Bloomberg – Studying in the United States or sending their children to do so is in the plans of a growing number of Brazilian families. And the amounts to be offered are one of the key variables at the time of decision.
The bad news for this segment of the Brazilian population is that the cost of higher education in the world’s largest economy is rising. The cost of attending one of the best colleges in the country is: 19 of the top 20 universities cost $55,000 or more per year, including fees. That is R$ 290 thousand per year at the current exchange rate.
The rankings were established by US News & World Report, which earlier in the week released its list of top colleges for the 2022-2023 school year.
Princeton University topped the national rankings, followed by Massachusetts Institute of Technology, the prestigious and prestigious MIT.
Harvard University, Stanford University and Yale University tied for third place. Of these, Yale is the most expensive—costing $62,250 a year, not counting room and board. Adding these values together, students could end up with a bill of up to $80,000.
Some elite schools that receive large scholarships reduce costs for low- and middle-income students. Princeton University said earlier this month it would cover all costs for families earning up to $100,000 a year and Dartmouth University said in June it would eliminate loans from its undergraduate financial aid packages. Yale ranked third on the “Most Affordable Schools” list, suggesting that after scholarships, the total cost of tuition drops to $17,600 per year.
Most schools in the top 20 cost more than $60,000 a year — only two cost less than $50,000. There are two University of California campuses that are tied for 20th. The Berkeley campus charges less than $44,000 for out-of-state students living in its housing, and the Los Angeles campus charges about $45,000, the report said. Depending on the housing, the cost can go up to $68,500 in the Los Angeles campus. Students living in California can expect to pay about $14,000 at each campus.
“There’s no doubt that top private colleges and universities are expensive, with tuition rates over $60,000 a year,” said Eric Gerdler, president and CEO of US News. That’s why it’s important to support students and families as they look at their options and hold the school accountable for providing an affordable education, she said.
Private schools have an average tuition of $38,090, up from $19,360 in 1991, with total costs exceeding $50,000.
The rankings were released weeks after President Joe Biden announced a plan to forgive up to $20,000 in student loan debt incurred before June by those earning less than $125,000 in 2020 or 2021. One in three borrowers has a student loan balance of less than $10,000. According to the Center for American Progress, a progressive think tank.
However, on a long-term basis, Activists say reducing the cost of college or making it free is key to ending the $1.7 trillion student loan crisis. In April, Vermont State Senator Bernie Sanders and Washington Representative Pramila Jayapal, both Democrats, introduced the College for All initiative; That same month, Hawaii Senator Brian Schatz introduced the Loan-Free College Act. Other lawmakers, including Representative Joe Courtney and Senator Marco Rubio, have proposed changes to the federal student loan model, including a 0% interest rate.
Student loan payments, which were frozen in March 2020 due to the economic impact of the pandemic, are expected to resume in January. This does not affect current students, who are exempt from repaying their loans while studying. But when the bill comes, it could add up to more than $200,000 in interest.
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