ONU ranked No. 2 in national ‘Best Colleges for the Money’ list
College Factual has ranked Ohio Northern University first in the state of Ohio, first in the Great Lakes region and second in the nation in its 2016 “Best Colleges for the Money” rankings.
In the region, ONU garnered the top spot out of 192 schools; in the state, ONU was first out of 48 schools. Overall, ONU ranked second out of 1,223 schools, behind only Brigham Young University.
The Great Lakes region consists Illinois, Indiana, Michigan, Ohio and Wisconsin.
One of the main factors in ONU’s high ranking is its “average years to graduate” figure (4.3), which results in a lower total degree cost. The rankings show ONU’s average yearly cost is $15,147 and the average total degree cost is $64,584. ONU was also recognized for its freshman retention rate of 86 percent and its graduate rate of 66 percent. Both numbers exceed the national average.
The College Factual rankings are calculated as follows: The first step is estimating the net price the average student will pay each year. This equals the average amount students pay for tuition, fees, room and board, books, supplies and other living expenses. Then, the average amount of grant and scholarship aid students receive is subtracted to get to the actual average yearly cost. The second step is to determine the total cost for an undergraduate degree; the length of time it takes to complete the degree is calculated. While many students finish their undergraduate studies within four years, most do not. The rankings calculate the average length of time it takes students to complete degrees at each college, based on the number of students who graduated in four, five and six years.
The third step is total degree cost. Rather than multiply the yearly cost by four, they multiply it by the average years to graduate, calculated in step two above, to get to the estimated total degree cost; and finally Once they have the estimated total degree cost for all schools College Factual orders them from least expensive to most expensive in what the rankings call the Affordability Rank.
College Factual’s cost data comes from the Integrated Postsecondary Education System from the National Center for Educational Statistics, a branch of the Department of Education.