Prices for elite private universities in the US are already close to…

Bloomberg – Yale: up 4%. Dartmouth and Browns: up 5%.

American university prices continue to rise. The increase pushes the annual price for the next academic year at Ivy League schools toward another mark to keep: $90,000.

The total cost of studying at elite private universities is already $80,000, which is more than $320,000 for four years. At places like Brown University, the cost of attendance (tuition, room and board, and fees) is approximately $85,000, which is much higher than what the typical American family earns. Financial aid, in the form of grants, grants, loans, and work-study programs, bridges the gap for many.

But with the high school class of 2023 eagerly awaiting admissions decisions in the coming weeks, even those with enough money to pay full tuition are facing price shock. Tuition fees have soared so high for so long that the value proposition of the university may start to fade, said Beth Akers, an economist who focuses on higher education.

“At some point, the math just stops working,” says Akers, a fellow at the American Enterprise Institute, a conservative think tank. “We’ve reached a point where these grades are no longer worth it.”

Even with today’s higher prices, a bachelor’s degree tends to pay off in earning power, although this can vary greatly depending on the major. And at America’s most prestigious universities, there is no sign of abating demand for coveted places.

At the Ivy League, a group of eight highly selective schools in the Northeastern United States, prices have been going up for years. The cost of tuition and room and board at Yale was close to $50,000 in 2011, $60,000 in 2015, and $70,000 in 2019. Last year, Yale University passed $80,000. The University of Pennsylvania, Dartmouth College, Columbia University, and Brown University have also entered the $80,000 range in 2022.

Now, like everyone else, universities pay more for just about everything amid persistent inflation. The cost of running a university rose 5.2% in fiscal 2022, the most since 2001, according to asset manager Commonfund.

Without a doubt, in most of the best institutions, at least 50% of students receive some form of financial aid. For low- and middle-income students with a median household income of less than $125,000, the price of attending highly selective colleges has already come down, Wellesley economist Philip Levine said.

Below is a list of costs of attending Ivy League universities and other selective institutions, including tuition, room and board, and fees.

Brown University:

Studies cost: $84,828 (registration, accommodation, maintenance, and fees).

Students with disabilities: 45% (Brown covers full tuition for families earning $125,000 or less with typical assets and all expenses for families earning less than $60,000 annually).

(2023-2024)

Cornell University:

Studies cost: $84,568 (registration, accommodation, maintenance, and fees).

Students receiving aid: 48% (families with gross income less than $60,000 and total assets less than $100,000 would not have parental contributions or loans).

(2023-2024)

University of Pennsylvania:

Support cost: $84,570 (Tuition, accommodation, maintenance, and fees.)

Students receiving aid: 44% (students whose families earn $75,000 or less with typical assets will now receive financial aid packages that cover tuition, room and board).

(2023-2024)

Dartmouth College:

Support cost: $84,300 (Registration, accommodation, maintenance, and fees.)

Students receiving aid: 47% (Dartmouth University students from families with annual income of $125,000 or less who have typical assets receive need-based assistance without a mandatory loan component).

(2023-2024)

Yale University:

Studies cost: $83,880 (registration, accommodation, and maintenance).

Students receiving aid: 53% (parents earning less than $75,000 per year with typical assets receive financial aid to cover the full cost of tuition, housing, meal plan, travel expenses, and hospital insurance).

(2023-2024)

Duke University:

Support cost: $83,263 (registration, lodging, full board, and required fees).

Assisted students: 50% (students from families with gross incomes of $60,000 or less have no expected parental contribution).

(2023-2024)

California Institute of Technology:

Support cost: $82,758 (registration, fees, accommodation, and maintenance.)

Students receiving aid: 51% (Caltech offers a loan-free financial aid package for families making $90,000 or less.)

(2023-2024)

Stanford University:

Studies cost: $82,406 (registration, accommodation, maintenance, and mandatory health fees).

Students on aid: More than two-thirds (families earning up to $100,000 with typical assets receive scholarships to cover tuition and room and board).

(2023-2024)

Columbia University:

Cost of studies $81,680 (registration, accommodation, maintenance, and fees).

Aid Recipients: 50% (Students from families with an annual income of less than $150,000 and typical wealth may attend Columbia without tuition).

(2022-2023)

Massachusetts Institute of Technology:

Studies cost: $79,546 (registration, accommodations, maintenance, and fees).

Students on aid: 58% (For families with wealth and a typical income of less than $140,000, MIT tuition is free.)

(2023-2024)

Harvard university:

Studies cost: $76,763 (registration, accommodation, maintenance, and fees).

Student aid recipients: 55% (Families with annual incomes of $75,000 or less pay nothing for a Harvard college education.)

(2022-2023)

Princeton University:

Attendance cost: $76,040 (tuition and room and board).

Students receiving aid: 62% (For families earning up to $100,000 with typical assets, a financial aid award typically covers the full cost of tuition, room and board, and personal expenses beginning in the fall of 2023.)

(2022-2023)