The cost of attending Ivy League universities is nearing $90,000 a year as high school students are receiving their acceptance letters to the highly competitive institutions.
Cornell University most recently announced a hike in tuition prices that brings the school to one of the closest to the $90,000 mark. The university said Monday it would be increasing tuition, making the total cost of tuition, board and other expenses close to $86,000 to $87,000 a year.
Other top schools are not trailing far behind the expensive price tag: Yale University costs are at $83,000 a year while Stanford University is at $82,000 a year.
March 30 marks “Ivy Day” in 2023, where prospective students eagerly anticipate the release of regular admissions decisions by Ivy League schools.
While the price tags are high, these schools try to emphasize the amount of scholarships and financial aid they give to students, especially those from lower-income households.
“The cost of attendance is often not the price a student will pay to attend Cornell. All Cornell undergraduates applying for financial assistance are reviewed for need-based financial aid that covers tuition, housing and dining, as well as other costs of attendance,” Cornell University said when announcing its price increases.
As Yale boosted tuition by a 3.9 percent increase for the upcoming school year, the university also made it a point to emphasize its “financial aid commitments.”
“Yale’s need-based financial aid awards always increase in lockstep with any increases in the term bill,” said Jeremiah Quinlan, dean of undergraduate admissions and financial aid at Yale University. “I am proud that Yale is one of only a small handful of institutions that meet 100% of all families’ demonstrated financial need without requiring students or parents to take out loans.
Although most students are unlikely to pay the full price tag, the increases represent a spike in college tuition that has been ongoing for years.
Back in 2013, the cost of going to Yale University per year was around $57,000, according to the Yale Alumni Magazine, giving the institution an almost $30,000 increase in the past decade.
The rising cost of college has alarmed many, with bipartisan agreement in Congress that the prices are too high but lawmakers reaching little agreement on what to do about it.
Democrats have aimed to expel some student loan debt and pushed for free community college, but those proposals received pushback from Republicans, who believe those solutions won’t solve the core problem of the rise in prices.