Ivy League cost tops up to $92K a year, surpassing median income by a wide margin

The Cost of Attendance (CoA) at prestigious private Ivy League schools has hit the $90,000 mark, significantly exceeding the U.S. median income, which stands at $74,580, according to the U.S. Census Bureau.

Freshmen entering Ivy League schools this fall will face an average cost of $90,000 a year in tuition and expenses, as reported by Bloomberg on April 8. The total cost over four years would exceed $350,000. The CoA includes tuition, room and board, and food.

According to the article, the University of Pennsylvania is the most expensive, with a CoA of $92,288. This represents a 9% increase from the previous year.

Following close behind are Cornell University ($92,050), Brown University ($91,676), Dartmouth College ($91,312), and Yale University ($99,975), with each institution raising its tuition by approximately 8-9% year-over-year.

Columbia University has yet to announce its fall tuition rates, but if last year’s trend continues (2023-24), it is expected to surpass the $90,000 mark this fall. The previous year’s CoA at Columbia was $89,587, marking a 10% increase from the year before.

Meanwhile, Harvard University and Princeton University remain in the $80,000 range, with their CoAs at $82,866 and $86,700, respectively.

Despite these rising costs, applications to Ivy League schools continue to increase. This year, Yale, Dartmouth, and the University of Pennsylvania each saw a surge in freshman applications of more than 9%. In contrast, Harvard experienced a 5% decline in applications.

“Most Ivy League schools offer full tuition waivers for families earning less than $60,000 to $75,000,” a university official stated. “There are plenty of scholarships available, so children from low- and middle-income families don’t have to worry about paying for school.” At Columbia University, students from families earning less than $150,000 a year can attend for free.

BY NICOLE CHANG, JUNHAN PARK    [chang.nicole@koreadaily.com]