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Paying for College
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Wednesday, April 10, 2024
Today’s Paper
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Paying for College|Some Colleges Will Soon Charge $100,000 a Year. How Did This
Happen?
https://www.nytimes.com/2024/04/05/your-money/paying-for-college/100k-college-cost-vanderbilt.html
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your money
SOME COLLEGES WILL SOON CHARGE $100,000 A YEAR. HOW DID THIS HAPPEN?
Some Vanderbilt students will have $100,000 in total expenses for the 2024-25
school year. The school doesn’t really want to talk about it.
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Credit...Robert Neubecker
By Ron Lieber
Reporting from Vanderbilt University in Nashville
Published April 5, 2024Updated April 8, 2024
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their favorite listens from the New York Times Audio app. Get it with a Times
subscription.
It was only a matter of time before a college would have the nerve to quote its
cost of attendance at nearly $100,000 a year. This spring, we’re catching our
first glimpse of it.
LISTEN TO THIS ARTICLE WITH REPORTER COMMENTARY
Listen 13:33
Open this article in the New York Times Audio app on iOS.
One letter to a newly admitted Vanderbilt University engineering student showed
an all-in price — room, board, personal expenses, a high-octane laptop — of
$98,426. A student making three trips home to Los Angeles or London from the
Nashville campus during the year could hit six figures.
This eye-popping sum is an anomaly. Only a tiny fraction of college-going
students will pay anything close to this anytime soon, and about 35 percent of
Vanderbilt students — those who get neither need-based nor merit aid — pay the
full list price.
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But a few dozen other colleges and universities that reject the vast majority of
applicants will probably arrive at this threshold within a few years. Their
willingness to cross it raises two questions for anyone shopping for college:
How did this happen, and can it possibly be worth it?
WHO PAYS WHAT
According to the College Board, the average 2023-24 list price for tuition,
fees, housing and food was $56,190 at private, nonprofit four-year schools. At
four-year public colleges, in-state students saw an average $24,030 sticker
price.
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A correction was made on
April 5, 2024
:
An earlier version of this article misstated the surname of Vanderbilt’s vice
provost for university enrollment affairs. He is Douglas L. Christiansen, not
Christensen.
--------------------------------------------------------------------------------
When we learn of a mistake, we acknowledge it with a correction. If you spot an
error, please let us know at nytnews@nytimes.com.Learn more
Ron Lieber has been the Your Money columnist since 2008 and has written five
books, most recently “The Price You Pay for College.” More about Ron Lieber
A version of this article appears in print on April 8, 2024, Section B, Page 1
of the New York edition with the headline: Budget-Breaking Education. Order
Reprints | Today’s Paper | Subscribe
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