Students go to college hoping their degrees will afford them higher-paying jobs. But how much will that degree cost you?
At his March investiture, Ohio State University president Michael Drake pledged to curtail student debt by 2020. His plan? Running the country's third-largest university more efficiently. This means generating more revenue, more scholarship dollars (to the tune of $100 million) and reeling in administrative spending. Drake's plan comes on the heels of Gov. John Kasich's February executive order that created the Ohio Task Force on Affordability and Efficiency in Higher Education. This nine-person commission,chaired by outgoing Ohio State CFO Geoff Chatas,is exploring ways higher-education institutions can slash tuition costs without undermining education value. The commission is supposed to report back to Kasich by Oct. 1.
So just how serious an issue is student debt today? The Project for Student Debt, a venture run by higher-ed nonprofit The Institute for College Access & Success, found that, in 2013 (the most recent year for which complete data is available), nearly 7 in 10 private and public college grads across the country owed student loan money. Ohio grads mirrored the national average at 68 percent, and their out-of-pocket debt come commencement, when averaged, was $29,090.
We took a look at the costs facing students who graduate from one of Central Ohio's four-year colleges this month.
Tuition figures do not include room and board.Ohio Dominican did not report average debt figures to The Project for Student Debt and declined to provide the information toColumbus Monthly.
Sources: Universities and The Project for Student Debt
Editor's note:This story corrects errors that appeared in an earlier version online and in our print edition. We incorrectly reported the percentage of Ohio State University graduates with debt as of 2013, as well as the average amount of debt students have when they leave the university, also as of 2013. This version also revises and corrects the 2011-12 tuition cost from $9,309, as it was reported on a university statistical summary, to $9,735, which reflects mandatory fees not specified in that document.