A trip to space on Virgin Galactic. A Dior couture wedding gown. A Bentley Continental GT. These luxe indulgences each cost $200,000.Where would these expensive tuitions be without Pell grants and other government loans? See what happens when the government artificially subsidized something.
Add another item to the list: four years at a growing number of private colleges and universities.
Next year, the number of schools in the region that charge upwards of $50,000 annually for tuition, room and board, and mandatory fees is expected to more than double, according to a Globe survey of 20 colleges and universities. Just two years ago, less than a handful of schools cost that much (though many hovered just below the threshold.)
Among the latest members of the $50K Club: Harvard, MIT, Wellesley, Brandeis, Brown, Dartmouth, and Holy Cross. They join Tufts, Boston University, Boston College, Smith, Mount Holyoke, and Babson, which all broke the barrier this year.
College costs have been creeping up for decades, rising faster than inflation and average family incomes. But hitting $50,000 is a significant psychological milestone, education analysts say, and a tipping point that could scare families away from applying to private colleges.
For parents already reeling from the effects of the recession, it is causing sticker shock.
“It’s the most overpriced product you could possibly buy,’’ said Jim Scannell, a laid-off financial analyst whose son, a Natick High School senior, is applying only to public colleges because of their lower cost. “It’s frustrating because you encourage your kids to do their best to get into one of the best schools, but when it comes time to go to these good schools, we can’t afford it.’’
Sunday, March 28, 2010
$50,000: The number of colleges in the region that charge that much or more for tuition, room and board, and mandatory fees is expected to go up 100%
The Boston Globe reports:
Posted by Steve Bartin at 8:57 AM