Highly Priced Colleges

I've recently started researching potential colleges to apply to and I noticed that some have really steep prices. So out of curiosity, what are some of the most expensive colleges in the US? How do students typically manage these costs?

Indeed, the costs associated with higher education can be considerable. Some of the most expensive colleges, based on tuition, are Columbia University and the University of Chicago, both of which cost more than $60,000 per year. There are other colleges that come close, like Northwestern University and Dartmouth College—both charging just under the $60,000 mark. It's essential to note that these figures refer to tuition alone and do not account for room, board, books, transportation, and other associated expenses.

However, it's also key to know that these costs don't always reflect what students pay. Many students receive financial aid, which can significantly reduce the price tag. Here's how:

1. Need-based scholarships: Schools often provide money to students who can't afford the full cost of tuition. These scholarships are based on the income and assets of the student and their family.

2. Merit-based scholarships: These scholarships are based on academic, athletic, or artistic talents. They aren't based on financial need, and any student can qualify for them.

3. Work-study: This federal program allows students to earn money for college by working part-time jobs on or off campus.

4. Loans: These are funds that must be repaid, often with interest. Some loans come from the federal government, others from private lenders.

5. Outside scholarships: Many organizations, nonprofits, and companies offer scholarships. Some are region-specific, others are based on the student's intended field of study, ethnicity, or other factors.

Financial Aid packages can drastically reduce the amount a student or their family is required to pay, and in some cases, the most expensive universities can turn out to be the most affordable because of their generous aid. Keep in mind that Net Price Calculators are provided by all schools and are a helpful tool to estimate what your unique costs might be based on your family's financial circumstances. It's crucial to look past the sticker price and understand the resources and scholarships available to you.