Kiplinger's raises Rice to second best value university

By Dixita Viswanath     10/24/12 7:00pm

 

Shoppers always are looking for a good deal; yet finding one, especially for a college education, takes intensive research. Kiplinger's Personal Finance Magazine released their 2012 edition of their best value colleges on Oct. 24. Rice University was ranked No. 2 for best value among private universities for a college education in the national survey. 

Rice has placed No. 4 every year since 2009 and has jumped to No. 2 this year partially due to poorer performance by peer institutions, according to Marc Wojno, Senior Associate Editor of the Kiplinger's Personal Finance Magazine. 

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Yale University currently holds the No. 1 spot for best value; Princeton University, currently No. 3, was the previously ranked No. 1. 

The survey ranks colleges based on their net cost, calculated by subtracting the average financial aid package from the sticker cost of attendance. For example, according to Wojno, Rice's net cost is $19,440. 

Wojno defined best value to be the combination of a good education for an affordable price. 

"Best value is the ability for a student to receive a first rate education without having to spend an excessive amount for it," Wojno said. "To determine our rankings, we look at financial aid programs, need-based aid and merit aid and [weigh] them into our rankings."

According to the Kiplinger website, the main factors that Kiplinger considers in this ranking are a school's competitiveness, academic support and graduation rates. Competitiveness is determined by the admission rate, enrollment rate and SAT/ACT scores of the entering freshman class, while academic support is measured by the student-faculty ratio and the percentage of freshman who return for their sophomore year, Wojno said. 

President David Leebron said that Rice's commitment to an excellent education should be acknowledged on the national scale. 

"I am thrilled that the combination of Rice's commitment to generous financial aid and need-blind admission, reflected in the remarkable quality and diversity of our undergraduate student body and the extraordinary quality of our total undergraduate experience have once again been recognized, indeed at an even higher level, by Kiplinger's," Leebron said. 

Dean of Undergraduates John Hutchinson said that Rice's ranking is indicative of the university's nature as a whole. 

"This ranking adds to the growing and impressive body of data showing clearly that, for the brightest students of all means and from all backgrounds, Rice is unquestionably the place to be," Hutchinson said. 

Hanszen College sophomore Seth Davis said that although the tuition at Rice is low compared to peer universities, it is still quite steep compared to public universities. 

"I think the tuition at Rice is pretty reasonable [when] compared to similar universities," Davis said. "However, I am not sure why private universities are as expensive as they are, in general. I'd classify Rice as a 'Best Value' school in the sense that it is low-priced for what is - as far as selective private universities go, Rice offers a good value."

Director of Student Financial Services Anne Walker said Rice admits students regardless of their ability to pay and provides financial aid packages that meet 100 percent of their demonstrated need. Demonstrated need is determined by subtracting the expected family contribution from the Free Application for Federal Student Aid and College Scholarship Service Profile from the sticker price of tuition. According to Walker, 62 percent of undergraduate students at Rice receive some form of financial aid, which includes grants, scholarships, federal work study and merit aid. 

Wojno said that the merit aid system at Rice rewards hard-working students with a financial incentive to attend and do well at Rice. 

"Unlike many top-tier private universities, Rice also awards merit aid to a significant percentage of students," Wojno said. "They average at just under $16,000 [per student who receives merit aid] awarded in merit aid, a value that is on par with state universities nationwide."

According to Walker, Rice caps the total amount of student loan debt at $10,000 through unsubsidized or subsidized federal loans. However, some students may choose to take out additional loans not covered by the federal government. 

Walker said that despite rising tuition costs, Rice is dedicated to providing an affordable college education for all. 

"Rice University began as a free-tuition educational institute," Walker said. "Even now, we are among most affordable among the top-tier schools. It is a combination of keeping tuition affordable while providing need-based packages to allow everyone to attend college."

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