getting the grade

Houston university ranks among top of the class for best schools for the money

The University of Houston is one of the best schools for your money. Photo courtesy of University of Houston

A Houston school is among the head of the class when it comes to bang for your buck. This, according to a recent survey from College Factual, which ranked the best colleges for your money in the Southwest.

The University of Houston comes in at No. 7 on College Factual's list. Seven Texas colleges also score high marks.

Austin College in Sherman, north of Dallas, took the No. 2 spot on the list, and is the highest-ranked Texas college. Following it are Texas Tech University (No. 3), St. Mary's University in San Antonio (No. 5), Texas Lutheran University in Seguin (No. 6), Southwestern University in Georgetown (No. 8), and Trinity University in San Antonio (No. 9).

The three non-Texas colleges that joined them in the top 10?

Ranking first in the Southwest region was St. John's College in Santa Fe, followed by Oklahoma City University (No. 4) and University of Tulsa (No. 10).

To come up with the rankings, College Factual analyzed over 2,000 colleges and universities to determine which ones are best in a variety of categories, such as overall value, quality, diversity, and which schools are the best for each major.

For example, St. Mary's University, a Marist liberal arts school located on the West Side of San Antonio, earned 28 badges, and its highest-ranked major was business administration and marketing. With an average tuition cost of $26,726 and an average of 4.2 years to graduate, St. Mary's earned the No. 5 spot in the Southwest and third in Texas. The study also highlighted the school's 12-to-1 faculty to student ratio, better than the national 15-to-1 average.

Austin College, which landed ahead of St. Mary's at No. 2, is a small, private not-for-profit school that awarded 342 bachelor's degrees in 2018-2019, the report says.

"It takes about 4.1 years for the average student at Austin College to complete their degree, and on average, the annual cost to attend the school is $27,662," they say. "Thus, the average cost to get a bachelor's degree from the Austin College is $112,861. Graduating sooner can prevent you from having to pay more money out of pocket."

Much larger Texas Tech University, No. 3 in the rankings, awarded 6,599 bachelor's degrees in 2018-2019.

"You'll join some of the best and brightest minds around if you attend Texas Tech University," the report says. "The average student at Texas Tech graduates in less than 4.5 years, and it costs about $26,528 per year to attend the school. This means that the average student pays around $119,907 to get a bachelor's degree from Texas Tech. The sooner a student graduates, the more money they can save."

It's been a banner year for the University of Houston, which just raised a massive $1.2 billion in a recent capital campaign.

Read the entire report here.

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This article originally ran on CultureMap.

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Building Houston

 
 

Small businesses need to factor in employee benefit options from day one — and this Houston expert has some tips. Photo via Getty Images

While Small Business Appreciation month has come to an end, my work in aiding small businesses achieve financial success is continuous.

In 2009, I began my career as a financial adviser recently co-founded Volante Integrated Planning, a Houston-based office of Northwestern Mutual focused on comprehensive financial planning and helping clients achieve financial freedom.

After years of working with business owners, and as a small business owner myself, I have learned the importance of offering benefits that help attract and retain talent, foster improved work habits and provide a foundation for growth. According to the annual SHRM employee benefit survey, health-related benefits and retirement plans were ranked the two most important benefits for employees. Whether you are a new small business owner or an established one, it is important to be aware of the benefit options available to you and the considerations that go into mapping out a benefits strategy.

1. Retirement plan options

The most common retirement plans available to small business owners are 401(k), simplified employee pension (SEP) IRA and savings incentive match plan for employees (SIMPLE) IRA. The SEP IRA and SIMPLE IRA provide employers the ability to save on a pre-tax basis. While there are some required contributions on behalf of any full-time employees, the SEP and SIMPLE IRA’s are often recommended for the self-employed or businesses with part-time or contract employees. The 401(k) also provides employers with a pre-tax savings opportunity and the ability to save on a Roth basis. Because a 401(k) requires additional administration and ongoing requirements, it is often a valuable tool for business owners who have more full-time employees.

2. Health care benefit options

According to the Affordable Care Act, companies with fewer than 50 employees are not required to provide health insurance. However, offering a competitive health insurance benefits package is an increasingly important strategy to help boost both new employee acquisition and retention. Following the global pandemic, health benefits have become increasingly important. According to a study by McKinsey & Company, 51 percent of employers now offer health care benefits to attract new employees with dental, vision, and short-term disability as the most important for job-seekers.

Not only are these benefits of importance to employees, they provide protection for business owners by ensuring good health and protection from illness-related lost productivity. Some health care benefits available to small business owners include health reimbursement accounts, where you make contributions to an account that can be used by employees to pay for individual health insurance policies acquired on their own. Consider hiring a broker, benefits consultant or financial adviser to help compare your options.

3. Life and disability insurance options

As a small business owner, you have a duty to your family, employees and business partners. It is often the unexpected that can derail the success of a business. To that extent, taking the steps to ensure you and your business are protected if you are unable to work is important. Disability insurance is a versatile product that can be used to protect you, as the owner, and your employees against loss of income due to the inability to work. Additionally, disability overhead coverage and disability buy-out insurance can protect the business and any business partners from an owner’s disability, ensuring that the business can still run smoothly. Life insurance is also important, and often required if seeking a business-related loan, to provide income replacement for your family and any business partners in the event of an owner’s death.

4. Get creative with your benefit options

The small business world is ever changing, which is why it is essential — and sometimes difficult — to keep up with benefit options. I encourage small business owners to get creative with their benefit options by exploring a professional employer organization (PEO) and a multiple employer welfare arrangement (MEWA). PEO is designed to help small businesses manage their administrative overhead, benefits and compliance duties. Through MEWA, small businesses are able to collaborate on group insurance benefits for a low cost. Lastly, if your family members contribute to your small business, make sure they are on the payroll and eligible for various benefits. This may allow you to increase the benefits your household takes home.

While creating a small business employee benefits plan can be tedious, it will take your small business to the next level. Consult in a CPA, business attorney, and financial adviser to help navigate what benefits are a good fit for you and your small business.

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Jennifer Steil is principal and wealth management adviser at Volante Integrated Planning, a private client group at Northwestern Mutual.

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