"On average, for-profits spent $3,017 per student on instructional costs (2009-10) vs. $15,321 at private non-profit colleges. Also, for-profit schools spent $8 per student on research vs. $5,887 per student at private, non-profits" (" All Colleges Are Not Created Equal" 1). Moreover, these statistics have illustrated that the non-profit colleges are substantially more affordable and typically competitive with public university tuition costs; while, for-profit colleges have been shown to be a lot more expensive. "The average tuition cost at for-profit colleges is $31,000 after grants vs. $26,600 for non-profit colleges" (" All Colleges Are Not Created Equal" 1). And this is due to the ambition that for-profit colleges emit in which they strive to lure students, especially those with low income to qualify for "financial aid" by taking large amounts of loans in which ultimately becomes impossible to pay back. According to the Harkin study, "96% of for-profit college students took out loans while only 48% of four-year public not-for-profit students took out loans. Also, 1-in-5 profit students default on their loans vs, 1-in-25 of their not-for-profit counterparts" ("Online College Report" 4). .
Furthermore, two private non-profit colleges that portray these statistics are Harvard University, Cambridge and University of Southern California, Los Angeles. These two prominent schools that are well known for many achievements, as well as famous scholars and athletes, have clearly made their mark through their history. Harvard University was founded on September 8, 1636, Cambridge, MA by vote of the Great and General Court of the Massachusetts Bay Colony. "It was named after the College's first benefactor, the young minister John Harvard of Charlestown, who upon his death in 1638 left his library and half his estate to the institution" (" History | Harvard University" 1).