Some US colleges to charge $90,000 per year starting this fall
By Carl Samson
U.S. college costs have hit a new high, with some private institutions now charging over $90,000 per year for the first time.
Key points:
- More than 2 million high school graduates face costs upwards of $95,000 for tuition, board and other expenses in certain private colleges.
- Such a sticker price may deter lower-income students from applying despite some colleges significantly reducing actual costs through financial programs.
- Issues with a new Department of Education online form for federal aid have also caused delays and anxiety among prospective students.
The details:
- Boston University, Brown University, Dartmouth College, Harvard University, the University of Pennsylvania, the University of Southern California, Tufts University, Wellesley College and Yale University all have sticker prices more than $90,000, according to reports.
- Despite the price tag, colleges with large endowments offer significant financial aid. Wellesley College, for one, expects costs of $92,000 but offers an average aid of $67,469 — received by nearly 60% of students — as per CNN.
- Boston University, meanwhile, is awarding $425 million in financial assistance for the upcoming academic year. That aid is “guaranteed for four years with BU Scholarship Assurance,” spokesperson Colin Riley told the Boston Globe.
- The new online form, known as the Free Application for Federal Student Aid (FAFSA), was supposed to make matters easier, but its rollout has suffered delays and glitches. Speaking to AP News, financial aid expert Mark Kantrowitz warned that complications with the aid application process and a decrease in aid applicants could lead to lower college enrollments and possibly force institutions to close.
- For the previous academic year, the College Board reported that the average estimated budgets (covering tuition, housing , food, books and other expenses) for private, nonprofit colleges was $60,420. In comparison, it was $28,840 for public in-state institutions and $46,730 for public out-of-state institutions.
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