As the fall semester inches closer, prospective students are facing a sobering reality: several New England universities have now joined the exclusive club of institutions charging an eye-watering $90,000 or more per year for an undergraduate education. Among the ranks of this elite group are Yale University, Tufts University, Boston University (BU), and Wellesley College, as revealed by their published costs for tuition, housing, and additional expenses.
With the 2024-2025 academic year looming, Tufts University leads the charge with undergraduate program expenses nearing $96,000, followed closely by Wellesley College at approximately $92,000. This surge reflects an upward trajectory in the cost of higher education that considerably outpaces the inflation rate for other goods and services. Wellesley’s comprehensive undergraduate fee alone increased by 4.7% from the previous year’s $88,200, an elevation that the university describes as “reflecting the increasing costs of providing a Wellesley education.”
Boston University and Yale are not far behind, with costs around $90,000 and $91,000 respectively. Despite these staggering numbers, these institutions emphasize their dedication to making education accessible. Colin Riley, executive director of media relations for BU, disclosed that the university is awarding $425 million in financial aid to undergraduates this year, with 92% of that aid being need-based and guaranteed for four years under the BU Scholarship Assurance.
Wellesley spokesperson Stacey Schmeidel highlighted that “very few Wellesley students pay the total fee.” She noted that nearly 60% of their students receive financial aid, with the average award being $67,469. The college maintains that it meets “the full calculated financial need for every student who enrolls.” Similarly, Yale’s Jeremiah Quinlan proudly stated that their institution meets “100% of all families’ demonstrated financial need” without requiring loans, staying consistent with policies for all students regardless of citizenship or immigration status.
Tufts University is also part of this trend, as Patrick Collins, the executive director of media relations, pointed out that the university is committed to meeting the full demonstrated financial need of all admitted undergraduate students. He mentioned that this year’s first-year class received more than $33 million in need-based grants from Tufts, and that the increase in total student charges for the next academic year is “in line with increases that we are seeing at our peer institutions.”
These figures come at a time when the cost of attending a public four-year college rose by more than 200% between 1987 and 2017, and student debt remains a pressing issue for graduates across the nation.
Relevant articles:
– Some New England universities and colleges break $90,000 barrier for total cost in upcoming school year
– Soaring tuition: These New England colleges and universities will cost you more than $90K a year, Boston 25 News, Thu, 28 Mar 2024 16:43:10 GMT
– Multiple New England Colleges Soar Past $90K Annual Tuition: Report, Patch, Thu, 28 Mar 2024 20:04:10 GMT
– Yale, Tufts, other schools raise annual cost above $90,000, Fortune, Thu, 28 Mar 2024 14:52:00 GMT