A survey of students at the Wharton School reveals the costs of attending college are out of whack when it’s considered in the context of a large student body.
Wharton School dean of admissions Eric M. Schmitt said the data suggests students should be paying more for their education.
“Students should be aware that the amount of money they are paying to attend Wharton is far from being sufficient to cover the full costs of the degree, said Schmitt.
The study, commissioned by Wharton and the American Association of University Professors, found that at Wharton students pay $2,890 per year, while students at many other elite colleges pay far less.
Students at other elite schools, including the University of Pennsylvania, are also paid far less than students at Whartons.
For the most part, students who attend Wharts tuition and fees pay more, with students at more selective schools paying the most.
But Wharton says the data is misleading, because it ignores the full cost of attendance.
A student who earns $45,000 a year is paying about $8,500 a year to attend a Wharton school, while a student who earned $60,000 would pay about $15,000 to attend an elite school.
To understand the full value of Wharton education, students should take into account the full package, said Ryan B. Stover, Wharton’s dean of students and president of the Whartones Student Union.
That means students should pay about the same amount for the education they would receive at the most selective colleges, he said.
What’s in the data?
The survey asked students at five different colleges whether they paid more than $1,000 per semester for their tuition and $1 for room and board.
More than three-quarters of students, 76 percent, said they paid less than $300 per semester.
At Wharton, students pay less than they would at most other colleges.
Almost one in four students said they were paying $1.50 per semester, or about $9 a month, for tuition and room and a board.
The students said the Wharts fee structure was not as generous as the other schools they attended.
Nearly a third of students said that the fees at Wharts were too low compared to other schools, and one in five said the fees were too high compared to the cost of living in New York City.
Students at Wharsted said the fee structure made the cost for attending the school very high.
One in three students at St. Albans said the cost was too high for the price of living.
In general, students said tuition was too expensive compared to schools in other states, including public universities.
Most students said fees were a lot higher than what other schools charge.
How can I help?
The Wharton Student Union is urging the Wharsters to make a plan to help students afford college.
We need to get students more involved in the decision making process, said student Sarah J. Brown, a member of the Student Union who is a senior.”
They need to know that if they are considering a college that they should take their time and talk to a Wharster,” she said.