A first for Mass. colleges: Breaking the $90,000 barrier

Two Boston-area schools are the first local higher education institutions to break $90,000 in annual student costs.

Wellesley College’s sticker price will be $92,060 for the 2024-’25 school year including tuition, fees, room and board, and a meal plan. Boston University will cost $90,207.

Others aren’t far behind, with a growing list of schools breaking $80,000 or nearing $90,000. At least 10 colleges will have costs exceeding $80,000, though some have yet to post their 2024-'25 costs, including Harvard and Northeastern University.

Brandeis University’s costs next year will be $89,824, and Olin College of Engineering will total $89,669. Bentley University costs are rising to $84,570 and Babson College will be $82,126.

Now keep in mind those $90,000 price tags include not just tuition but books, food, housing and in some cases even health insurance. Some parents who were touring Boston University Wednesday with their children said they're willing to foot the bill.

“Of course the money matters, the tuition makes a difference," parent Ajoy Patra said.

Patra said those rising college costs won't stop him from helping his son Ishaan pursue a college degree. He said he planned in advance for all his children.

“We’ve invested in the 529 plan that our state offers over several years and have definitely paid for our other daughters through that plan.” 

Still, these costs take a chunk out of the median Massachusetts household income, which was about $93,000 last year.

“I’ve been around long enough that I have seen every time there’s a milestone it just really makes people sit back and say oh my goodness these costs are so high," said Julie Shields-Rutyna, director of college planning, education and training at the Massachusetts Educational Finance Authority.

Wellesly College says about 60% of their students receive financial aid, while Boston University says they will award about $425 million in financial aid within the next year. Shields-Rutyna says there are also other ways for parents to plan.

“Beginning to save as early as possible working with your student to really think about what's a path that's right for you, that's gonna make sense for you.” 

Along with financial aid there are also other options within the state to make college more affordable, including the governor's MassReconnect Program which offers free community college plan for people under 25. And there are often significant price differences between private and public schools.

More on this story from Boston Business Journal