Prospective college students want to go to the school that will best equip them for success in their future. Among the factors students consider are school reputation, degree programs, amenities, and alumni networks. However, the most important consideration for many students is cost.
Many college students and their parents pay tens of thousands of dollars a year with the hope that their pricey college degree will help them land a lucrative career after they graduate. Some students who come from wealthy backgrounds can go to any school that accepts them without worrying about cost. But most college students rely on grants, scholarships, and student loans to fund their education — and even that is not always enough.
The price of a college education is more than four times higher than it was in 1985. Private colleges are particularly expensive, with total tuition, fees, and room and board all adding up to a net price of nearly $40,000 per year on average.
There are many additional factors that contribute to higher prices at some colleges and universities. Ken Redd of the Board of Directors at the National Association for College Admission Counseling told 24/7 Wall St. in an interview that colleges have raised prices as they’ve incorporated more technology, higher-priced faculty, and additional health resources for students. The college’s location is also a factor, as in places with higher costs of living, higher staff salary and upkeep costs are often passed on to the students.
24/7 Wall St. reviewed the net price — which includes tuition, fees, and on-campus housing and meal plans net of scholarships and grants — at each four-year college and university in America to determine the most expensive college in every state.