Of all the top 30 U.S. universities, twenty-seven are planning to raise tuition for the next academic year.
According to an analysis titled “Campus Reform” by U.S. News, Vanderbilt University shows the biggest spike in tuition. Its tuition for the 2019-2020 academic year was $52,070, and by the 2022-2023 academic year, this Tennessee-based university’s tuition has risen by 11.64% to $58,130, an increase of more than $6,000!
Harvard and Duke are the only two universities that have lowered their tuitions for the coming academic year;
The University of Michigan chose to charge the same tuition as last year;
The University of Virginia chose to lower in-state tuition and raised out-of-state tuition.
Campus Reform tracks tuition and fee rates for the past four academic years, including both in-state and out-of-state tuitions at public universities, and presents the chart below:
Top 30 US University Tuition Increase in the Past 4 Years
Last month, Campus Reform reported that Boston University's tuition had risen by 4.25%, the biggest growth the institution has seen in 14 years. But that increase is still lower than the 6.96% increase reported at the University of Southern California, 4.47% at Emory University, and 4.39% at Brown University among the other Top 30 schools in the United States.
College tuition has continued to rise over the past two decades. US News reported in 2021 that since 2002, average tuition and fees at private schools have risen by 144%; out-of-state tuition and fees at public universities have risen by 171%, and in-state tuition and fees have risen by 211%.
According to an email to all staff from the President of Boston University, Robert A. Brown, inflation is the biggest challenge posed to higher education today, among many others.
“My biggest concern so far is the impact of inflation on staff, our students and the University. We increased our undergraduate tuition by 4.25% for the next academic year, the largest increase in 14 years, compared to last year’s increase 3.0%," wrote Robert Brown.
Meanwhile, how much has college graduate income grew?
According to the annual survey conducted by the National Association of Colleges and Employers, the average starting salary has risen by $6,909 since the class of 2010 entered the workforce.
Class of 2015: $50,219
Class of 2020: $55,260
The class of 2022 is expected to earn between $50,681 and $75,900 on average, depending on the student's major.
Although starting wages rose by 14% between 2010 and 2020, the cost of commodities and necessities has also rose sharply within last year alone.
According to reports from the US Bureau of Labor Statistics this May, the inflation rate for the past 12 months is 8.3%, the highest level ever since April 1981.
The increase in starting salaries hasn’t been able to keep up with the current inflation rate, and students and their families must face the reality of financial inflation. In a time like now, attending and paying for college can be a serious investment decision to make, and factors like the difference between public and private university tuitions, choice of major, and long term job prospects can become further complications. At Enlighteens, we understand that decisions in the mentioned aspects vary for every individual student and family, and we are dedicated to providing our consultation for students and their families with the bigger picture in mind.