MoneyRates Announces Best States for College Students in 2021 - Missouri Takes First Place

Rhea-AI Summary

On April 14, 2021, MoneyRates.com released its study identifying the best states for college students. Missouri ranked first due to its favorable student-to-faculty ratio of 12-to-1 and a high total number of colleges, despite not being among the top 10 populous states. The study considered factors such as average cost, retention rates, and graduation rates. New Mexico ranked last, noted for low retention and graduation rates. The analysis aims to guide students in making informed decisions in higher education amidst rising student loan debt.

Positive

• Missouri ranks first for college students, showcasing a favorable 12-to-1 student-to-faculty ratio.
• The study highlights significant metrics like affordability and effectiveness for prospective students.

Negative

• New Mexico is ranked last due to low retention and graduation rates.

FOSTER CITY, Calif., April 14, 2021 /PRNewswire/ -- Where to attend college is more important than ever as student loan debt holds a tight grip on millions of young adults. With millions more applying to colleges across the country, MoneyRates.com is releasing its newest research to help them find the best place to study and acquire the job skills needed to compete in today's job market. The Best States for College Students shows the quest to avoid crushing student loan debt doesn't just come down to which university you choose, but also which state that school is in.

10 Best States for College Students

1. Missouri
2. Massachusetts
3. Pennsylvania
4. (tie) Alaska
4. (tie) New York
6. Iowa
7. Wisconsin
8. (tie) Michigan
8. (tie) Washington
10. Nebraska

The MoneyRates study ranks four-year colleges in all 50 states based on average cost, retention rate, student-to-faculty ratio, graduation rate and breadth of choice. Missouri ranks as the best state for college students. Although it isn't one of the 10 most populous states, it ranks in the top 10 for total number of colleges. The average student-to-faculty ratio of 12-to-1 is the third most favorable in the nation. New Mexico is last on the list; while the average cost is among the lowest, the state is in the bottom three for retention rate and graduation rate. It also ranks well below average for student/faculty ratio and breadth of college choices.

"College is a huge time and money investment. Parents or guardians have likely been saving for college for many years, so anyone considering higher education deserves to know as much as possible about the facts and potential pitfalls," says Richard Barrington, author of the MoneyRates study. "It is important to consider all the factors related to the affordability and effectiveness of college programs."

Major Differences Across States 

• The average graduation rate in Nevada is only 28%
• Average annual cost of a four-year degree is 3x higher in Rhode Island than Wyoming
• Students in Alaska and Vermont have the best student-to-teacher ratios
• Arizona colleges have nearly twice as many students per teacher on average
• California offers the widest range of choices with 259 four-year colleges in the state; Wyoming has just one
• Rhode Island colleges rank first in student retention rate on average

A college could appear to make sense financially, perhaps minimizing student loan debt, but may not offer specific experiences or opportunities important to the student. If individual interactions with instructors are important, a school with a lower student to faculty ratio could be preferable to one with a high ratio.

"Every student has different needs and talents," explains Barrington. "This study doesn't aim to tell them where to go to college, it instead highlights statistics to consider before making a choice."

About MoneyRates
MoneyRates is owned and operated by QuinStreet, Inc. (Nasdaq: QNST), a leader in providing performance marketplace technologies and services to the financial services and home services industries. QuinStreet is a pioneer in delivering online marketplace solutions to match searchers with brands in digital media. The company is committed to providing consumers with the information and tools they need to research, find, and select the products and brands that meet their needs. MoneyRates is a member of QuinStreet's expert Research and Publishing Division.

Since 1998, MoneyRates has served as a personal finance resource designed to help readers make the most of their money. In addition to a variety of financial calculators, MoneyRates researches and tracks CD, savings, and money market rates offered from over 400 financial institutions across the country to offer expert advice on banking, investing and retirement planning.

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SOURCE MoneyRates.com

FAQ

What are the best states for college students in 2021?

According to MoneyRates.com, the best states for college students in 2021 are Missouri, Massachusetts, Pennsylvania, Alaska, New York, Iowa, Wisconsin, Michigan, Washington, and Nebraska.

Why did Missouri rank first in the MoneyRates study?

Missouri ranked first due to its favorable student-to-faculty ratio of 12-to-1 and a high number of colleges.

What factors were considered in the MoneyRates study?

Factors included average cost, retention rates, student-to-faculty ratio, graduation rates, and breadth of college choice.

Which state ranked last in the MoneyRates study?

New Mexico ranked last, noted for low retention and graduation rates despite low average costs.

What is the impact of student loan debt on college decisions?

The study emphasizes that rising student loan debt makes it essential for students to consider affordability and effectiveness when choosing colleges.