Students hoping to get an Ivy League education at a number of New England schools are going to need to either hope for a big scholarship or brace for massive student loans.
A notable number of private universities in the area have increased costs to the point that a single year at the college will cost $90,000 or above.
Tufts University tops the list, with an estimated expense of just under $96,000 (including housing and food). Wellesley students can expect to pay $92,000. Those going to Yale are facing an estimated bill of about $91,000. And Boston University students will pay just over $90,000 next year.
Harvard University, which has been a magnet to controversy over the past year, has not yet published its estimated costs for the 2024-2025 school year, but the rate for the current year is a relatively cheap-in-comparison $79,450.
The price hikes at the universities vary in percentages, but are all higher than the current 3.2% rate of inflation.
Admittedly, most students who attend will pay well under those rates. Most receive some form of financial aid or scholarship, but the out of pocket costs are still above that of the average American annual salary.
The price increases at the schools come as Americans currently owe $1.8 trillion in student loan debt. President Joe Biden has been working to enact a widespread forgiveness plan, but has hit several roadblocks along the way.
Some of the schools increasing prices did acknowledge the trepidation students and families have about the cost of education.
“We are sensitive to the strain that college students and their families feel as the cost of higher education across the country continues to rise,” Wellesley wrote. “Students who currently receive financial aid can expect their cost of attendance to remain the same as it would have without the tuition, room and board increase.”