In an economic period when colleges nationwide are facing shrinking endowments and struggling to cut costs, Duke ranks fifth among private universities in the value it offers to students, according to Kiplinger's Personal Finance magazine.
The 2009 rankings listed the top 100 private universities and liberal arts colleges that combine academic excellence with affordability, providing students with the best value for their money. This year, California Institute of Technology ranked highest among private universities, and Pomona College was the highest among liberal arts colleges. Duke has ranked among the top 10 private universities in the last three years, said Jane Clark, senior associate editor for Kiplinger's Personal Finance and author of this year's report.
"Any ranking like that is going to have a certain amount of subjectivity," said Michael Schoenfeld, vice president for public affairs and government relations. "But Kiplinger's is a respectable financial publication and they do some pretty thorough research, and I think that Duke is ranked highly is a reflection of the quality of our education and strong financial aid practices."
Even though the endowment has lost at least 19 percent of its value in fiscal year 2009, Schoenfeld said Duke will not cut back on its financial aid program, which is need-blind. He added that the University's priority is continuing to ensure that a Duke education is affordable and accessible to students today and in the future.
To determine its rankings, Kiplinger's first assessed the quality of education institutions provide to students by examining the student-to-faculty ratio, test scores of incoming freshmen, graduation rates, admission rates and retention rates for freshmen. The magazine then factored in the cost of an education, including tuition and room and board, as well as financial aid packages.
The University recently concluded the Financial Aid Initiative, which raised approximately $300 million to endow financial aid. In 2007, the Board of Trustees also approved adjustments to expand aid for low- and middle-income families.
"Duke has always been a strong performer in our rankings," Clark said. "And the cost after financial aid brings the amount [students on financial aid] are paying to be about half the price of students who don't get any aid."
Alison Rabil, assistant vice provost and director of Financial Aid, noted that Duke offers students on financial aid opportunities that they would not receive at other institutions.
"We are not turning you into a financial aid student, we are turning you into a Duke student," she said.
State neighbor Davidson College came in at No. 4 on the list of top liberal arts schools. The University of North Carolina at Chapel Hill topped the public school rankings.
Get The Chronicle straight to your inbox
Signup for our weekly newsletter. Cancel at any time.