Most & Least Affordable HBCUs: A Comprehensive Guide
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Posted By: S. Moore on June 27, 2023 For some students, attending a historically Black college or university (HBCU) in the U.S. aligns with their personal and professional goals. However, as both the inflation rate and cost-of-living expenses increase, affording rising tuition can be a challenge for many students and families. To learn more about the affordability of HBCUs, LendingTree researchers dug into U.S. Department of Education College Scorecard data, using average annual net cost to determine which schools are the most and least affordable. Net cost includes expenses such as tuition, room, board and books, while accounting for grants and scholarships. Coahoma Community College in Mississippi is the cheapest HBCU, while Spelman College in Atlanta is the least affordable, according to the findings. Here’s more about the cost of HBCUs. Key findings
Most and least affordable HBCUs Coahoma Community College in Clarksdale, Miss., is the most affordable HBCU in the U.S. This two-year public school has a net cost of $1,004, less than half that of the next college — Elizabeth City State University, a four-year public school in North Carolina — at $2,350. Among the five most affordable HBCUs, four are public institutions. Of those five, four are two-year schools, while just one is a four-year college. In fact, most of the institutions at the top of the list are public schools — a mix of two-year and four-year colleges — with private ones appearing periodically. Meanwhile, private schools dominate the bottom of the list. In particular, Spelman College, a four-year private institute in Atlanta, is the least affordable HBCU, with a net cost of $43,843. Spelman was followed closely by Howard University in Washington, D.C. Howard — also a four-year private institute — has a net cost of $41,289. The most expensive two-year institution is Virginia University of Lynchburg. This private school has a net cost of $22,042. Most — and least — affordable HBCUs
Looking to leave school with less than $20,000 in debt? Consider these 5 HBCUs According to our latest student loan debt statistics update, students in the class of 2020 graduated with an average of $28,400 in federal and private debt. However, attending an HBCU and walking away with less than $20,000 in debt is possible. Five HBCUs have a median student loan debt among graduates of less than $20,000:
On the other hand, many HBCUs have students who graduate with rather large median debts. Across the 88 HBCUs researchers examined (based on available data), 50 had students graduate with a median debt greater than the average across the schools of $28,288. American Baptist College — a four-year private school in Nashville, Tenn. — and Virginia University of Lynchburg — a two-year private school — had the largest median debt totals among the HBCUs. Both schools are also among the 14 with the highest net cost.
When choosing between a public and private school, LendingTree senior writer Andrew Pentis recommends that students consider the factors that vary the most between the two. Variables such as tuition, class, campus size and academic program options can swing widely. For instance, a public college is typically much less expensive to attend than a private university. And while a private school might have smaller class sizes, it might also feature less diversity on campus. “Students who aren’t sure what they want to study might like the idea of attending a larger school, whether it’s public or private, to give them a wider array of degree programs to consider, plus a larger faculty and staff to lean on for support,” Pentis says. “At the end of the day, students should find out which schools suit them best instead of limiting their search to either public or private.” Where 75% of HBCU students graduate within 150% of normal time Before going into this statistic, it’s important to know what this means — and why it matters. Graduation rates within 150% of normal time are calculated using factors such as the number of students seeking a degree and completion rates. For example, for a student seeking a bachelor’s degree at a four-year college, 150% of normal time is usually six years. On the other hand, for a student getting an associate degree, this would mean 150% of normal time is typically three years. Knowing this information about an institution can give you an idea of how long it may take you to finish your degree at this school. Among the HBCUs studied, only two schools had 75% of their students graduate within 150% of normal time.
This was a bit surprising, according to Pentis, as Spelman College was considered the least affordable school in the study with a net cost of $43,843. While Clinton College was significantly less expensive with a net cost of $15,393, it was still in the bottom half of most expensive HBCUs. However, schools like Clinton and Spelman have ways to circumvent that reality, such as offering significant financial aid that doesn’t need to be repaid. Spelman, for example, offers a variety of institutional scholarships that cover partial or full tuition costs, with some assistance lasting for as many as four years. Pentis also points out that higher-priced, more prestigious HBCUs might attract families with deeper pockets. “These schools might have higher graduation rates, in part, because many of their students went to very good high schools that prepared them for the rigors of college, or perhaps they come from families with multiple generations of college graduates who offer students a great support system for excelling in school,” Pentis said. 3 years after entering repayment, these HBCUs have the biggest groups paying down student loan debt Another important factor to understand when looking at HBCUs is repayment rates. This is defined as the percentage of student borrowers that haven’t defaulted on their loans and are making repayments. This rate is typically measured at the one-, three-, five- and seven-year marks after students start paying their loans. LendingTree researchers found that the schools with the highest repayment rates after three years are generally four-year public or private institutions. According to the data, the following schools had repayment rates above 60% after three years:
Finding the right HBCU Because there are various factors to consider, finding the right HBCU fit can be challenging. “Students and their families tend to focus their attention on schools instead of themselves, even getting dreamy-eyed about particular colleges or universities, whether because of their prestigious reputations, city locations or sports teams,” Pentis says. Instead, Pentis advises parents and students to focus on their family’s priorities. Here’s how you can approach this:
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