More colleges join $50K-plus a year club
The first recorded annual tuition at the first college founded in the United States was one pound, six shillings and eight pence--or about $152 in today’s dollars. That’s what students at Harvard paid in 1654.
Next year, Harvard students who don’t qualify for any financial aid will pay the new sticker price of $50,724 for tuition, room and board and fees, as the university moves into the ranks of those schools charging more than $50,000 a year.
True, it isn’t much more than the $48,868 that was this year’s full price, and true, most students receive some financial aid. But $50,000 is a symbolic marker, one that is expected to frighten many parents away from these schools before learning that they could get significant aid.
And more private schools are crossing the threshold for the 2010-11 school year. According to the Boston Globe in this story , the number of colleges in the Boston region alone that charge that much is expected to more than double.
Some schools already in the club are Smith College, Boston College, Tufts University and Boston University. Among those joining next year, along with Harvard, are Dartmouth College, Wellesley College, Brown University and Brandeis University.
Despite all of the lamenting about the high price of college keeping out middle and low-income families, schools still raise their prices every year, a result of factors including increasing technology costs and plunging endowments.
Last November, the Chronicle of Higher Education did an analysis that showed that 58 private colleges were charging at least $50,000 for tuition, room and board and fees.
This year, schools that broke the barrier outside of the greater Boston region include Johns Hopkins University, Washington University in St. Louis, Bryn Mawr College and Skidmore College.
The year before? For the 2008-09 school year, only five schools charged that much.
A report on college pricing by the College Board shows that the average cost of attending private colleges for the current school year rose 4.3 percent from the year before, to $35,636.
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| March 29, 2010; 6:30 AM ET
Categories: College Admissions, College Costs | Tags: college admissions, college costs
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