According to an article in the Atlanta Journal Constitution (AJC) on April 22, 2024, titled “Some Colleges Soon Charge $100,000  (or more) per year. How did this Happen?”, many colleges are considering raising their fees and are looking at raising tuition rates close to $100,000 per year.

“One letter to a newly admitted Vanderbilt University engineering student showed an all-in price – room, board, personal expenses, a high-octane laptop – of $98,426,” stated the AJC article.

Also, according to this article, only 35% of Vanderbilt University students will pay the full amount, but there are a few dozen colleges and universities whose high standards allow them to reject the majority of applicants who are expected to arrive at this cost in just a few short years.

The estimated annual cost for an 18-year-old undergraduate student to attend Life U with absolutely no grants, or financial aid, according to the Cost to Attend page on their website, is $27,396, with the average cost per quarter being $9,132 and includes room and board. (this is based on a three-quarter academic year).

Our Life U executive team and Board of Trustees recognizes the financial hardships for current students to complete their education and for new students to begin their college studies.

“In light of this emerging environment here at Life U, the Board of Trustees agreed to ensure that these increases are not passed along to students and has voted to freeze the cost of tuition and fees at their current rate for the upcoming budget year,” shared Life University President Dr. Rob Scott.

There is other good news too. Several private colleges have reduced their costs and offer financial help to many students regardless of income level.  And state schools offer even more financial discounts.

“As of the 2019-20 school year, according to federal data that the College Board used in a 2023 report, 39% of in-state students attending two-year colleges full-time received enough grant aid to cover all of their tuition and fees (but not their living expenses, which can make getting through school enormously difficult). At four-year public schools, 31% paid nothing for tuition and fees, while 18% of students at private colleges and universities qualified for the same deal,” according to the AJC.

So, the question many are asking is, is college worth the cost? The short answer: yes.

Why is college worth the cost? According to the AJC article, an analysis done by the HEA Group, a research and consulting firm, focused on college access and success “found that a majority of colleges exceed minimum economic measures for their graduates, like having a typical income that is more than half of a high school graduate with no education ($32,000 per federal high Scorecard data).”

They further found that over 1,000 colleges fell short of this level; however, these were for-profit institutions offering only short credentials instead of four-year degrees.

“While the cost of obtaining a degree can be a barrier to entry, the median annual income of recent college graduates with a Bachelor’s degree is $60,000, compared to $36,000 for those with just a high school diploma, according to the Federal Reserve Bank of New York,” says SoFi.

In the end, the choice to attend college is a very personal one. It depends on what an individual would like to do for a living and the certifications or degrees needed for that field, financial considerations and a multitude of other factors that are needed to be considered before making this decision.  It is also important to consider the intangibles a college experience offers, such as the ability to grow both personally and professionally in an independent environment. A great way for someone to navigate these decisions is to talk with high school and college counselors. At Life ,U we offer LIFE Leadership Weekends for prospective chiropractic students and an Eagle Madness Preview Day for prospective undergraduate students. For more information, visit life.edu.