If you are a student who has been taking out student loans to cover the costs of your college or university education, there’s one thing you need to be aware of: the amount of debt you might graduate with will not cover the true cost of your education, as many universities charge additional fees that you don’t see on the bill until it’s too late. Here are 7 Universities where education costs too much and student loans won’t even cover it.
America’s Most Expensive College – $64,976
Grove City College is a Christian college in Grove City, Pennsylvania. At Grove City, education costs a student $64,976 over four years (including tuition and room & board). The total price tag for getting an education here is about $8K more than most other colleges. The problem? That cost doesn’t include other important expenses such as textbooks ($1,212 per year), living expenses ($4,700 per year) or transportation costs ($1,208 per year). If students had to cover all of those extra expenses with loans (which they often do), their final bill would be even higher. An average bachelor’s degree from Grove City College will set you back more than half a million dollars overall! That’s what we call an investment.
University of Sydney – $64,000
Australia is a country of amazing people and its education system has been regarded as one of the best for years. However, that doesn’t mean it’s cheap. The University of Sydney can set you back $64,000 in tuition costs if you live on campus. That might not sound like a lot to some Americans who are accustomed to paying $50,000 or more just for four years at a state school—but Australians do not receive anywhere near as much financial aid from their government in order to cover higher education fees. Therefore most students spend every waking hour trying to find ways to make extra money throughout college just so they can afford their degree.
Harvard University – $63,200
One of America’s oldest institutions of higher learning, Harvard is a prestigious (and expensive) private university located in Cambridge, Massachusetts. The Ivy League school currently costs just over $63,000 per year to attend—not including student loans or personal savings. That price tag also doesn’t include room and board; room and board at Harvard University costs $12,848 per year. Similarly high tuition prices at elite schools like Stanford University and Yale University can force even undergraduates to take out tens of thousands of dollars in student loans in order to cover their expenses for one semester. If a Harvard degree is your goal, you’ll likely graduate with around $50,000 worth of debt unless you get some help from your parents.
University of Southern California – $62,700
The University of Southern California, better known as USC, is a private research university located in Los Angeles, California. The University of Southern California was founded in 1880 and enrolls over 35,000 students. The school is one of four flagship universities of the State University System in California. Approximately five percent of all USC students are international students from over 150 countries around the world. However, tuition alone for non-resident undergraduate students is over $40,000 per year plus room and board which can be upwards of $13,000 more per year.
Columbia University – $62,575
$62,575 is a lot of money to pay for tuition. This is especially true if you only have $20,000 in student loans to go towards that tuition. At Columbia University in New York City, not only will you pay $62,575 a year but living expenses will cost another $13,857 a year—for those attending class on campus. That brings the total annual cost of attendance at Columbia University to $76,432.00 before factoring in books and supplies.
Princeton University – $62,528
Tuition and fees for Princeton’s 2014-2015 school year is $47,300, which already more than double what most students pay. This adds to the high cost of living in Princeton and makes it hard for students to focus on their studies with all of these expenses. Unless you’re a wealthy family that can afford to send your children there, avoid debt from student loans at Princeton University. The more student loan debt you have, the less likely you will be able to start a company or work in a creative field later in life due to increased interest rates.
Stanford University – $61,800
The one-year tuition for incoming freshmen at Stanford University, a private research university located in Palo Alto, California. The total does not include board and lodging expenses. While it’s almost double of what an average person makes in a year, parents are more than happy to pay up—Stanford is consistently ranked as one of America’s best universities by U.S. News & World Report, with 100% of its undergraduate applicants being accepted into their freshman class. It also houses Silicon Valley Venture Capitalists and has produced 29 Nobel laureates so far.