Twenty-one years ago, as I entered my senior year in college, my alma mater reached a significant milestone: the price tag passed the $20,000 mark. Today, tuition, fees, room, and board for a senior at Ithaca College are more than twice that, at about $53,000.
Now, of course, Ithaca and most other private colleges and universities rightfully argue that just a small percentage of students pay those “sticker prices” because schools give out boatloads of financial aid (read: discounts). They’re right. The average discount for first-year students at private colleges is 46 percent.
[See a list of the 57 U.S. colleges and universities that have a “sticker price” of more than $60,000 a year.]
Even in the early 1990s, I received a significant break on my tuition. If I were a student at Ithaca today, for example, I’d pay an average “net price” of $29,000 based on my parent’s income when I was a student, according to the U.S. Education Department. (You can find a college’s net price by income level on the Education Department’s College Navigator).
This is the time of year when private colleges are setting their tuition levels for next year, if they haven’t already. And at most colleges the question that emerges every year is what’s the breaking point? How high can we go with tuition until it’s just too much?