The University of North Carolina at Chapel Hill tops our list again, but the University of Michigan is on the march. By SuSannah Snider

» money

collegerankings

mattern The universiTy of norTh Carolina aT Chapel hill is The number-one value for boTh in-sTaTe and ouT-of-sTaTe sTudenTs.

Best Values in Public Colleges

n afTer moving up sTeadily, The universiTy of miChigan CraCked our Top Ten, Coming in aT number six.

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Kiplinger’s personal Finance 02/2014

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college landscape looks very different. But one element has remained consis-tent: The University of North Carolina at Chapel Hill is still on top. That puts UNC at number one for the 13th straight time—as many times as Kip-linger’s has ranked public colleges. UNC’s combination of stellar academ-ics, low cost and rich financial aid has once again bested its peers.

The next three

western schools are shooting up in our rankings faster than Iowa corn in Au-gust. Several had an especially strong showing this year, with the University of Michigan, in Ann Arbor (number six), breaking into the top ten. The University of Wisconsin at Madison landed at number eight. And Truman State University, in Kirksville, Mo., hit number 12, continuing its climb.

More than two-thirds of the states are represented in our top 100. But if sticking close to home isn’t an option or doesn’t appeal, take a look at our out-of-state values. UNC at Chapel Hill topped the charts this year at least in part for its generous financial aid, which brings the average cost for out-of-staters (after applying need-based aid) to $28,236, compared with

schools at the top of our rankings also replicate last year’s list. The first runner-up is the University of Vir-ginia, for the second consecutive year. UVA has the highest four-year gradua-tion rate on our list and the second lowest in-state cost ($5,070, on aver-age) after need-based aid is applied. The University of Florida kept its third-place spot, with a $10,679 annual price tag after need-based aid as well as improved graduation rates. And the College of William and Mary stayed in fourth place thanks to its strong aca-demics—including a 12-to-1 student-faculty ratio and a 32% admission rate (the lower the number, the more com-petitive the school).

Most of our top-dozen schools are on the East and West coasts, but mid-

pages 42 and 43: courtesy Washington and Lee university

uncUniversity of north

carolina at chapel hill

oUt-of-state valUe

best in class

a lot has changed since kiplinger’s began ranking best-value public colleges in 1998. Back then, total in-state costs—tuition, fees, room and board—rarely topped $10,000. Out-of-state price tags almost always came in below $20,000. And college value was a side topic (for everyone except Kiplinger’s) instead of a national conver-sation. // With today’s sky-high sticker prices and worrisome student debt, the

n Carol folT, CenTer, brings

energy To her role as unC ChanCellor.

59

02/2014 Kiplinger’s personal Finance

a sticker price that’s a bit over $41,000. Second place goes to the University

of Virginia. Its $50,801 total cost for out-of-state students drops to $32,456 after need-based aid. Third is SUNY Geneseo—last year’s first-place univer-sity for out-of-state value. This small school in upstate New York charges a relatively modest $29,122 in total costs to out-of-state students, and $24,387 after need-based aid is applied. Aca-demics are competitive here: 23% of students scored more than 700 on the SAT verbal exam, and 26% scored more than 700 on the math portion.

As you browse the list of our top 100 values, remember that we begin our rankings by looking at nearly 600 schools. That means that every school on our list is a best value, from UNC–Chapel Hill at number one to the Uni-versity of Oregon at number 100.

ll mIXeD oUTLooKThe rate of increase for some higher-education costs is slowing. In-state tuition and fees rose only 2.9% in 2012–13, the lowest increase in more than 30 years, according to the College Board. At $18,391, the average in-state cost, including room and board, is less than half the average private school bill of $40,917. And the job market is looking a bit brighter for new grads, with hiring up 7%

for freshly minted bachelor’s degree holders, according to Michigan State University’s Collegiate Employment Research Institute.

But that’s not the whole picture. Financial aid isn’t keeping up with sticker prices, and the net price—what students actually pay—increased by 1.8% this year, to an average of $12,620 (again, including room and board). Colleges are still feeling the effects of the recession, when higher enrollment taxed the system and lower state fund-ing sent tuition into the strato-sphere. State universities typ-ically see funding axed when times are tough, says Andy Carlson, senior policy ana-lyst with the State Higher Education Executive Officers Association. “It has always been the easiest thing to cut,” says Carlson. Today, state and local funding per full-time student is at $5,906 per year, the least in inflation-adjusted dollars since 1980. And colleges rely more on tu-ition—or out-of-state enrollment—to make ends meet.

Some states are taking exceptional measures to tackle college costs. Flor-ida and Texas recently introduced

$10,000 degrees, us-ing a combination of online learn-ing, competency-based exams and

classroom work to keep costs down for select majors. Ore-gon is considering waiving public school tuition in exchange for a portion of students’

future earnings.Despite ongoing

questions about the

value of college education, the evi-dence shows that postsecondary degrees are worth the price. College graduates tend to have higher lifetime earnings and graduate into better, more recession-proof jobs than those who don’t get that degree. “Higher education pays off,” says Carlson.

ll UnC STAnDS TALLFor academic quality, the University of North Carolina at Chapel Hill com-petes with elite private schools. Its

28% admission rate—even more selective than last year’s—

means that only the most competitive

applicants gain entry. Most stu-dents graduated on time, with 77% completing their degrees in

four years. UNC is the only

school on our list to meet 100% of financial

need. The total in-state cost approaches $20,000, but need-based aid cuts it to $6,454. Eligible low- income enrollees receive a debt-free education as part of the Carolina Cov-enant. And those who take on debt graduate with less than $17,000 to repay, on average, well below the na-tional average of $29,400. “I want students to choose professions and careers that are driven by their inter-ests and passions rather than by whether they can pay back a loan,” says Carol Folt, UNC’s new chancellor.

ll mICHIGAn moVeS UP UNC may have staked its claim at the top of our list, but the University of Michigan, another state flagship uni-versity, has steadily ascended our rankings over the past three years. The reason: limited cost increases and improving academics. UM’s tuition is relatively high ($12,948 for in-state students, and $24,186 in total costs), but the 2014 tuition increase for Mich-igan residents was only $148, or 1.1%,

87%University of

virginia

4-year gradUation rate

best in class

$12,166 University of

north georgia

lowest average debt

best in class

$10,352 University of science

and arts of oklahoma

lowest in-state sticker price

best in class

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Kiplinger’s personal Finance 02/2014

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* Kiplinger Top 100

how we rank the sChoolsthe ForMUla

to come Up with oUr

best values for 2013–14, we start with data on nearly 600 public four-year schools provided by Peterson’s, then add our own reporting. We narrow the list based on measures of academic quality. We then rank each school based on cost measures and financial aid. Quality accounts for 55%, and

cost accounts for 45% (criteria in boldface appear in the table).

cOst anD Financial aiD: 35%To evaluate costs, we look at tuition, fees, room and board, and books. We give the most points to schools with the lowest in-state total cost and equal points to schools that reduce the price through grants (shown as cost after need-based aid) and those that reduce the price through non-need-based aid. We reward schools with the highest percent-age of need met, and we give points up to the same maximum to schools based on the percentage of students without need who receive non-need-based aid. We calculate out-of-state cost separately and use the same criteria to assign an out-of-state rank.

stuDent inDebteDness: 10%Schools that keep down average debt at graduation deserve extra points, and we reward them accordingly. We also factor in the percentage of students who borrow. The lower the number, the better the score.

cOMPetitiVeness: 22.5%In this category, we include admission rate (the percentage of applicants offered admis-sion) and yield (the percentage of students who enroll out of those admitted). The first number demonstrates the selectivity of the school, and the second shows its ability to

55%QUalItY FaCtors

45%Cost

FaCtors

ll Kiplinger.com

morE top schoolsFor a sortable list of top public and private colleges, visit kiplinger.com/links/college.

the smallest percentage since 1985. And the total cost after need-based aid has actually decreased since 2011, to $10,930. In keeping costs down, “we’ve been relentless about it,” says UM president Mary Sue Coleman.

UM shaved $265 million from the budget, trimmed its tech and adminis-trative costs and is working on raising another $1 billion—nearly double what it raised in its last capital campaign—in financial aid dollars. Coleman says hard times in Michigan gave it “a head start” on the recession. In one decade, Michigan fell from 14th to 39th in terms of state appropriation per stu-dent, giving the university plenty of practice in limiting costs. “We’ve become battle-hardened,” she says.

As operating costs head down at UM, academics head up. Freshman

retention (the percentage of students who return for sophomore year) is at 97%, and graduation rates have been on the rise since Kiplinger’s started ranking public colleges. This year, the four-year rate jumped three percent-age points, to 76%.

Keeping students engaged might be a challenge at a school of Michigan’s size, with almost 28,000 undergradu-ates. But the key, says Coleman, is split-ting the student population into smaller groups through clubs and special- interest dorms. “Within the first year—even the first semester—students need to feel a connection,” says Coleman. “It doesn’t hurt that the students we’re recruiting are great students, too.” n

35%University of

north carolina at chapel hill

lowest % of stUdents who

borrowed

best in class

compete with other schools for accepted applicants. We also consider the percentage of incoming freshmen who are high scorers on sat or aCt, because high achievers en-hance the academic atmosphere.

GRaDuatiOn Rates: 18.75%Our rankings give maximum weight to the four-year graduation rate to reward col-leges that help students get undergraduate degrees on time and within budget. We also give points—albeit half as many—to colleges with a strong showing of students who col-lect their degrees in six years.

acaDeMic suPPORt: 13.75%Freshman retention rate is the percentage of students who return for their sophomore year, an indication of how successful the college is in keeping them on track. students per faculty measures whether the college has the personnel to fulfill its academic mission.

Our rankings focus on traditional four-year schools with broad-based curricula. Schools that offer great value but focus on special or narrow academic programs, such as the military service academies, are excluded. Cornell University, best known as a member of the Ivy League, is another exception. Four of Cornell’s colleges are part of the privately endowed university, which we consider a private institution. But three of Cornell’s undergraduate colleges are land-grant state schools that cost much less—about $29,000 a year for tuition and fees in-state.

Marc a. Wojno, Kaitlin PitsKer and jonny jaldin helPed coMPile this data.

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02/2014 Kiplinger’s personal Finance

in-state costs

1 University of north Carolina at Chapel hill 18,503 74%/82% 14 77% $19,676 $6,454 1 $41,458 $28,236 35% $16,983

2 University of Virginia 15,822 83/88 16 87 23,415 5,070 2 50,801 32,456 36 21,591

3 University of Florida 32,776 66/74 21 64 16,863 10,679 7 39,140 32,956 41 19,636

4 College of william and Mary 6,171 85/85 12 83 26,285 13,436 6 49,262 36,413 41 24,344

5 University of California, los angeles 27,941 61/78 16 71 28,852 11,483 5 51,730 34,361 46 20,409

6 University of Michigan 27,979 95 16 76 24,186 10,930 16 51,436 38,180 44 27,815

7 University of Maryland, College Park 26,487 68/80 18 63 19,972 13,132 14 39,158 32,318 46 25,276

8 University of wisconsin—Madison 30,863 95 17 54 19,957 12,636 10 36,207 28,886 49 24,700

9 University of California, Berkeley 25,774 74/84 17 71 29,280 12,651 11 52,158 35,529 40 17,964

10 University of Georgia 26,259 59/68 18 55 20,424 11,991 13 38,634 30,201 44 19,621

11 new College of Florida 832 87/66 10 56 16,867 8,048 42 39,895 31,076 39 18,276

12 truman state University (Mo.) 5,872 83 17 57 15,768 9,248 9 21,640 15,120 52 22,922

13 University of washington 28,933 44/71 12 56 24,355 10,355 18 43,929 29,929 49 20,800

14 University of California, san Diego 22,676 57/83 19 57 26,701 9,444 17 49,579 32,322 56 20,474

15 Binghamton University (sUnY) 12,356 70/90 20 68 21,832 14,602 4 32,152 24,922 53 23,710

16 north Carolina state University 24,833 45/70 18 39 18,698 9,338 15 32,153 22,793 57 22,858

17 texas a&M University 40,103 45/62 22 49 18,202 9,007 32 34,822 25,627 46 22,955

18 University of California, santa Barbara 18,977 54/71 17 67 28,995 11,511 21 51,873 34,389 53 19,325

19 Florida state University 32,171 91 26 54 17,419 13,507 23 32,585 28,673 51 22,555

20 sUnY Geneseo 5,388 72/78 19 67 19,672 14,937 3 29,122 24,387 67 21,000

21 University of texas at austin 39,955 57/71 18 51 21,910 13,220 36 45,954 37,264 50 26,097

22 James Madison University (Va.) 18,087 36/44 16 62 18,656 11,251 29 33,134 25,729 54 22,792

23 University of California, Irvine 22,216 29/54 19 66 28,344 11,426 28 51,222 34,304 50 19,828

24 Univ. of north Carolina school of the arts 760 44/32 6 60 17,801 9,773 25 30,946 22,918 69 26,612

25 University of Connecticut 17,528 53/70 17 67 24,594 16,007 22 43,542 34,955 62 24,373

26 ohio state University 43,058 93 19 53 21,135 12,340 24 36,855 28,060 59 26,409

27 Virginia Polytechnic Institute & state Univ. 23,859 27/46 16 59 20,205 13,611 31 35,961 29,367 54 25,759

28 University of north Carolina at wilmington 12,348 38/50 16 49 15,804 10,893 26 27,907 22,996 58 25,821

29 stony Brook University (sUnY) 16,003 46/75 18 47 20,259 13,354 20 32,199 25,294 58 20,954

30 appalachian state University (n.C.) 15,712 34/42 16 40 14,322 6,928 35 26,530 19,136 54 20,016

31 Clemson University (s.C.) 16,562 59/75 18 58 22,308 18,052 39 39,742 35,486 45 31,172

32 University of Delaware 17,427 50/59 13 67 24,412 16,581 30 42,232 34,401 56 33,649

33 Georgia Institute of technology 14,527 79/95 18 34 21,664 12,768 46 40,968 32,072 44 26,412

34 College of new Jersey 6,545 52/69 13 72 30,273 19,054 8 37,678 26,459 60 33,889

35 University of south Carolina 23,363 46/59 17 53 20,719 15,857 45 38,431 33,569 46 25,022

36 University of California, Davis 25,759 46/68 17 51 29,477 13,164 40 52,355 36,042 55 19,285

37 Indiana University, Bloomington 32,371 36/52 18 55 20,858 10,992 63 42,999 33,133 52 28,769

38 University of Illinois at Urbana—Champaign 32,281 90 19 69 27,094 15,537 27 41,476 29,919 52 24,657

39 University of texas at Dallas 12,029 59/79 21 45 22,246 14,425 58 40,818 32,997 36 17,516

40 Purdue University (Ind.) 30,147 35/60 14 40 21,782 10,962 51 40,584 29,764 54 27,798

41 Michigan state University 37,454 73 16 53 22,713 13,688 57 43,600 34,575 46 25,821

42 University of Central Florida 50,968 43/51 32 35 16,857 12,011 60 32,955 28,109 46 20,086

43 Cal. Polytechnic state Univ., san luis obispo 17,680 51/72 19 28 21,623 18,018 34 32,783 29,178 NA NA

44 University of Minnesota, twin Cities 34,469 91 21 51 23,087 14,933 12 29,337 21,183 63 29,702

45 University of Pittsburgh (Pa.) 18,429 62/78 14 62 28,952 21,178 19 38,958 31,184 67 33,662

46 new Mexico Inst. of Mining and tech. 1,565 71 12 17 13,946 7,900 54 25,305 19,259 42 18,834

47 rutgers, state Univ. of n.J., new Brunswick 31,593 40/62 14 57 26,627 16,391 37 40,651 30,415 57 26,656

48 st. Mary's College of Maryland 1,901 62/53 11 72 27,499 18,154 38 41,299 31,954 54 23,834

49 sUnY new Paltz 6,685 31/34 16 52 19,103 14,504 33 28,553 23,954 63 24,857

50 University of alabama 28,026 63 20 41 19,406 11,787 72 33,906 26,287 43 27,639

Quality measures Out-of-state costsPUbLIC CoLLeGeS

Cost data through November 15, 2013. NA Information not available. *Percentage of 2012-13 freshman class that scored 600 or higher on verbal/math SATs or 24 or higher on ACT. SourCe: Peterson’s undergraduate Database. Copyright © 2013 Peterson’s/Nelnet LLC. All rights reserved.

% of students

In-state rank/Name

Under-grad.

enroll.

high scorers on sAt (V/m)

or Act*

students per

faculty

4-yr. grad. rate

After need- total based aid rank

After need- total based aid

percentage of students who borrow

Average debt at

graduation

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Kiplinger’s personal Finance 02/2014

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in-state costs

51 University at Buffalo (sUnY) 19,505 27%/52% 14 44% $21,447 $ 16,307 47 $33,387 $28,247 45% $16,025

52 University of California, santa Cruz 15,978 32/38 18 51 29,226 11,187 65 52,104 34,065 56 20,358

53 Pennsylvania state Univ. at University Park 39,192 40/62 17 65 28,778 22,254 41 41,352 34,828 66 35,100

54 Miami University (ohio) 15,081 84 18 68 25,949 18,361 48 41,739 34,151 55 27,817

55 University of south Florida 30,289 40/51 24 29 16,660 10,983 55 27,575 21,898 57 22,623

56 University of Iowa 21,999 65 16 47 18,521 11,953 86 37,391 30,823 55 28,554

57 University of wisconsin—la Crosse 9,441 64 20 37 15,019 9,834 49 22,592 17,407 71 24,863

58 University of north Carolina at asheville 3,693 53/50 14 32 15,047 8,951 70 28,869 22,773 58 17,696

59 University of Missouri 26,996 71 20 47 19,647 11,835 68 33,996 26,184 56 24,661

60 College of Charleston (s.C.) 10,506 55/55 16 58 22,719 19,689 69 39,363 36,333 47 23,357

61 University of Mary washington (Va.) 4,515 34/32 14 69 21,308 14,308 61 34,178 27,178 45 23,000

62 Iowa state University 25,555 62 18 39 16,490 9,888 64 29,042 22,440 65 30,374

63 salisbury University (Md.) 7,969 31/42 16 49 19,668 14,476 44 28,014 22,822 59 23,159

64 University of north Florida 14,398 38/37 20 20 16,718 11,348 92 31,059 25,689 42 17,000

65 University of oklahoma 21,109 70 19 37 18,482 12,960 71 30,671 25,149 50 26,005

66 ramapo College of new Jersey 5,624 26/35 17 60 26,338 17,404 43 34,988 26,054 67 30,053

67 University of arkansas 20,350 72 19 35 18,240 11,301 79 29,496 22,557 45 24,647

68 University of tennessee 20,916 82 17 36 21,900 13,718 82 40,390 32,208 49 22,860

69 University of Utah 24,840 57 13 22 18,310 12,313 96 32,898 26,901 NA NA

70 University of Massachusetts—amherst 21,928 43/60 18 54 25,609 16,201 53 40,325 30,917 71 27,945

71 University of northern Iowa 10,655 42 16 39 16,505 12,278 80 26,001 21,774 NA NA

72 George Mason University (Va.) 20,653 37/43 16 42 20,608 14,314 90 39,292 32,998 57 25,822

73 louisiana state University 24,626 66 23 36 20,177 11,141 99 38,094 29,058 39 20,125

74 sUnY oneonta 5,863 16/28 18 50 19,486 14,777 52 28,936 24,227 66 15,373

75 University of Vermont 11,211 49/53 17 65 27,320 13,239 75 48,248 34,167 59 27,588

76 san Diego state University (Cal.) 26,624 21/32 23 32 22,324 12,224 66 33,484 23,384 44 17,600

77 west Chester University of Pennsylvania 13,297 18/22 18 43 18,036 12,643 62 28,160 22,767 71 30,345

78 University of Mississippi 16,060 51 19 37 17,526 10,669 84 28,494 21,637 47 23,986

79 oklahoma state University 20,130 64 20 35 15,390 9,093 88 27,405 21,108 52 22,736

80 auburn University (ala.) 20,175 82 18 38 22,604 15,706 85 39,116 32,218 41 26,690

81 Missouri Univ. of science and technology 5,843 90 17 27 19,277 12,314 81 33,363 26,400 73 21,659

82 Colorado school of Mines 4,169 98 16 35 28,088 22,229 76 43,988 38,129 51 33,209

83 University of nebraska—lincoln 19,103 63 20 29 18,557 11,826 89 31,884 25,153 60 23,280

84 Christopher newport University (Va.) 5,046 44/39 17 51 22,411 16,827 56 32,311 26,727 55 23,250

85 University of science and arts of oklahoma 983 42 13 28 10,352 2,885 83 16,784 9,317 58 18,378

86 towson University (Md.) 17,988 18/26 17 39 20,402 12,586 73 32,080 24,264 60 23,812

87 texas tech University 26,481 21/34 24 37 18,417 10,987 91 29,037 21,607 44 18,358

88 University of Maryland, Baltimore County 10,953 48/69 20 33 21,634 14,404 77 33,208 25,978 53 22,600

89 Purchase College (sUnY) 4,155 33/17 16 52 20,779 14,474 59 30,229 23,924 60 26,684

90 University of Colorado at Boulder 25,805 78 19 42 24,405 16,411 98 46,173 38,179 45 23,413

91 University of Minnesota, Morris 1,896 66 15 48 21,066 11,871 50 21,066 11,871 66 25,124

92 California state University, long Beach 30,931 12/22 22 13 19,328 12,774 87 30,488 23,934 39 NA

93 western washington University 13,902 35/33 21 36 20,920 12,089 74 31,809 22,978 55 20,473

94 University of north Georgia 5,851 28/27 20 28 14,554 9,654 94 23,019 18,119 57 12,166

95 Georgia College & state University 5,568 35/39 16 36 19,566 15,403 97 37,466 33,303 57 19,852

96 California state Polytechnic Univ., Pomona 20,542 18/36 25 11 20,432 11,637 93 31,592 22,797 45 18,659

97 sUnY Fredonia 5,231 16/20 16 49 18,798 14,000 67 28,048 23,250 87 27,431

98 sUnY Plattsburgh 5,706 16/22 16 37 18,805 12,879 78 28,255 22,329 70 25,268

99 University of California, riverside 18,537 19/40 19 42 29,004 11,794 95 51,882 34,672 73 21,373

100 University of oregon 20,809 29/36 19 44 21,922 15,967 100 41,947 35,992 48 24,528

Quality measures Out-of-state costsPUbLIC CoLLeGeS

Cost data through November 15, 2013. NA Information not available. *Percentage of 2012-13 freshman class that scored 600 or higher on verbal/math SATs or 24 or higher on ACT. SourCe: Peterson’s undergraduate Database. Copyright © 2013 Peterson’s/Nelnet LLC. All rights reserved.

% of students

In-state rank/Name

Under-grad.

enroll.

high scorers on sAt (V/m)

or Act*

students per

faculty

4-yr. grad. rate

After need- total based aid rank

After need- total based aid

percentage of students who borrow

Average debt at

graduation