College is an investment and families should know that money borrowed for college by Indiana students varies little by the type of institution, public or private. An Independent Colleges of Indiana study reveals the average debt for graduates of Indiana private colleges is $28,000, compared to $26,000 for public institutions.
Lisa Norton, dean of admissions at Rose-Hulman Institute of Technology, cites these following reasons why attending a private institution is cost-effective:
- Indiana’s private colleges and universities offset tuition and reduce family costs with significant financial aid and scholarships.
- Students attending private colleges enhance their chances of graduating in four years.
- Entering the workforce earlier means graduates begin their careers earlier, instead of spending or borrowing for an extra year of college.
The U.S. Department of Education’s College Scorecard reveals that Rose-Hulman led all Indiana institutions for median alumni earnings, at $80,900 10 years after enrolling in college.