- Student Loans
- Paying for College
In This Article
In This Article
- Average Cost of an Ivy League College
- Do Ivy League Institutions Offer Financial Aid?
- How To Pay for an Ivy League Education
- Frequently Asked Questions (FAQs)
It’s no secret that college is expensive, and there’s proof in the data. For the 2020-21 school year, the average published cost of tuition and fees for a full-time undergraduate student attending a four-year, out-of-state institution is $27,020, according to College Board. When attending a private nonprofit four-year institution, that figure jumps to $37,650—an increase of 2.1% from the year before, prior to adjusting for inflation.
- The average cost of annual tuition at the "Ancient Eight" Ivy League colleges is $59,985.
- With living expenses and other fees added, the average cost to attend an Ivy climbs to $83,046.
- All of the Ivies offer substantial, need-based financial aid, which can cut the cost of attendance dramatically.
Ivy league schools—all eight of which are private nonprofit institutions—tend to have an even higher price tag. Tuition at these eight elite academic institutions starts at $52,659 for the least expensive of them, which is Harvard, and only goes up from there. And that's without the cost of room and board, books, fees, and other entities.
If you do qualify for admission to an Ivy League school, the good news is that these colleges and universities tend to be especially generous with financial help. At some, you may even have the chance to graduate with zero student loan debt.
A net price calculator can help you determine the amount you might pay to attend a particular academic institution, and most schools have one on their website. Using a net price calculator can be a more accurate way of estimating costs, rather than just looking at tuition and fees, which don't take financial aid into account.
Average Cost of an Ivy League College
The average cost of tuition alone for an Ivy League college was $59,985 for the 2022-23 academic year. The table below shows how much each of the eight schools charged in tuition, as well as the overall estimated cost of attendance. The institutions are listed in order from least expensive tuition to most expensive.
|Ivy League School||2022-23 Tuition||2022-23 Estimated Cost of Attendance with Fees|
|University of Pennsylvania||$56,212||$85,738|
Tuition fees are paid to the college or university in order to attend courses and earn a degree. The estimated cost of attendance takes other expenses beyond just tuition into account, including rent, food, utilities, books and supplies, and personal expenses. The assumption when estimating these costs is that students live on campus.
Your cost of attendance may not perfectly match with these estimates, as there are many factors that can impact college costs, including room and board if you choose to live off campus, for example, or have individual medical expenses.
Do Ivy League Institutions Offer Financial Aid?
Ivy League schools are generous with financial aid, as they have a shared goal of meeting inclusivity by ensuring tuition fees aren't an obstacle to attend. In fact, many students who are admitted to an Ivy League school may have the chance to graduate college without taking out any student loans.
As the financial aid policies for each Ivy League school demonstrate, most schools don't expect their students to borrow. They instead provide grants and scholarships that don't have to be paid back:
- Harvard: About 55% of Harvard students receive scholarship aid, and 20% pay nothing to attend at all. Families that earn less than $75,000 per year are not expected to make any financial contribution.
- Yale: This institution does not expect students to borrow for school. Financial aid packages are built around scholarships, parent contributions, and student contributions. Parents who make under $75,000 per year are not required to make a financial contribution.
- Brown: Students are not expected to borrow, and loans are not part of the financial aid package for 100% of students who qualify for assistance. Families with under $60,000 in income aren't expected to make a contribution, and 50% of the class of 2026 received need-based aid that doesn't have to be repaid.
- Cornell: The average grant amount at Cornell was $43,250 for a first-year student in the class of 2025, with the highest grant in that academic year reaching $72,800. Cornell does include loans as part of its financial aid packages, but it guarantees that families making less than $60,000 with assets less than $100,000 will have no loans nor be required to make a contribution.
- Princeton: Of Princeton graduates in the 2021-22 school year, 83% left campus debt-free. Princeton also provided an average grant amount of $62,200 for students admitted to the class of 2025. And students from families with incomes below $65,000 can qualify for a grant that covers 100% of their costs of tuition and room and board.
- Penn: Students are not expected to take out loans, as Penn instead aims to cover 100% of attendance costs with grants, parental support, and student contributions. Families with incomes less than $65,500 receive aid packages that cover tuition, fees, room, and board.
- Columbia: Students are not expected to borrow. Columbia provides more than $150 million in grants and scholarships annually, distributed to 50% of students. The average grant award is $62,850. Parents with income below $66,000 are not expected to contribute any funds to their student’s education.
- Dartmouth: According to its website, 100% of students at Dartmouth have their financial needs met, “no matter who they are or where they’re from.” Dartmouth says its scholarship will cover 100% of tuition, without loans, for families with less than $125,000 in income and “typical” assets.
How To Pay for an Ivy League Education
Ivy League colleges obtain information from your Free Application for Federal Student Aid (FAFSA) to estimate the amount of your financial need, which is based on details you provide—Social Security number, tax returns, and other records of money earned. Ideally, the financial aid package offered to you will cover your full costs.
Aim to complete the FAFSA as early as possible when it becomes available on October 1.
The FAFSA includes an Expected Family Contribution, which is based on your family’s income and other financial criteria. The amount of your EFC is subtracted from the cost of attendance to determine eligibility for need-based aid. While this has been used as one of the key factors schools consider when creating aid packages, the EFC is being replaced by a "Student Aid Index" beginning July 2023. There will also be a new formula used to evaluate need-based aid.
Since many Ivy League schools set their own rules that determine when parents are expected to contribute, the shift away from using the EFC may not have as much of an impact on those attending one of these eight schools.
Still, it's possible the Ivy League school you're attending will overestimate the amount you can pay toward your education. In this case, the grants and scholarships they offer might not cover 100% of your expenses. Student loans could help to cover the extra amount, but be sure not to borrow more than you are able.
Frequently Asked Questions (FAQs)
Do any Ivy League schools offer free tuition?
Yes. Dartmouth, for example, does not expect students from families with a total household income of below $125,000 to pay for tuition. They are expected to contribute through other means such as working, but they will not have to take out a loan. Other Ivy League schools have similar programs.
Is it worth paying for an Ivy League school?
The answer to this question depends on many factors, including your post-graduate aspirations. Aside from the potential of accumulating student debt, Ivy League schools are exceedingly hard to be accepted into. If you are accepted into an Ivy League school and receive a great financial aid package that won't leave you struggling financially, it's probably worth it. On the other hand, there are plenty of world-class universities all over the U.S. where you can receive a top-notch education for a fraction of the price, including some highly ranked public universities.
Do Ivy League schools offer athletic scholarships?
Ivy League schools don't offer athletic or merit scholarships. Instead, they offer need-based scholarships and other types of need-based financial aid.
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The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy.
College Board. "Trends in College Pricing Highlights."
Harvard University. "How Aid Works."
Harvard University. "Financial Aid Fact Sheet."
Yale University. "Affordability: The Details."
Brown University. "The Brown Promise - FAQs."
Brown University. "Brown at a Glance."
Cornell Engineering. "Financial Aid."
Princeton University. "Financial Aid by the Numbers."
University of Penn - Student Registration and Financial Services. "Facts and Figures."
Columbia - Financial Aid and Educational Financing. "Facts and Figures."
Dartmouth University. "How Much Help Will I Get?"
Federal Student Aid. "What are the Deadlines for Filling Out the FAFSA Form?"
Federal Student Aid. "How Aid is Calculated."
Dartmouth Financial Aid. "How Much Help Will I Get?"
Sports Illustrated. "Without Scholarships, Ivy League Athletes See NIL Deals As Leveling the Playing Field."
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The average undergraduate tuition & fees of Ivy League is $59,961 in the academic year 2022-2023. Columbia University in the City of New York has the most expensive tuition & fees of $66,139 and Harvard University has the lowest rates of $57,261.How much does it cost to go to an Ivy League school for 4 years? ›
Full costs at elite private colleges already stretch well into the $80,000s, or upward of $320,000 for four years. At places like Brown University, the cost of attendance (tuition, room, board and fees) is almost $85,000, well above what the typical US household earns.How much does it cost to go to Harvard University for 4 years? ›
The Harvard costs for a four-year degree, including books, tuition, and all other expenses, would be approximately $334,152 based on the 2022-23 school year.What is the cheapest Ivy League school? ›
Princeton is commonly regarded as the “cheapest Ivy” thanks to its extensive financial aid offerings.How do you pay for an Ivy League education? ›
The Ivy League schools do not offer merit-based financial aid, but they will meet 100% of demonstrated financial need. If you are accepted to an Ivy League but your need-based financial aid package is not feasible, try writing a financial aid appeal letter.Is paying full price for Ivy League worth it? ›
Is an Ivy League education worth it? Our discounted cash flow model delivers a resounding no. According to this model, an individual is much better off value-wise to attend a public school as they can expect to receive a much higher return based on their invested tuition and fees.What is the most exclusive Ivy League school? ›
Founded in 1636, Harvard University is the oldest institution of higher education in the U.S. and one of the most selective in the Ivy League. The university is tied at No. 2 in our National Universities ranking. As a private research institution, Harvard has more than 100 research centers on campus.What GPA do you need to get into Harvard? ›
To have the best shot of getting in, you should aim for the 75th percentile, with a 1580 SAT or a 35 ACT. You should also have a 4.18 GPA or higher. If your GPA is lower than this, you need to compensate with a higher SAT/ACT score.What's the most expensive college? ›
The median family income of a student from Harvard is $168,800, and 67% come from the top 20 percent.
However, for college applicants, the average GPA is more likely between 3.5 and 4.0. If you're aiming for a top university such as one in the Ivy League, Stanford, MIT, or others of the same caliber, a 4.0 GPA — or close to it — is expected.What a $300,000 college might cost a $200,000 family? ›
In fact, over a four-year span, families with annual household income of $200,000 can get a third or more of the cost knocked off an education with a $300,000 list price.Are any Ivy League schools free? ›
Dartmouth, based in Hanover, N.H., offers free tuition for any student whose family makes $125,000 or less per year and has typical assets for their income. Those with incomes below $65,000 will have an expected parent contribution of $0 toward their educational costs.Which Ivy is the most expensive? ›
Cost of undergraduate tuition, room and board at Ivy League schools 2022/23. In the academic year of 2022/2023, tuition at Columbia University cost 60,420 U.S. dollars, and room and board amounted to 27,860 U.S. dollars, making it the most expensive school in the Ivy League.What is the cheapest Ivy League school after aid? ›
Yale University Tuition
Yale offers the largest average financial aid package — $58,000 per student. This immense financial support results in equivalently low tuition rates, and Yale offers the lowest average net cost among Ivy League schools, at under $18,000 per year.
Cornell is considered the "easiest" Ivy League to get into because it has the highest Ivy League acceptance rate. While it's easier, statistically speaking, to get into Cornell, it's still challenging. It's also important to remember that students apply directly to one of Cornell's eight undergraduate colleges.Can you get a full ride to an Ivy League school? ›
Well, while it's possible for a student to get a full-ride scholarship to Harvard University via a third-party scholarship, the Ivy League itself does not offer full-ride scholarships. But because the school meets all the demonstrated need of eligible students, many attend at no cost.