Universities or colleges are either ran for profit or non-profit. A college who runs as a for-profit college is seeking to make money as a business entity, while a non-profit college is run without the intention of making money and is granted special tax privileges by the IRS. There are some major differences when discussing non-profit and for-profit colleges in America.
These differences are:
- Cost: Prices between profit and non-profit universities vary. Some for-profit schools may be more affordable than many non-profits, or vice versa. Since non-profit schools can receive donations and are tax exempt, they may offer lower tuition.
- Ownership: For-profit colleges are often owned by one person or a small group of people who are then classified as a sole proprietorship or corporation. Non-profit colleges are owned by groups, such as churches or parent groups that receive donations and endowments to run their school.
- Atmosphere: non-profit universities are often catered to a more holistic learning experience, while for-profit universities are designed to offer a specific service and run more like a traditional business.
- Quality of education: education depends largely on the university, faculty and course offerings. Whether for profit or nonprofit, a college can offer a wonderful academic education. Both types of colleges are representative on top college lists everywhere, which shows that the profit status does not reflect educational status.
No matter which type of college a student chooses to attend, a student must weigh how much they can afford for their education, their desired career and connection to the school. You should feel a deep desire to be a part of the community at the college that you choose to attend. It should not matter if the college is for profit or non-profit, but that you choose the college that is right for you.