As per the rankings released by the US News & World Report of the top universities in USA for the 2022-23 academic year, Princeton University came out on top in the national rankings, followed by the Massachusetts Institute of Technology (MIT).
Third place was shared by Stanford University, Harvard University, and Yale University. Yale is the most expensive of schools, with annual tuition costing roughly USD 62,250 (not including room & board). Once all these factors are taken into account, international students may be liable for paying a debt of up to USD 80,000.
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Some prestigious colleges with substantial endowments offer financial aid to low- and middle-income students. According to Princeton, it will pay for all expenses for households earning up to USD 100,000 annually. However, Dartmouth college stated that it would eliminate loans from its undergraduate financial assistance programmes.
On the list of 'best value schools' compiled by US News, Yale placed third, indicating that with grants, the annual tuition may cost as low as USD 17,600.
Only two of the top 20 universities in the USA charge less than USD 50,000 in tuition, with the bulk of US universities costing more than USD 60,000 per year. These are both the University of California schools which tied for twentieth place.
For out-of-state students living on campus at the University of California (Berkeley), the charges are roughly USD 44,000. In comparison, a report from US News claims that the University of California (Los Angeles) charges out-of-state students roughly USD 45,000.
Costs at UCLA might reach as high as USD 68,500 depending on accommodation. Each school charges roughly USD 14,000 in tuition each year for California residents.
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According to Eric Gertler, executive chairman and chief executive officer of US News, the best private universities and schools in the USA are unquestionably pricey, with tuition fees exceeding USD 60,000 per year.
He argued that it is essential to encourage students and families as they consider their alternatives and hold schools accountable for ensuring that the value of their offerings matches the price tag.
The average tuition for private schools in the USA is USD 38,090, up from USD 19,360 in 1991, while the average cost of attendance is USD 50,000 or more.
The declaration of President Joe Biden's one-time pledge to cancel up to USD 20,000 in student debt was made just a few weeks before the ranking. This applies to borrowers who received loans prior to June 2022 and had annual incomes of less than USD 125,000 in the year 2020 or 2021.
Based on the Center for American Progress, a liberal research group, one in three borrowers had student loan balances under USD 10,000.Long-term solutions to the USD 1.7 trillion student debt crisis, as per activists, depend on reducing or eliminating the expense of schooling.
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The College for All Plan was unveiled in April 2021 by Democrats Senator Bernie Sanders of Vermont and Representative Pramila Jayapal of Washington. The Debt-Free College Act was presented by Hawaii Senator Brian Schatz in the same month of April.
Rep. Joe Courtney and Sen. Marco Rubio are two senators who have proposed modifications to the federal student loan programme, including a 0% interest rate possibility.
Payments on student loans will start again in January 2023 after being suspended in March 2020 due to the economic turmoil of the Covid era. Current students, who are free from repaying their debt for as long as they are in school, would not be impacted by that. However, it is probable that their bill, including interest, will be more than USD 200,000 when it is due.
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Source: The Economic Times
