Private colleges could cost more than $90K this fall

Multiple private colleges are costing over $90,000 this fall for the first time.

“Ninety thousand dollars clearly is a lot of money, and it catches people’s attention, for sure,” said Phillip Levine, a professor of economics at Wellesley College near Boston, according to The Associated Press. “But for most people, that is not how much they’re going to pay. The existence of a very generous financial aid system lowers that cost substantially.”

The cost is for tuition, housing and other expenses, CNN reported.

However, the hefty price tag will be for wealthy students. The majority of universities over the last few years have been focusing on trying to make school more affordable for students from lower-income families whereas education at a private college can be more affordable than if they were to go to a state school, the AP reported.

Wellesley College for example will have a $92,000 price tag but says that about 60% of the school’s students will have financial aid. The average amount of financial aid will be over $62,000 and it will significantly cut down costs, according to the AP.

Wellesley College spokesperson Stacey Schmeidel told CNN that the cost “reflects the increasing costs of providing a Wellesley education.”

The cost of public and private colleges has jumped in costs over the last few years. Between 1987 and 2017, it jumped over 200%, according to CNN. Department of Education data said student debt on average is at $32,000 for those between the ages of 25 and 34.