May 20, 2020
"It costs how much per year?!"
Hey, kids. Ever heard that from your parents concerning your college picks? The cost of going to college has reached astronomical heights and promises to keep on going. Right about now, high school seniors across the land are making their college lists and parents, like Santa, are checking them twice. Why?
Well, this article from Campus Grotto gives us a healthy hint:
As expected, college tuition seems to go up just about every year now. Sure, part of the reason may be inflation, but still the increases in tuition seem to always outpace the rate of inflation.
You would think the weak economy would have an effect on tuition prices, and maybe it does. Perhaps alumni donors are unable to give as much as they have in the past. States are cutting their funding for higher education, which is huge considering most colleges get the majority of their funds from two sources: the State and tuition. One thing is for certain though, regardless of the state of our economy, the demand for higher education will always be there.
We are reaching a point where the cost of one year of college education at some colleges is surpassing $50,000. Unless your parents are loaded, you can expect to have a HUGE amount of college debt after graduation. Even those that graduated five years ago will not feel the pain that today's students will feel after they graduate and have to start paying back on their student loans. It is almost as if the current state and price of today's education is forcing many students to go to a local community college for two years and then move on to complete their degree at a 4-year in-state school. One would think that those that do choose to go on to a more expensive prestigious college and graduate should have no problem obtaining a decent paying job to pay the bills (and student loans). But, as a student with little money, it can be hard just knowing how much debt you are about to get yourself into. Even debts over $50,000 sound overwhelming. One thing is for sure: make sure you know how you are going to pay for college before you actually go.
Just because these schools have high tuition, doesn't mean you will actually be paying that amount. Many of these colleges provide excellent financial aid packages. A lot of these schools offer scholarships that often cover most of the financial burden of attending the college. For example, Princeton University has always been known to offer its students some of the best financial aid packages, keeping its graduates debts at a relatively low level. Schools like Cooper Union, with a tuition of $33,000 per year, give every student a full tuition scholarship ensuring no student is responsible for tuition-related costs.
Most of the colleges on this list of expensive colleges are private liberal arts schools located in the northeast that boast low student-to-teacher ratios.
|1. Bates College||$43,950|
|2. Middlebury College||$42,910|
|3. Colby College||$42,730|
|4. Union College (NY)||$40,953|
|5. Connecticut College||$40,900|
|6. George Washington University||$40,392|
|7. Vassar College||$39,635|
|8. Sarah Lawrence College||$39,450|
|9. Bucknell University||$39,434|
|10. Colgate University||$39,275|
|11. Carnegie Mellon||$39,150|
|12. Kenyon College||$39,080|
|13. Skidmore College||$38,888|
|14. St. Johns College||$38,854|
|15. University of Richmond||$38,850|
|16. Tulane University||$38,664|
|17. Wheaton College (MA)||$38,585|
|18. Franklin & Marshall College||$38,580|
|19. Wesleyan University||$38,364|
|20. Hamilton College||$38,220|
|21. Oberlin College||$38,012|
|22. Reed College||$37,960|
|23. Tufts University||$37,952|
|24. Dickinson College||$37,900|
|25. Bard College at Simon's Rock||$37,860|
Of course tuition is just one of the many costs associated with going to college. The other big expense is room and board. Some colleges also charge outrageous prices for student housing. The following list shows the most expensive colleges based on the total cost of tuition plus room and board.
Sara Lawrence College
|1. Sarah Lawrence College||$53,166|
|2. George Washington University||$50,312|
|3. New York University||$50,182|
|4. Georgetown University||$49,689|
|5. Connecticut College||$49,385|
|6. Bates College||$49,350|
|7. Johns Hopkins University||$49,278|
|8. Skidmore College||$49,266|
|9. Scripps College||$49,236|
|10. Middlebury College||$49,210|
|11. Carnegie Mellon University||$49,200|
|12. Boston College||$49,020|
|13. Wesleyan University||$49,000|
|14. Colgate University||$48,900|
|15. Claremont McKenna College||$48,755|
|16. Vassar College||$48,675|
|17. Haverford College||$48,625|
|18. University of Chicago||$48,588|
|19. Union College (NY)||$48,552|
|20. Colby College||$48,520|
|21. Mount Holyoke College||$48,500|
|22. Tufts University||$48,470|
|23. Bard College at Simon's Rock||$48,460|
|24. Franklin & Marshall College||$48,450|
|25. Bard College||$48,438|
Total Cost = Tuition + Room/Board
Other notable colleges:
Harvard placed as the 118th most expensive college tuition wise and 108th in total cost.
The criteria of figuring the total cost was taking the tuition plus room and board. We did not include fees.
We did not include fees because there are many fees that are optional or can vary per student. For example, some fees are specific to a certain major. Including fees would have led to too many What Ifs, therefore we excluded it.
Some colleges like Bates College, Colby College, Middlebury College, and Union College have a comprehensive fee (tuition + room/board). Their tuition numbers were taken by taking their total comprehensive fee and subtracting by the amount of rebate the college gives to students who choose to live off campus and go with their own housing and board options.
Now, don't scream and run away. There is such a thing as financial aid. The good news about these top-of-the-pile expensive schools is that most usually have enough cash on hand to help those of you who can both get in and need help to pay.
One caveat, though. Tis past year has seen college endowments lose up to 30% (or more) of their value. That's bad news for aid seekers for two reasons: (1) the price never gets lowered, and (2) the main source of financial aid is mostly endowments.
So, be sure to check about the availability of aid at your favorite expensive schools. But, don't dash your college dreams based on sticker price alone.
Don't forget to check out all my admissions-related articles and book reviews at College Confidential.