The College Fix

Columbia, NYU, Georgetown, Harvard, Cal Tech top list of most expensive colleges, study finds

When looking at the cost of college, often people review tuition and fees. But what happens when food, rent, supplies and other living expenses are factored in? One company did just that.

“The average total cost of being a student for four years in the U.S. is $307,658,” according to the study by Self Financial. “These costs are split among a number of expenses that students incur throughout their time at university, including rent, groceries, and course materials.”

Obtaining a four-year degree at Columbia University in New York City can cost around $514,442 when factoring in costs such as living expenses and groceries, according to the new study, which added the Manhattan campus is the most expensive to attend in America.

The four other universities rounding out the top five on the most expensive list are New York University at $497,402, Georgetown in Washington D.C. at $472,817, Harvard in Boston at $472,027, and California Institute of Technology in Pasadena at $458,330.

While the most expensive colleges and universities are located in coastal locations known for their high cost of living, many fly-over states house the most affordable universities, according to the study.

The most affordable colleges and universities, according to the study, are: Brigham Young University in Utah at $138,528; Western Governors University in Utah at $143,591; Minot State University in North Dakota at $151,572; Purdue University–West Lafayette in Indiana at $154,952; and New Mexico State University at $155,304.

The totals are for the full price of tuition.

The study was commissioned by Self Financial, a technology credit company, using data from various online sources: “This analysis has reviewed 200 universities (the top four in each state) and 18 different data points to determine the most expensive and the most affordable university for students.”

Darren Kingman at Root Digital, which conducted the research on behalf of Self Financial, said the study shows “it is not just tuition fees that impact how expensive college life can be.”

“The price of rent, academic supplies, and living expenses vary for students attending different colleges, and these all impact the overall cost. While Harvard’s tuition fees are slightly less than those of schools like Caltech and Yale, rent for on-campus and local accommodation costs more for Harvard students, driving up the total cost over four years,” he told The College Fix via email.

“Though a number of Ivy League colleges feature in the list of top 20 most expensive colleges to attend, some were outranked by non-Ivy League schools such as the University of Southern California and the University of Chicago. Princeton sits just outside the top 20 as the 23rd most expensive school to attend.”

Columbia University’s media affairs division did not respond to requests for comment from The Fix.

The study noted in-state tuition at public universities is always more affordable.

“For a student with an in-state discount, rent takes up the highest proportion of the cost over four years at 36.7% (including one year on campus and three years off-campus renting with three people sharing). Tuition and fees take up 32.1% of the total cost, followed by takeout and food away from home at 8% of all expenses,” Self reported.

In contrast, “Students who attend a private college will pay the same tuition regardless of whether they live in the same state as the university or not.”

The study comes out at a time when more Americans than ever are questioning whether obtaining a four-year degree is a good investment.

A Pew Research study published in May found: “Only one-in-four U.S. adults say it’s extremely or very important to have a four-year college degree in order to get a well-paying job in today’s economy.”

MORE: Colorado will pay for students’ first two years of college under new law

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