That Giant College ‘Sticker’ Price Isn’t What Most Students Pay

That Giant College ‘Sticker’ Price Isn’t What Most Students Pay

The report found that the typical net price at private colleges has increased for more than a decade only for higher-income students. But that still doesn’t mean college is affordable for low- and middle-income families. According to the report, students from families making less than $50,000 still have to pay nearly $25,000 to attend a typical private institution.

“You don’t need a doctorate. “Recognizing that this is not affordable,” said Dr. Levine in an interview.

The net price of public universities has also become more exorbitant for lower-income families. At public colleges, the typical net price paid by low-income students, adjusted for inflation, increased to $18,000 in 2019-2020, from $12,500 in 1995-96.

The gap between public price tags and actual costs deters less affluent students, who won’t even apply if they see a flashy list price.

“Sticker shock is a really big problem,” particularly for low-income, black and Hispanic students, said James Dean Ward, director of policy and economic research at Ithaka S+R, a nonprofit research and consulting group that focuses in part on higher education.

Some colleges are “resetting” tuition to more accurately reflect what students will pay in hopes of attracting more applicants. Bridgewater College, a small liberal arts college in rural Virginia, announced last year that it would cut its published tuition by more than 60 percent, from $40,300 to $15,000, starting next fall. (Accommodation, meals, books, supplies, travel and personal expenses, which significantly increase costs, are additional.)

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2024-04-12 13:00:06