The Private Colleges Charging Over $90,000 A Year

While inflation is impacting the cost of many goods and services, an industry that has particularly been impacted is higher education.  As colleges post their “estimated cost of attendance” for the upcoming 2024-25 academic year, a number of private universities have listed annual fees exceeding $90,000 for tuition, housing, and typical college expenses, such as books and supplies, transportation, and personal expenses.  These schools include Yale University, NYU, Boston University, Tufts, Wellesley.

To add insult to injury, the newly reformed FAFSA (Free Application for Federal Student Aid), which is used to determine need-based aid, no longer takes into account if a family has more than one child in college simultaneously.  

 

What are parents and students to do?

It’s important to realize that the majority of people do not actually pay the “sticker price” listed by a university.  Those who pay the published price are from higher income families who are not eligible for financial aid.  And even these students can significantly reduce their college costs through merit scholarships which are typically offered directly by colleges and can also be found on sites such as discover.com, bigfuture.collegeboard.org, and myscholly.com.

The Ivy League schools, as well as many other top tier colleges and universities, report that they meet 100% of the demonstrated financial need of all families without requiring students or parents to take out loans.

 

For all students, regardless of their financial situation, there are ways to reduce the total cost of a college education. One of the best ways is to reduce the number of years spent acquiring a college degree.  By taking Advanced Placement (AP) courses in high school, taking an extra course (at no extra charge) during some college semesters, and/or taking courses at a college close to home in the summer, students can often complete their college requirements in three years, cutting 25% off their four-year college bill.

 

New Jersey students can consider attending an in-state public college or university, such as Rutgers University, The College of New Jersey (TCNJ), or eleven other four-year schools, and commute during their undergraduate years to save the costs of room and board.  The current rate for in-state tuition and fees at Rutgers – New Brunswick is $17,239, while the rate at TCNJ is $18,686.

 

Students should apply to the best colleges for their particular major, including an in-state school, and seek all possible need-based aid and merit scholarships. Then, once their acceptances have arrived, students should make a thoughtful decision weighing the academic benefits of each college against its financial investment.   

Susan Alaimo is the founder & director of Collegebound Review, offering PSAT/SAT^® preparation & private college advising by Ivy League educated instructors. Visit CollegeboundReview.com or call 908-369-5362.