2023 Most Expensive Colleges

As the cost of college continues to rise, families and students alike are left wondering why college has become so expensive in the first place. Understandably, there are a lot of questions surrounding why college tuition continues to rise and what that means for those hoping to pursue a higher education.

What Makes Colleges So Expensive?

The truth is, there are no simple answers when it comes to understanding why college costs so much. From rising labor costs to waning college enrollments, the costs of higher education continue to increase each year, often outpacing inflation.

What Are The Benefits of Attending An Expensive College?

One of the biggest benefits of attending an expensive college is that there is generally greater access to resources and the education quality may increase. Emphasis on the word “may”. It should be noted that simply spending more does not necessarily mean that the education experience will actually increase in quality. Polling alumni from the most expensive, the most affordable colleges, you’ll get 50/50 answers in favor and against expensive colleges, each armed with a long list of case studies that seem to prove their point. The takeaway, absolutely do not consider cost alone as a primary driver to your decision.

That being said, expensive schools do typically have larger endowments, more resources, and a greater ability to recruit world-class faculty members. With access to more resources, some students may find that their professional careers are jumpstarted, while others may find their experience underwhelming based on how much they’ve paid (or overpaid in some cases).

What Are The Potential Drawbacks of Attending An Expensive College?

Attending an expensive college certainly does come with a few risks as well. As tuition continues to rise, student loan debt is rising too, leaving some graduates unable to pay back their loans. And even if recent grads are able to afford their payments, many are finding themselves drowning financially and emotionally in the weight of student debt - we strongly encourage prospective students to have lengthy conversations with alumni of their target universities to check-in on the real world circumstance of what it’s like to be saddled with student debt. Furthermore, a dangerous cycle can ensue, leaving students unable to attend college altogether or forcing them to take out more loans than they can feasibly pay back.

What Are The Most Expensive Colleges?

MGH Institute of Health Professions

As the #1 most expensive college, MGH Institute of Health Professions costs just over $70,000 per year. As a small private institution, it tops all the lists (both public and private). It's in the heart of Boston, so it can certainly serve as a professional springboard into the northeast. With a very high acceptance rate, it's no surprise that the student total is still relatively small (2,406 as of the most recent year of study). The college offers more than 25 different major specializations, many of which are filled with exceptional professors. Notable alumni include basketball coach John Kuester and physician Dr. Peter B. Bach.

Landmark College

Ranking #2 on the list of most expensive colleges, Landmark College in Putney, VT costs just around $59,100 per year. Featuring an impressive college ranking of #677, this college also provides a unique learning experience. Providing a learning environment and academic program to students who have learning disabilities or attention deficit disorders, they offer five associates programs and the only bachelor's degree. With a competitive acceptance rate of 47%, this college allows the student to excel and learn in their own unique way.

Columbia University in the City of New York

Ranked as the #9 overall college and #3 as the most expensive college, Columbia in New York is a private institution that costs roughly $58,920 per year. As one of the eight Ivy League colleges in the United States, Columbia is known for its exceptional academic opportunities but also its rich alumni and faculty. With a low acceptance rate of 5%, the student population of 33,301 students, this college offers a wide range of 230 majors and programs and has produced many notable alumni, including a Nobel Prize winner and two Supreme Court Justices.

Franklin and Marshall College

Located in Lancaster, PA, Franklin and Marshall College is ranked #92 overall and #4 in terms of most expensive. Delivering a great college experience, it costs around $58,615 per year. With a highly competitive 30% acceptance rate, this college has approximately 2,460 students. The college offers over 40 majors and allows you to study them thoroughly with their world-class faculty and staff. Notable alumni include actor-director Rob Reiner, governors of Delaware and Pennsylvania and the founders of Warby Parker.

Harvey Mudd College

Claremont, CA's Harvey Mudd College is the #5 most expensive college, costing $58,359 per year. With an acceptance rate of 14%, the college is home to 923 undergraduate students and offers up vibrant opportunities for a great learning experience. At Harvey Mudd, you can study a range of 35+ majors from science and engineering to economics and humanities. Notable alumni include tech mogul and Tesla founder Elon Musk and the co-founders of Instagram.

How To Pay For an Expensive College?

Fortunately, there are some steps students and their families can take to reduce the costs of attending an expensive college. Pell Grants, Federal Work Study programs, and other forms of aid can help reduce the tuition burden. In addition, some colleges provide income-based scholarships that take into account a student's financial situation and family income level when allocating funds.

Finally, for those who cannot find scholarships or other forms of aid, there are loan repayment plans specifically designed to help graduates of expensive schools pay off their loans. The repayment plans often allow students to extend the time they have to pay off the loan and thus pay less in interest.

Is An Expensive College Right For Me?

At the end of the day, although expensive colleges can have some steep tuition costs, they come with a host of benefits that can otherwise be hard to come by. However, there are still ways to make the most expensive colleges more affordable. It’s important to research the advantages and disadvantages of attending an expensive college before making a decision. The costs may seem high, but the potential rewards, both in terms of knowledge and career opportunities, can be significant. With the right planning, it is possible to finance an expensive college education.