Higher education is a hot topic these days, and with the fall semester quickly approaching, college students likely have quite a few questions that they need to answer.
Where am I going to live? What classes do I want to take? Which books do I need to buy?
How am I going to afford this?
If that last question is looming over your head, you are not alone. A recent survey conducted by ScholarshipOwl found that 90% of Gen Z students don't yet have the funds to pay for college during the upcoming 2024-2025 academic year.
"With the fall tuition bill dropping in August, the unfortunate reality is that the majority of students will turn to student loans to make up the difference," says ScholarshipOwl. "Many students may also reconsider their current college plan and look for alternate options."
According to Forbes Advisor, the price of college has skyrocketed over the last 40 years with the total cost of tuition, fees, and room and board increasing by 180% between 1980 and 2019-2020.
The outstanding student loan debt balance in the United States is over 1.7 trillion and, as reported by USA TODAY, has increased by 66% over the past decade.
NJ bill proposed to cap tuition increases
In the face of a student loan debt crisis and the sky-high cost of higher education, some New Jersey lawmakers are trying to help.
On June 13, New Jersey legislatures introduced Bill A4538. If passed, it would prohibit public colleges and universities from raising undergraduate tuition by more than 2% over the prior academic year.
"Education is the cornerstone of opportunity and economic mobility. By capping tuition increases, we aim to make higher education more accessible to all students, regardless of their financial background," said Assemblyman Cody D. Miller, one of the primary sponsors of the bill, in a press release. "This bill is a step toward ensuring that our public colleges and universities remain within reach for every family in our state."
The bill has since been referred to the Assembly Higher Education Committee.
With all of that being said, it begs the questions of how worth it New Jersey's colleges and universities are, and what kinds of prices undergraduate students are looking at for the upcoming academic year.
Are New Jersey's colleges and universities worth it?
Each year, Money Magazine analyzes and ranks hundreds of four-year colleges across the United States to help potential students determine which schools might be the best fit for them.
To put together the rankings, Money starts with a list of all of the four-year public and private nonprofit colleges in the country. It then narrows down the list based on the number of students, the graduation rate, the school's financial status, and whether there is reliable data available for the school.
A total of 745 schools made the cut in 2024 based on those metrics. Those 745 were then ranked based on 25 factors across three categories including quality of education, affordability and outcomes.
Instead of ranking colleges in a numerical order, they are rated on the following five-star scale:
- 5 stars: School scores exceptionally high on most of the metrics.
- 4.5 stars: School scores well on several metrics, but it does so in fewer of them, or to a lesser degree than five-star colleges.
- 3.5-4 stars: School scores very well in a couple of areas and poorly in a few. The school can also score in the middle across the board.
- 2-3 stars: School tends to have some combination of lower graduation rates, higher prices or mediocre alumni salaries. However, according to Money, it is important to note that these schools still meet the minimum quality standards unlike the colleges that are not rated at all.
The following is Money's list of New Jersey's colleges and universities and how they rank for the 2024-2025 academic year, including the schools' acceptance rate, estimated full price, estimated price with the average grant, and graduation rate.
New Jersey Institute of Technology: 5 stars
- Acceptance rate: 66%
- Est. full price 2024-25: $41,800
- Est. Price w/ average grant: $18,800
- Graduation rate: 83%
Princeton University: 5 stars
- Acceptance rate: 6%
- Est. full price 2024-25: $83,600
- Est. Price w/ average grant: $19,800
- Graduation rate: 98%
Ramapo College of New Jersey: 4.5 stars
- Acceptance rate: 70%
- Est. full price 2024-25: $36,100
- Est. Price w/ average grant: $17,200
- Graduation rate: 73%
Rutgers University - New Brunswick: 4.5 stars
- Acceptance rate: 66%
- Est. full price 2024-25: $37,200
- Est. Price w/ average grant: $18,500
- Graduation rate: 82%
Stevens Institute of Technology: 4.5 stars
- Acceptance rate: 46%
- Est. full price 2024-25: $81,000
- Est. Price w/ average grant: $44,100
- Graduation rate: 88%
The College of New Jersey: 4.5 stars
- Acceptance rate: 64%
- Est. full price 2024-25: $39,400
- Est. Price w/ average grant: $23,500
- Graduation rate: 86%
Felician University: 4 stars
- Acceptance rate: 89%
- Est. full price 2024-25: $56,600
- Est. Price w/ average grant: $16,600
- Graduation rate: 64%
Kean University: 4 stars
- Acceptance rate: 83%
- Est. full price 2024-25: $32,800
- Est. Price w/ average grant: $11,400
- Graduation rate: 60%
Monmouth University: 4 stars
- Acceptance rate: 91%
- Est. full price 2024-25: $66,800
- Est. Price w/ average grant: $33,200
- Graduation rate: 76%
Montclair State University: 4 stars
- Acceptance rate: 91%
- Est. full price 2024-25: $34,700
- Est. Price w/ average grant: $14,500
- Graduation rate: 72%
Saint Peter's University: 4 stars
- Acceptance rate: 89%
- Est. full price 2024-25: $61,600
- Est. Price w/ average grant: $12,700
- Graduation rate: 58%
Stockton University: 4 stars
- Acceptance rate: 86%
- Est. full price 2024-25: $36,400
- Est. Price w/ average grant: $19,600
- Graduation rate: 75%
Centenary University: 3.5 stars
- Acceptance rate: 97%
- Est. full price 2024-25: $55,800
- Est. Price w/ average grant: $23,200
- Graduation rate: 62%
William Paterson University: 3.5 stars
- Acceptance rate: 92%
- Est. full price 2024-25: $33,800
- Est. Price w/ average grant: $13,700
- Graduation rate: 62%
Caldwell University: 3 stars
- Acceptance rate: 66%
- Est. full price 2024-25: $59,700
- Est. Price w/ average grant: $21,800
- Graduation rate: 62%
Drew University: 3 stars
- Acceptance rate: 73%
- Est. full price 2024-25: $66,000
- Est. Price w/ average grant: $29,800
- Graduation rate: 70%
Georgian Court University: 3 stars
- Acceptance rate: 76%
- Est. full price 2024-25: $55,800
- Est. Price w/ average grant: $19,200
- Graduation rate: 66%
New Jersey City University: 3 stars
- Acceptance rate: 90%
- Est. full price 2024-25: $36,700
- Est. Price w/ average grant: $20,400
- Graduation rate: 53%
Rider University: 3 stars
- Acceptance rate: 84%
- Est. full price 2024-25: $59,100
- Est. Price w/ average grant: $27,900
- Graduation rate: 66%
Rowan University: 3 stars
- Acceptance rate: 77%
- Est. full price 2024-25: $38,300
- Est. Price w/ average grant: $22,200
- Graduation rate: 71%
Seton Hall University: 3 stars
- Acceptance rate: 75%
- Est. full price 2024-25: $72,200
- Est. Price w/ average grant: $35,400
- Graduation rate: 68%
You can visit https://money.com/best-colleges/ to see the full list of schools from around the country.
For more detailed information on Money's ranking methodology, visit https://money.com/best-colleges/methodology/.
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