CHICAGO (CBS) — The University of Chicago is regularly considered one of the top five colleges in the nation, and now it will cost students more than $80,000 a year to find out just how good of an education they can get there.
The cost to attend the prestigious private university in Hyde Park will crack a big milestone this year. For undergrads, the price to attend just one year on the Hyde Park campus will set a family back $80,277 this school year — including tuition, fees, books, room and board, transportation costs, and some spending money — after the university raised tuition by about 4 percent.READ MORE: Black Star Project Marks 25th Anniversary Of Community Service
By some accounts, that would make the University of Chicago one of the most expensive university in the country, if not the most expensive.
Orientation for new students for the 2019-20 school year begins Sept. 21, so families should be packing — and saving up — as we speak.READ MORE: Police Officer Responding To Shooting, Struck By Bullet Fired By 15-Year-Old Gunshot Victim
The university also recently began a program called “UChicago Empower.” According to the university’s website, it guarantees free tuition for families with incomes under $125,000 per year (with typical assets).
Families earning less than $60,000 per year (with typical assets) will have tuition, fees, and room and meals covered by financial aid. Other families with higher income and/or assets are eligible for need-based aid as well.
Meantime, Northwestern University is gearing up for new student orientation September 16. The cost to attend classes on the Evanston campus is $78,654; including tuition, room and board, transportation, and fees. Do the math — and assume the cost remains constant — and you’re looking at $314,616 total if it takes four years to finish your degree.MORE NEWS: World's Smallest Flying Structure Developed By Northwestern Engineers
Northwestern doesn’t guarantee free tuition for anyone like the University of Chicago, but it said 61% of undergraduates receive financial aid, totaling $190 million last year. Many families with six-figure incomes can expect tens of thousands of dollars in aid.