As more than 2 million graduating high school students from across the United States finalize their decisions on what college to attend this fall, many are facing jaw-dropping costs—in some cases, as much as $95,000. A number of private colleges—some considered elite and others middle-of-the-pack—have exceeded the $90,000 threshold for the first time this year as they set their annual costs for tuition, board, meals, and other expenses, per the AP.
- Six-figure outlay: That means a wealthy family with three children could expect to shell out more than $1 million by the time their youngest child completes a four-year degree.
- But: The sticker price tells only part of the story. Many colleges with large endowments are focusing on making college affordable for students who aren't wealthy. Lower-income families may be required to pay just 10% of the advertised rate and, for some, attending a selective private college can turn out to be cheaper than a state institution. "Ninety thousand dollars clearly is a lot of money, and it catches people's attention, for sure," says economics professor Phillip Levine of Wellesley College near Boston. "But for most people, that is not how much they're going to pay. The existence of a very generous financial aid system lowers that cost substantially."