Business student

Two Illinois schools are among the nation’s most expensive colleges and universities

Whether due to declining enrollment or the shift to hybrid virtual and in-person classes, tuition across the country is only increasing slightly for the 2022-23 school year. But that’s small consolation after parents and cash-strapped students who feel they need education to get a good job have seen tuition fees rise dramatically in recent years.

Choosing the right college for your education shouldn’t cost you more than an arm and a leg, but sometimes college can break the bank.

The Biden administration is trying to help students get their loans cancelled. The Department for Education said in early March that it was continuing to identify borrowers eligible for student loan forgiveness in exchange for public service. This move could erase the debt of thousands of people – if approved.

In late June, a group of federal student borrowers agreed to settle a class action lawsuit they had filed against the United States Department of Education. If approved, the settlement will cancel $6 billion in federal loans for about 200,000 people who attended schools known to defraud students or flout specific state laws.

About 64,000 additional borrowers who did not attend one of the 153 named schools will receive a quick review of their situation to see if they can have their loans forgiven.

The National Center for Education Statistics ranks the 50 most expensive four-year institutions in America based on their published out-of-state tuition, annual fees, and residence fees. (Note: All prices listed here are posted prices, i.e. before any loans, scholarships, work-study, or other financial aid.)

Here is the latest data listing the most expensive colleges in America.

1. Harvey Mudd College

Harvey Mudd is the most expensive college in California, costing $77,339 per year. Approximately 70% of Harvey Mudd students receive financial aid (grants, scholarships, loans, and work-study). The average monetary award is approximately $43,764, of which $35,259 (includes need-based and merit-based awards) comes from Harvey Mudd College grants and scholarships (not government sources)

2. University of Pennsylvania

This Ivy League school costs its students $76,826 per year, and the school only has an acceptance rate of 6%. Since 2004, the University has awarded $2.6 billion in undergraduate aid to more than 24,000 students.

3. Amherst College

This private liberal arts college is located in Amherst, Massachusetts. Founded in 1821 to displace Williams College, Amherst is the third oldest institution of higher learning in Massachusetts, and it costs students $76,800 per school year to attend. The school has an acceptance rate of 11%.

4. University of Southern California

The University of Southern California is one of the world’s leading private research universities. It is an institution rooted in Los Angeles, a global center for the arts, technology, and international business. The cost to attend is $77,459 for one school year at USC.

5. Tufts University

Tufts University, located on the border of Medford and Somerville in Massachusetts, is a private research university. It was founded in 1852 as Tufts College by Christian Universalists, and tuition without financial aid is $76,492 per year. It ranks among the best art schools in America.

6. Dartmouth College

This Ivy League university in New Hampshire is known for its 8% acceptance rate, costing $76,480 per year. They are also the ninth oldest institute of higher learning in the United States.

7. Brown University

Brown University is a private Ivy League research university located in Providence, Rhode Island. Brown was founded in 1764 as the college of the English colony of Rhode Island and Providence Plantations, making it the seventh oldest institution of higher learning in the United States. It was also one of nine colonial colleges chartered before the American Revolution. Attending Brown will cost you $76,476 per year.

It has a 7% acceptance rate and is known for studying in English.

8. Northwestern University

Northwestern University, located in Evanston, Illinois, is a comprehensive research university that is deeply interdisciplinary across multiple schools and units. This university is ranked #3 for School of Business, #11 for School of Education, #13 for School of Law, #17 for School of Medicine, #3 for materials engineering, #7 for chemistry and #8 for economics. The cost to attend is $76,317 per year.

It still ranks highly for journalism and communication studies.

9. University of Chicago

The University of Chicago is a private research university located in Chicago, Illinois. Its main campus is located in the Hyde Park neighborhood of Chicago. This university is consistently ranked among the best universities in the world and has a price tag of $76,302 per year. Niche ranks it third among American universities in economics.

10. Wellesley College

Wellesley College is a historically women’s private liberal arts college located in Wellesley, Massachusetts. It was founded in 1870 by Henry and Pauline Durant as a women’s seminary. It is a member of the original Seven Sisters Colleges, an unofficial grouping of current and former elite women’s universities in the northeastern United States.

It is considered one of the best liberal arts colleges in the United States. Wellesley is currently ranked #5 on the National Liberal Arts College list produced by US News and World Report.

Attending Wellesley College costs students an average of $76,220 per year before financial aid.

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