Colleges That Offer the Best Value to Students

With college sticker prices climbing, and student loan debt on the rise, finding an affordable school is a chief concern for many families.

But locating an institution that combines top-notch academics with manageable costs isn't simple. And families don't always have time to pore over the tuition numbers, financial aid figures and academic accolades for dozens of schools.

Cost-conscious families can instead turn to data accompanying the U.S. News Best Colleges rankings for information on which institutions offer the best value to students.

The Best Value Schools rankings highlight the colleges and universities that provide stellar learning environments at a reasonable cost. To earn a spot on the list, colleges must rank in, or near, the top half of their Best Colleges rankings category. They must also provide a relatively low net cost of attendance for students who receive the average level of need-based financial aid in the form of scholarships and grants.

The schools featured in the rankings run the gamut, from elite liberal arts colleges to research powerhouses and regional work colleges. They each have their own approach to value.

[Discover why public school may not be the cheapest college option.]

One example is Indiana's Valparaiso University, which tops the value list among Regional Universities in the Midwest. The private institution, which ranks No. 5 in its category in the overall rankings, charged $47,760 in tuition, room and board, books and other expenses in 2014-2015, according to U.S. News data. But the bill for a student receiving the average need-based grant came to $22,328.

"The overall quality of the school is the first factor in value," says David Fevig, assistant vice president for enrollment management at Valparaiso. "The second thing is financial aid. We are fairly generous with financial aid."

Another Best Value school, College of the Ozarks, a Christian college in Missouri, puts its own twist on financial aid. The institution, which ranks No. 4 among Regional Colleges in the Midwest overall, uses a combination of on-campus employment, government aid for those eligible and institutional scholarships to bring tuition costs to zero dollars for each student.

"I think that's why we're so appealing to students, especially in the Midwest," says Marci Linson, vice president for patriotic activities and dean of admissions at the college. "Because we do have a good reputation for quality and we're extremely affordable."

For those looking beyond regional schools, U.S. News identified the best values among National Universities and National Liberal Arts Colleges. Below are the schools in those categories that topped the 2016 Best Value rankings. Total costs listed for each school include tuition, fees, room and board, supplies and other expenses.

Best Value Schools: National Universities

Best Value Schools: National Liberal Arts Colleges

Some students may be surprised that private universities dominate these lists of value schools -- and that many have high sticker prices. One factor is that U.S. News assumes the best value for many students is a top public college in their own state, and so the Best Value Schools rankings are designed for students looking to compare private schools and out-of-state public schools.

But experts caution against getting hung up on price tags when comparing schools. Students should look beyond sticker price, says Gail Holt, dean of financial aid at Amherst College, which tops the Best Value list among National Liberal Arts Colleges. While the school's 2014-2015 total cost reached $64,656, the average need-based grant cut costs down to a more manageable $17,413. From there, students may also be able to use work-study funds, outside scholarships and other resources to further cut costs.

[Understand why not to believe a college sticker price.]

Amherst is far from the only private school discounting tuition. A recent survey of 411 private, four-year colleges found nearly 9 in 10 freshmen received some kind of institutional grant aid. The average discount rate -- tuition and fee revenue that a college forgoes by offering institutional money -- is estimated at 48 percent for freshmen and 41.6 percent for all undergraduates.

At Princeton, which tops the list of National Universities, total costs ran $58,965 in 2014-2015. For a student receiving the average need-based grant package, though, those costs were slashed to $16,868.

Princeton's no-loan policy, started in 2001, was the first to replace loans with grants in students' financial aid packages. Now many of the schools ranking as Best Values have their own no-loan policies, including most of the institutions on these top 10 lists.

[Explore the colleges and universities that report meeting full financial need.]

While cost and quality are good starting places when it comes to determining value, experts say that students should look beyond those figures, too.

"Students should be looking at graduation rates, job placement rates and how quickly they can get a degree," says Fevig of Valparaiso.

Holt also recommends investigating those statistics, which "help keep students on track and use less loans."

The cost data above are correct as of Sept. 28, 2015. For complete cost data, full rankings and much more, access the U.S. News College Compass.

Susannah Snider is an education reporter at U.S. News, covering paying for college and graduate school. You can follow her on Twitter or email her at ssnider@usnews.com.