October 20, 2013

Cornell Named a ‘Best Value’ College

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Cornell University was ranked 15th in Kiplinger’s list of private colleges with the best value. The rankings, published this month, are based on a measure of both quality and affordability.

The University rose three places in the rankings, moving up from 18th last year.

The ranking was based on comparisons of 600 private institutions that were compared on measures of competitiveness, graduation rates, academic support, cost of tuition and financial aid, as well as average student debt, according to Kiplinger’s website.

Quality of education accounted for 56.25 percent of the weighting, while affordability accounted for 43.75 percent of the weighting.

Although tuition rose in response to rising costs in education, financial aid helped many students cope with tuition increases, according to Elmira Mangum, vice president for budget and planning.

“Our financial aid policies have a significant impact on lowering the actual cost of attendance for over 48 percent of our undergraduates with financial need,” Mangum said in a University press release. “Cornell will administer nearly $245 million in financial aid this year that benefits roughly 6,700 students.”

The private college with the best value was Yale University, which Kiplinger wrote meets 100 percent of need-based aid to families earning as much as $200,000 per year. As a result, Yale’s average net price weighed in at $15,435.

Although Cornell’s “sticker price,” or tuition cost, was $59,887, the average need-based financial aid given was $35,752. The average debt at graduation was $20,490.