Private College Costs Exceed $90,000, Making College Education Expensive for Wealthy Families

Education News

A number of private colleges 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. This means that a wealthy family with three children could expect to spend over $1 million by the time their youngest child completes a four-year degree. However, many colleges with large endowments have been focused on making college more affordable for lower-income students. Some lower-income families may only have to pay 10% of the advertised rate, making attending a selective private college cheaper than a state institution.