When Emily Hodge toured colleges, she had a few things in mind. She wanted a public, medium-sized school, and definitely one that was affordable.
She found it.
Hodge isn’t alone in choosing Minnesota State University in part for its price point. According to a recently released study, the school is the fifth most affordable college in the state.
MSU made the top ten among educational heavyweights St. Olaf and Carleton colleges. The new study by SmartAsset identifies schools across five categories: tuition, student living costs, scholarships and grant offerings, student retention rate and starting salary for new graduates.
“It’s always nice to have some confirmation of the progress we’re making at our university and the great things students are doing here,” said David Jones, vice president of student affairs and enrollment management. “And in this case, what they’re earning for their starting salary.”
For tuition, MSU comes in just under $10,000, according to the study. Student living costs are $14,500 and average scholarship and grant offerings are $5,950. MSU grads typically earn a starting salary of $55,900 after graduation. And the school boasts a retention rate of 75%.
As a public university, MSU ranked well in the SmartAsset study, and the school also competed with “institutions with much higher price points, which is satisfying,” Jones said.
St. John’s University costs $53,000, St. Olaf costs $56,450 and Gustavus Adolphus College costs $53,570. Tuition at Carleton is $64,610 and at St. Mary’s University of Minnesota, $41,400. They were also among the top 10 best value colleges as ranked by SmartAsset.
Studies such as this are a good reminder for students and families who are choosing between higher education options in Minnesota, Jones said.
Is price point a factor for students when choosing MSU? Yes, he said. Hodge is not alone there.
“We have data going back many years now that indicates our price point is important to students and families,” he said. They’re also looking at the quality of programs, strength of academics and how they fit into the campus community. Connectedness is important too, Jones said.
“They are looking for the whole collegiate experience,” he said.
As for how MSU maintains a reasonable price, he said it’s twofold. “We take great pride in the support the state of Minnesota provides for our university as well as the gifts private donors and supporters contribute to the university to make our education experience affordable,” he said.
Hodge, who will be a senior this fall majoring in social work, said she’s happy with her choice to attend MSU. She’s found her niche of being involved on campus and is content overall.
A Sioux City, Iowa, resident, Hodge said she was won over by MSU when she visited.
“When I toured Mankato (Minnesota) state, it just seemed like the perfect fit,” she said.
“It’s amazing it’s ranked fifth,” Hodge said. “We can have that status of being an affordable school. I’m shocked because I’ve never heard the statistic being said.”