However, you don’t have to sign up for a lifetime of debt just to get a degree. It’s important to choose a school that fits your budget. And keep in mind that a school’s “sticker price” is often much higher than what you’ll actually pay once you factor in financial aid—as long as you take the initiative to find and apply for it. Not sure where to start? We rounded up the 20 least and most expensive schools in the U.S. so you have an idea of how much a college education could cost. Plus, you’ll learn why college is so expensive in the first place and how to keep your costs down.
Why Is College So Expensive?
There are a lot of reasons why college is so expensive these days. In general, college tuition prices have been creeping up thanks to factors such as inflation, decreased state funding, higher enrollment, and more. However, some schools can also be more expensive than others due to certain characteristics.
Private vs. Public Colleges
Private universities tend to be more expensive than public ones, in part because of how they’re funded. While public schools receive funding from the federal, state, and local governments, private schools rely on donations and tuition money to cover costs. However, even though private colleges tend to be more expensive on paper, it’s possible for an expensive private school to have a lower net cost than a public school if it awards a significant amount of financial aid to its students.
Location
Where a college is located can also affect the cost of tuition. For one, attending college as an out-of-state student raises the price considerably; public colleges are run and funded by the state via taxes, so residents of the state can attend those schools at lower tuition rates. Colleges that are located in high cost-of-living areas may also charge higher tuition prices.
Reputation
Along with cost, a school’s reputation is often a major deciding factor for prospective students. However, you might not realize that the two go hand-in-hand. Highly reputable colleges usually charge higher costs to attend, while less reputable colleges tend to charge lower rates.
The 20 Most Expensive Colleges in the US
Wondering how U.S. college costs compare? We ranked the top 20 most expensive four-year colleges based on annual cost of attendance for the 2019-2020 school year, along with their net costs (including financial aid). Note that the ranking excludes community colleges, technical schools, and other colleges focused on highly specialized degrees. Below is a breakdown of the types of financial aid available to college students.
Scholarships
Lewis said that when it comes to paying for college, students should seriously consider financial aid that doesn’t have to be paid back, such as scholarships. These can be awarded based on financial need, though they’re usually awarded on merit for academic excellence, athletic ability, or other talent. Scholarships can be found through national programs, local community resources, religious organizations, employer programs, advocacy groups, and more. Lewis added that it can be time-consuming to find and apply for scholarships, but it’s well worth the effort since you likely qualify for a number of opportunities. Using a scholarship search engine can help.
Grants
Grants are another form of free financial aid, though they differ from scholarships in a couple of ways. First, they tend to be need-based. They’re also usually awarded by the government or school you plan to attend.
Student Loans
Federal student loans are another type of financial aid. Unlike scholarships and grants, however, they do need to be repaid. The benefits of federal loans include low, fixed interest rates and several government-sponsored programs to help borrowers afford payments more easily. If between free aid and federal student loans, you still have a gap in college funding, it’s also possible to borrow private student loans. These loans are offered by private lenders rather than the federal government. They’re often recommended as a last resort since they’re generally more expensive, require good credit to qualify, and don’t come with the same government-backed protections.
