Students and the families of students who plan to join any Ivy League college are facing sticker shock as the fees for attending the prestigious institute have risen and reached a whopping amount of around $85,000 per year.
Traditionally, eight colleges are considered part of the prestigious Ivy League, and out of these eight colleges, annual fees in five colleges which include tuition, room, board, and other fees have reached a total limit of approximately $80,000 in the last academic year.
According to a report published by Bloomberg on Monday, an annual fee of $80,000 means that the colleges will levy an amount of $320,000 from a student for their four-year degree.
Popular economists who have responded on the topic have suggested that the rise in the annual fee in these colleges will make the students rethink attending the colleges and also whether the degree that they earn over these years is worth the huge amount or not.
According to economist Beth Akers, the rise in the fees will stop working out at some point.
Markers, who currently works for the right-learning American Enterprise Institute states that at some point the math stops working out and finally we will reach a place where these degrees that are earned with such a huge amount are no longer worth it.
Among all the Ivy League colleges, Brown University is the one with the steepest price tag.
For facilities like room, board, and other fees, the University levies an annual fee of $84,828, making it the most expensive college to trend among the Ivy League institutions. Coming behind Brown University is The University of Pennsylvania.
The University collects an annual fee of $84,570 from its students annually and Cornell University takes the top third place in terms of fees collected. A student’s annual fee at Cornell University is around $84,568.
Among the remaining five colleges that are included in the Ivy League, only two colleges charge an annual fee that is less than $80,000.
According to the reports from last academic year, Dartmouth college has an annual fee of $84,300, Yale University collects an annual fee of $81,680. The two remaining colleges are the only colleges in the League that do not have an annual fee that’s above $80,000.
Among the remaining two institutions, Harvard University collects an annual fee of $76,763 and Princeton University collects an annual fee of $76,040 from its students.
The issue of such a high annual fee is not just an issue among Ivy League institutions but also among other prestigious institutions outside the League too. Many other colleges outside the Ivy League charge fees almost as high as the Ivy League colleges like Duke University.
In order to attend Duke University, the students are asked to pay a sum of $83,263 as annual fees, say some reports. Another institute that collects a high fee from its students is the California Institute of Technology.
Students pay $82,758 a year for their education every year. While it is true that there are financial aids to help students meet these high fees, the dream of attending such colleges is still out of reach for any students who come from a very normal household.
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While the fees for attending the so-called prestigious institutions see a huge rise each year, the same is the case with students who try to get into these institutions.
The number of students who apply to join these colleges is also rising readily but the colleges have not increased their capacities, which lowers their individual acceptance rate lower than ever.
One of the major reasons for the rush to join such institutions is the decision by the colleges to make tests optional during the time of the pandemic. This meant that the students were not required to submit their SAT or ACT scores along with their application to join the college.
After the decision was made, there was a very massive increase in the number of applications received by the colleges. For example, reports say that the number of applications received by Harvard last year was around 61,000 which is 7% more than the previous year.
Even though there is a huge increase in the number of applicants to the college, the authorities still need to increase the number of student enrollment, which means that the acceptance rates are also dropping sharply.
The tuition fees in colleges are rising year by year even after the efforts from the Biden administration to issue a student loan forgiveness program.
The initiative has also faced different legal challenges questioning the authority of the government to do so. The plan aims to forgive up to $20,000 in student loans for students who are eligible for the program.
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