Students on the Harvard University campus in Cambridge, Massachusetts, on Dec. 12, 2023.
Mel Musto—Bloomberg / Getty ImagesMEREDITH, N.H. — 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.
“Ninety thousand dollars clearly is a lot of money, and it catches people's attention, for sure," said Phillip Levine, a professor of economics at 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.”
“The rollout has been pure chaos and an absolute disaster,” said Mark Kantrowitz, a financial aid expert. Levine said his research has shown that the amount lower-income students are paying at elite institutions has actually been declining over the past six years. But he worries that sticker shock will put off some students from even applying to institutions like Wellesley.
Harvard University in Cambridge, Massachusetts, puts its cost of attendance this fall at up to $91,000, but makes the point that the average parent contribution is just $13,000, and almost a quarter of families pay nothing at all. Harvard can afford a particularly generous student aid program because it has an endowment worth more than $50 billion, the largest of any university.
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