Being an adult is expensive. But the transition to adulthood can be even pricier. According to the AP, the total annual cost (covering tuition, meals, accommodation, etc.) has exceeded $90K at several universities — with one Vanderbilt student facing a bill of $98,426 for the upcoming academic year. While the average cost for a 4-year private college stands around $56K, US college tuition has surged 12% annually between 2010 and 2022, as reported by the Education Data Initiative. Next up, $100K.

• Massachusetts universities have the highest average yearly tuition rates, and within the state, Boston University, Tufts, Wellesley, and Yale are all set to charge over $90K this year.
• Thankfully, students may end up paying considerably less, with the average tuition discount rising from 39.8% to 50.9% over the past decade.

Students reject schools: High costs won’t be the only reason for dwindling college enrollments. The National Student Clearinghouse reports an 8% drop in college enrollment from 2019 to 2022. Within this period, the percentage of high school graduates pursuing higher education fell from 66.2% to 62%, as per the US Bureau of Labor Statistics. Due to the “demographic cliff” resulting from a plunge in births during the 2007-2008 recession, college enrollment is expected to further decline in the coming years.

Read: For more insights on the changing landscape of higher education and its costs, check out “MBAs Don’t Shine Like They Used To: Why Students Are Skipping B-School.”