Obtaining a bachelor’s degree can contribute to future career success, but the cost of attending university, especially prestigious institutions in the United States, can be significant. Thus, university education can impose a considerable financial burden on students and their families. How much does it actually cost to attend various universities in the United States?
According to data from the U.S. National Center for Education Statistics, the total annual cost of tuition and mandatory fees at four-year colleges and universities in the United States has more than doubled over the past 60 years. It has risen from an average of $5,369 per year (adjusted for inflation) in 1963 to $17,709 in 2023. Tuition fees are not the only cost of attendance; students also need to cover expenses such as textbooks, computer supplies, food, and housing.
A study by financial technology company Self Financial examined various expenses incurred by students during their time at American universities, including tuition, textbook costs, rent, groceries, and more. The study reviewed 200 U.S. universities (the top four in each state) across 18 different data categories to determine the most expensive and most affordable universities for students.
The results of the study showed that the average total cost for a four-year education in the United States amounts to $307,658. These costs are distributed among various expenses incurred by students during their college years, which include rent, groceries, and course materials.
Columbia University in New York emerged as the most expensive university in terms of the total cost for a four-year degree and related living expenses, totaling $514,442. On the other hand, the most affordable university was Brigham Young University in Rexburg, Idaho, with an average total cost of $138,528 for a four-year degree and related expenses.
Columbia University also had the highest tuition fees, amounting to $66,139 per academic year.
Harvard University had the most expensive on-campus housing, with a total cost of $29,896 for room and board in the first year.
For students attending private universities, tuition and fees accounted for 60.4% of the total cost. Those attending public universities and benefiting from in-state discounts would allocate 32.1% of the total cost to tuition and fees.
The average spending on learning supplies and books for students in a four-year degree program amounted to $4,759.
Below are the top 20 schools with the highest total costs for a four-year education:
– Total Cost: $514,442
– Total Cost: $497,402
– Total Cost: $472,817
– Total Cost: $472,027
– Total Cost: $458,330
– Total Cost: $457,650
– Total Cost: $455,257
– Total Cost: $454,377
– Total Cost: $451,516
– Total Cost: $441,948
– Total Cost: $435,625
– Total Cost: $433,460
– Total Cost: $429,634
– Total Cost: $429,027
– Total Cost: $424,328
– Total Cost: $424,217
– Total Cost: $423,335
– Total Cost: $421,500
– Total Cost: $420,533
– Total Cost: $420,299
Among the 20 most expensive schools listed by Self Financial, all except Berkeley are private institutions, which generally have higher tuition fees compared to public schools. However, private universities often offer generous financial aid and scholarships, which could ultimately result in lower costs of attendance compared to public universities.
For example, according to the U.S. Department of Education College Scorecard, economically aided students at Harvard University paid an average of $19,500 annually, while students at the public University of Massachusetts Amherst paid $21,846 per year.
In conclusion, the actual cost of attendance can vary significantly based on the university attended, the financial aid eligibility, and other lifestyle choices such as campus residence, car ownership, and where students purchase textbooks.