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By Suzanne Blake
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Despite the lofty price tag typically associated with them, Ivy League colleges are not necessarily the most expensive schools in America, according to a new report.
A study from GOBankingRates analyzed the costs of attending higher education at schools across the country and discovered that the University of Southern California was actually the most expensive college.
The Ivy Leagues, on the other hand, came in the near end of the top 10 or top 15.
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Why It Matters
The costs of U.S. higher education have been an economic barrier for millions of students over the last few decades.
To date, Americans hold nearly $2 trillion in student loan debt, which can impact their ability to buy homes, start families, and find financial stability, even as a college degree is often required for many career fields.
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What To Know
Every one of America's top 30 universities costs at least six figures for a four-year degree.
The four-year estimated attendance cost at the top five most expensive colleges was more than $385,000. While USC came in at number one, the top five also included Duke, Vanderbilt, Washington University in St. Louis and Brown.
"Duke and Vanderbilt may not be Ivy League schools, but they offer what many consider an Ivy League-level experience," Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek. "They've carved out a space as elite academic powerhouses within the broader university system, much like Stanford has done. You're paying for the prestige, not just the education."
Brown was the only Ivy League school to rank in the top five, followed by Cornell (6), Dartmouth College (8) and Yale (10). However, many Ivy League schools ranked outside the top 10, including the University of Pennsylvania (11), Columbia (14), Princeton (19) and Harvard (23).
However, even at schools like Harvard, which are not at the very top of the list, families are looking at spending between $300,000 and $400,000 over four years if paying full price.
"The common theme with the recent list of the most expensive universities in the country is the vast majority are private, academically well-ranked, and have both the reputation and educational brand appeal that lessen any surprise when one sees the actual cost associated with attendance," Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek.
"While some may expect to see the most prominent Ivy League universities at the top, they're actually more scattered, as some have a smaller price tag than other prestigious private schools."
What People Are Saying
Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "Parents are willing to compromise their own financial futures just to fund their children's education. That often means tapping into retirement assets or pushing back their own goals, like leaving the workforce."
Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "The factors that go into pricing aren't just prestige, but the cost of running an institution, which can go up if you're in or around a major metro area, like USC or Vanderbilt. And while the pedigree behind these degrees will always be appealing to students, at the end of the day, it's about whether the math works out. You don't want to be in six-figure debt for a degree that may not produce a six-figure income."
What Happens Next
As President Donald Trump's administration pulled funding from several elite universities (including Harvard and Columbia) over disagreements about "educational philosophies," these schools might push more of the costs on students.
Even today, for the current college students and future college graduates of these schools, the debt they may take on to attend their university could be a "lifelong anchor," Thompson said.
"It keeps them in the workforce longer and delays wealth-building. At times, it almost feels like the system is designed this way—to keep people productive, indebted, and locked in," Thompson said.
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