How Harvard Tuition Costs Affect Your Living Expenses

Harvard tuition and living expenses:

If you have the opportunity to attend a top-tier university for your undergraduate degree, then you should take it! Many of these institutions have world-class, award-winning programs that provide students with an unparalleled learning experience.

But if you’re planning on attending college next year and don’t know where to start looking… or who to ask… then you’ve come to the right place!

While attending college is an important part of your future, it shouldn’t come at the cost of your other future plans. In this article, we’ll discuss why tuition prices are so high and how this affects your living expenses after graduation.
The cost of tuition at Harvard University has increased by over 1,210% since 1983 (from $3,310 to $51,490 per student). This has led many students to question whether their educational investment is worth it. But there are other factors that can also explain the increasing cost of attendance (COA) at elite colleges. 

If you’re going to college this year, chances are you’ve already discovered that expenses can add up quickly. In fact, a new study from Harvard shows that the cost of higher education is now the leading expense for American families.

The new data shows that students and their parents now spend an average of $23,600 on their child’s higher education. That’s up nearly 50% in just the last decade.

Because of the rising price of college, many parents are asking how much it will actually cost them to send their child to school. Here’s how much you should expect to pay for your child’s first year at any type of private or public university in the United States

College in the United States

There are many factors that determine just how much college will cost in your particular area, but the overall picture is fairly similar no matter where you go to school. The average cost of a year at a public university in the US is close to $17,000, but at a private school, you’ll likely spend more than $50,000.

The wide gap in price can be explained by the increased cost of living in a city such as New York, where NYU is located. A quick note on the “average cost” of college numbers above. These are averages across all types of schools, including public institutions, private nonprofit schools, and private for-profit schools.

The cost can vary wildly based on your specific situation and the schools you are looking at. The numbers below will help you get a better idea of how much you can expect to pay at each type of school. Keep in mind that the numbers below are just a starting point.

Harvard Tuition and Fees

Harvard, the oldest and most prestigious university in the nation, has been racking up high tuitions for years. The cost of attendance at Harvard for the 2017-2018 school year is $61,940.

That number comes from taking the average cost of a four-year public university and adding on $45,870 for Harvard’s own tuitions.

To put that in perspective, a family with an annual income of $180,000 would have to come up with $860,000 to cover the cost of a Harvard education for their child, assuming no grants or scholarships.

Yale Tuition and Fees

Yale, Harvard’s New England rival, also charges a hefty $61,940. The Yale cost of attendance is even higher than Harvard’s, and it’s nearly twice as expensive as any four-year public university in the country.

To make Yale more affordable, the university offers a range of financial aid programs, including institutional grants and low-cost loans.

Princeton Tuition and Fees

Princeton is the most expensive of this group of elite Ivy League schools. The Princeton tuition is $62,290 and that’s before adding on the $45,000 cost of attending the university’s own schools.

This high cost is due to Princeton’s location in New Jersey, which has the highest cost of living in the nation. Top Princeton financial aid options include scholarships and grants as well as low-cost loans.

Stanford Tuition and Fees

One of the most affordable private universities in the country is Stanford, which charges $59,640 for tuition and $6,450 for its own expenses. Stanford does offer a modest amount of financial aid, including need-based grants, but the university does not have many tuition subsidies.

Stanford is located in Silicon Valley, a place where the cost of living is low. That makes Stanford an affordable option for many families in areas where the cost of living is high, like New York City.

Columbia University Tuition and Fees

The Ivy League has a new member, and it’s located right upstate in New York. Columbia University charges $61,800 for tuition and $6,190 for its own expenses.

That’s more expensive than Stanford and Yale, but still within the range of other private universities in the US. Like the other Ivy League schools, Columbia offers generous financial aid. The university’s Office of Financial Aid offers a range of options, from grants to low-cost loans.

NYU Tuition and Fees

New York City is a pricey place to live, and that is reflected in the cost of attending NYU. The average cost of a year at NYU is $63,935, and that number is similar to the average cost of private colleges and public universities in New York.

There are a few ways to bring down the cost of NYU. First, New York State grants free tuition to students from families making less than $100,000. Next, you can look into the many scholarships and grants offered by the university.

Northwestern University (NWU) Tuification and Fees

Northwestern is located in one of the most affordable parts of the country: Illinois. The cost of attendance for Northwestern is $63,790, which is much less than the $165,000 annual cost at Harvard, Yale, or Princeton. Northwestern has a modest number of financial aid options, but the university does not offer any tuition subsidies.

UCLA Tuition and Fees

The University of Southern California is one of the most expensive universities in the country, and it’s also one of the most expensive colleges to attend. The annual cost of attending USC is $66,030, and that cost is comparable to the $66,030 annual cost of attending UCLA.

Both schools have a large level of financial aid, and the majority of students receive some type of grant or scholarship. The majority of grants are based on financial need, so expect to pay a sizable amount each year if you are selected for one of these grants.

Bottom Line

Many people assume that they will be able to go to a public college for less than $10,000, but that’s not true in many cases. Public colleges and universities are usually funded by the state, and states are usually required to pay for a certain percentage of their residents’ expenses.

On the other hand, private colleges have more freedom to set their own tuition prices. That said, public colleges often have more flexible transfer policies and financial aid options, so you may be better off going that route.

In addition, some public universities offer generous tuition discounts for service members, making a military education an option for some families. Keep in mind that these are just average costs for the types of colleges listed above. Costs will vary based on your specific situation and the schools you are looking at.