Prospective Ivy League students and their families are facing sticker shock as the associated fee of attending the elite colleges surges toward $85,000 per 12 months.
Of the eight colleges traditionally considered a part of the “Ivy League,” five have annual costs for tuition, room, board and other fees that climbed above $80,000 as of essentially the most recent academic 12 months — amounting to a tab of greater than $320,000 for a four-year degree, Bloomberg reported on Tuesday.
The rising costs could cause even high-achieving students to think twice about whether the degree is value it, economist Beth Akers told Bloomberg.
“Sooner or later, that math stops figuring out,” said Akers, who works for the right-leaning American Enterprise Institute. “We get to a spot where these degrees are only not value it.”
Brown University has the steepest price tag, with an annual cost of attendance of $84,828 including room, board and other fees, based on essentially the most recent available stats compiled by Bloomberg.
The University of Pennsylvania ranked second on Bloomberg’s list with an all-in-cost of $84,570, followed by Cornell University with a price tag of $84,568.
The annual cost of attendance at Harvard University is $76,763, based on essentially the most recent available stats.Getty Images
Dartmouth College ($84,300), Yale University ($83,880), Columbia University ($81,680), Harvard University ($76,763) and Princeton University ($76,040) got here in close behind.
Tuition costs are also rising fast at other ultra-exclusive college outside the Ivy League. For instance, attendance at Duke University carries an annual cost of $83,263, based on the outlet.
The California Institute of Technology, one other blue-chip school, costs $82,758 per 12 months.
Financial aid may help defray the steep costs for those students who’re eligible.
Still, elite colleges remain out of reach for a lot of households.
The actual median household income was just $70,784 in 2021, based on US Census Bureau data.
Yale University is certainly one of five Ivy League schools that cost over $83,000. Getty Images
College tuition costs are on the rise at the same time as the Biden administration pursues a sweeping student loan forgiveness plan that has faced legal challenges.
The Supreme Court is mulling whether President Biden has the authority to cancel student debt by executive order.
Under Biden’s plan, the federal government would forgive as much as $20,000 in student loans per borrower, depending on their eligibility.
The conservative majority Supreme Court appeared skeptical of its legality in initial hearings on the case.
Dartmouth College carries an annual price tag of $84,300.Getty Images
One notable critic of the plan is hedge fund boss Michael Burry of “The Big Short” fame, who warned earlier this month that it could have “terrible consequences” for the country.
“Let’s not forget that the coed debt problem is built on a foundation of terrible major selections,” Burry tweeted on March 1.
“Bailing generations out of those bad selections will mean more bad selections, tuition hikes, and terrible consequences for America,” Burry added.
