IU Bloomington is one of the best value colleges in the state
A new study ranks Indiana University Bloomington among the best value colleges in Indiana, but it falls behind other universities like Purdue and the University of Notre Dame. IU Bloomington ranked fifth overall.
The study, by financial technology company SmartAsset, ranks Indiana’s “best value colleges” in five categories: tuition, cost of living, scholarship and grant offerings, student retention rate and starting salary for new graduates. The rankings included both public universities such as IU Bloomington and Purdue University and private schools such as Notre Dame and Wabash College.
Where does Indiana University rank on the list of colleges with the best value for money?
Indiana University Bloomington ranked fifth among the best value colleges in Indiana, behind (in order) Purdue, Notre Dame, Wabash College and Rose-Hulman Institute of Technology. IU Bloomington ranked ahead of schools like DePauw University, Taylor University and Indiana University-Purdue University Indianapolis (which will soon be split into Indiana University Indianapolis and Purdue University Indianapolis).
The top 10 colleges in Indiana are as follows:
Top 10 Colleges in Indiana
- Purdue University
- University of Notre Dame
- Wabash College
- Rose-Hulman Institute of Technology
- Indiana University-Bloomington
- DePauw University
- Indiana University-Purdue University-Indianapolis
- Taylor University
- Trine University
- Valparaiso University
Which college in Indiana offers the best value for money?
Sorry, Hoosiers. According to the SmartAsset study, IU’s rival, Purdue University, is the best value college in Indiana. The combination of scholarships awarded, tuition, cost of living, student retention rate and average starting salary earned it a score of 86.8 on SmartAsset’s higher education value index, compared to 71.33 for IU.
However, the study does not take into account some important factors such as affordability and value, including the percentage of students receiving aid, where IU beats Purdue by 35%.
Why wasn’t Indiana University ranked higher?
The SmartAsset study evaluated Indiana’s colleges in five categories: tuition, cost of living, scholarship and grant offerings, student retention rate, and starting salary for new graduates. While Indiana University ranked in the top three for tuition and cost of living, it fell behind comparable colleges like Notre Dame and Purdue in average scholarship amounts awarded and student retention rate (Purdue had 91% and Notre Dame 98% retention rates, IU 90%).
It is important to note that while IU students receive fewer scholarships and grants per person, financial aid is more widespread among IU students. 83% of IU students received financial aid in 2021-2022, compared to 48% at Purdue University and 52% at Notre Dame in the same year.
Is Notre Dame really more valuable than Indiana University?
That depends on how you define “value.” SmartAssets’ ranking of the “value” of Indiana colleges essentially looks at each college’s “return on investment” by comparing tuition and living costs to the average starting salary. According to U.S. News and World Report, Notre Dame is the 20th best college in the country and has a concentration of students studying high-paying subjects like economics and computer science. Notre Dame students graduate with an average starting salary of $73,000 per year, compared to $57,900 at IU.
But tuition at Notre Dame for the upcoming academic year is over $64,000 per year, compared to $12,142 at IU for in-state students ($41,890 for out-of-state students). And while scholarship packages at Notre Dame are larger, it provides financial aid to about 30% fewer students than IU.
According to CollegeFactual, IU students borrow an average of $24,136 over four years. Notre Dame students borrow about $28,576.
This is probably why Rose-Hulman also ranked ahead of IU, with average tuition of $58,848 and a starting salary of $80,500 per year.
Which colleges in Indiana have the lowest tuition?
Of the 10 best value colleges evaluated by the SmartAsset study, Indiana University-Purdue University Indianapolis won the title for lowest tuition at $11,169 per year. It was followed by Purdue at $11,791 per year and then IU at $12,604.
Vincennes University, which is not ranked, holds the title for lowest tuition for a four-year bachelor’s degree at $3,563 per year.
Reach Brian Rosenzweig at [email protected]Follow him on Twitter/X at @brianwritesnews.
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