailored academic programs, outweigh the challenges.
The Road to Success
While the cost of private universities may be daunting, many low-income students see it as an investment in their future. For Kelvin Nguyen, a first-generation college student from a low-income background, attending the University of Southern California provided him with valuable opportunities and a pathway to success. Despite the financial obstacles, Nguyen believes that the resources and connections he gained at USC have set him on a path to achieve his goals.
In conclusion, the decision to attend a private university as a low-income student is a complex one, influenced by a combination of financial constraints, academic opportunities, and personal aspirations. While the financial burden may be significant, many students find that the value of a private education—personalized attention, prestigious networks, and unique programs—outweighs the challenges they face. By navigating financial hurdles, balancing work and education, and leveraging available resources, low-income students can pave their way to a brighter future through higher education.