Whether its due to lowered enrollment or shifting to hybrid virtual and in-person classes, college tuition across the country is only slightly increasing for the 2022-23 school year. But that’s small consolation after parents and strapped college students who feel they need the education to get a good job, saw tuition costs increase dramatically in years past.
Choosing the right college for your education shouldn’t cost you more than an arm and a leg, but sometimes college can break the bank.
The Biden administration is trying to help students get their loans forgiven. The Education Department said in early March that it’s continuing to identify borrowers eligible for student loan forgiveness in exchange for public service. This movement could wipe out debt for thousands of people – if it gets approved.
At the end of June, a group of federal student loan borrowers agreed to settle a class-action lawsuit they filed against the United States Education Department. If approved, the settlement will cancel $6 billion in federal loans for roughly 200,000 people who attended schools deemed to have defrauded students or flouted specific state laws.
An additional approximately 64,000 borrowers who did not attend one of the 153 named schools will get a timely review of their situations to see whether they can have their loans wiped.
The National Center for Education Statistics ranks the 50 most expensive four-year institutions in America by their published out-of-state tuition, annual fees, and residential charges. (Note: All prices listed here are sticker prices — that is, before any loans, grants, work-study, or any other financial aid.)
Here’s the latest data listing the most expensive colleges in America.
1. Harvey Mudd College
Harvey Mudd is California’s most expensive college, costing $77,339 annually. About 70 percent of Harvey Mudd students receive financial aid (grants, scholarships, loans, and work-study). The average monetary award is approximately $43,764, of which $35,259 (includes need-based and merit-based awards) comes in grants and scholarships aid from Harvey Mudd College (not from government sources)
2. University of Pennsylvania
This Ivy League school costs its students $76,826 annually, and the school only has a 6% acceptance rate. Since 2004, the University has awarded $2.6 billion in undergraduate aid to more than 24,000 students.
3. Amherst College
This private liberal arts college is located in Amherst, Massachusetts. Founded in 1821 as an attempt to relocate Williams College, Amherst is the third-oldest institution of higher education in Massachusetts, and it costs students $76,800 per school year to attend. The school has an 11% acceptance rate.
4. University of Southern California
The University of Southern California is one of the world’s leading private research universities. It is an anchor institution in Los Angeles, a global center for arts, technology, and international business. The cost to attend is $77,459 for a year of school at USC.
5. Tufts University
Tufts University, located on the border of Medford and Somerville in Massachusetts, is a private research university. It was founded in 1852 as Tufts College by Christian universalists, and the cost of tuition with no financial aid is $76,492 per year. It ranks among the best schools for art in America.
6. Dartmouth College
This Ivy League university in New Hampshire is known for its 8% acceptance rate, costing $76,480 per year. They are also the ninth oldest institute of higher education in the United States.
7. Brown University
Brown University is a private Ivy League research university located in Providence, Rhode Island. Brown was founded in 1764 as the college in the English Colony of Rhode Island and Providence Plantations, making it the seventh-oldest institution of higher education in the United States. It was also one of the nine colonial colleges chartered before the American Revolution. To attend Brown will cost you a whopping $76,476 annually.
It has a 7% acceptance rate and is known for English studies.
8. Northwestern University
Northwestern University, located in Evanston, IL, is a comprehensive research university that is deeply interdisciplinary across multiple schools and units. This university is ranked #3 for business school, #11 for education school, #13 for law school, #17 for medical school, #3 for materials engineering, #7 for chemistry, and #8 for economics. The cost to attend is $76,317 per year.
It consistently ranks highly for journalism and communications studies.
9. University of Chicago
The University of Chicago is a private research university in Chicago, Illinois. Its main campus is located in the Hyde Park neighborhood of Chicago. This university is consistently ranked among the best universities in the world and has a price tag of $76,302 per year. Niche ranks it as America’s No. 3 college for economics.
10. Wellesley College
Wellesley College is a private historically women’s liberal arts college located in Wellesley, Massachusetts. It was founded in 1870 by Henry and Pauline Durant as a female seminary. It is a member of the original Seven Sisters Colleges, an unofficial grouping of elite current and former women’s colleges in the northeastern United States.
It is considered one of the best liberal arts colleges in the United States. Wellesley is currently ranked #5 on the National Liberal Arts College list produced by U.S. News and World Report.
Attending Wellesley College costs students an average of $76,220 yearly before financial aid.
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