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Comparing College Costs (KY Case Study)

Many students throughout the Commonwealth of Kentucky are looking for post secondary educational opportunities.  Kentucky being one of the poorest states in the country, it’s no wonder many kids see education as their ticket to get their family out of poverty.

Lexington, KY is a hotbed of self starters and businessmen.  It’s the medical capital of the state and also harnesses some of the states biggest educational institutions.

Within a 35 minute drive from downtown Lexington, you have both public and private colleges and universities within reach.  The University of Kentucky being the largest and State’s flagship institution located right downtown Lexington.  Transylvania University is another higher learning place located within the confines of Lexington’s pristine downtown area.  “Transy” as it’s known is one of the best liberal arts schools in the country and attracts students from all over the nation for its unique curriculum.

Eastern Kentucky University is located just south of Lexington in Richmond Kentucky.  It is also a public University that has specialties for students looking for careers in Law Enforcement and Nursing.

Georgetown College located just a few miles north in lovely Georgetown, KY is a quaint little town that became the home of Toyota back in the 1990’s.  The town and the college have blossomed from the new relationship.  Georgetown College is perennially on the list of best private institutions in the nation.

Down the road not too much further from Lexington is the town of Danville, KY that hosts the State’s most coveted private colleges.  Centre College is consistently on the list of best colleges and the city of Danville is quite a pleasant place to live.

Bear College is another place where students can get great value for their efforts.  Located just south of Richmond, KY in Berea, you’ll find a town and school that embraces it’s Appalachian Foothill cultural.  Students are able to enter into the school’s work study program and basically go to college for FREE!!  Yes you read that correctly.  They work on the grounds, in the cafeterias and in the dorms to earn their education.  Leaving school with very little to no debt is the envy of many college graduates across the country.

The costs associated with attending one of Kentucky’s public universities can be expensive.  As it stands right now, UK is estimated to cost somewhere in the ballpark of $26,000 a year in tuition, room, books, and board.  That could leave a student with a four year debt in excess of $100,000 at graduation.  a daunting number to swallow.  Especially considering the average student takes longer than the four years to finish their college careers.

Students considering a school like Georgetown College can pay upwards of 45K per year.  Deciding to go to UK may seem like the better choice between the two given the difference in tuition.  But not so fast.  Many private institutions have endowments so large they often discount their cost of tuition to attract the best students.

The colleges and universities that discount their retail tuition price most often do so in hopes if gaining future donations from successful students that then pay them dividends.

I’ll discuss how and why places do this in future posts.  Check back for more updates as they come.  You don’t ever want to pay retail for your child’s college tuition and i’m going to show you why you don’t have to.

 

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