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Jan 1, 1100
The First Universities
Very few of the original universities charged tuition at all. Although the tuition was free, there were a lot of limitations on what majors you could choose and classes generally started at 5am. At this time, a bachelor's degree took six years to complete. -
Tax Supported Education System
Skip ahead to 1796 - Thomas Jefferson proposed an education system supported by taxes. He believed that in order to have a smooth running government, the population had to be educated. Through subsidizing elementary schools in 1818, and a $15,000 loan, Jefferson helped to start the University of Virginia. -
The Ealry 1800s: Low Tuition, High Living Expenses
Although at this point, not many universities had high tuition or any tuition at all, the living expenses were very high. For this reason, only the wealthy families could afford to send their kids to school. -
Harvard Tuition in the Early Days
In 1870, can you guess what Harvard was charging for tuition? $150. Brown University was only charging $75 - that translates to $3,000 today. Lower class families, at the time, could not afford education without scholarship help. -
College Tuition Doubles
In the 1920s, the number of students wanting to enroll in college soared. By 1930, 20% of college-age Americans were enrolled. Tuition was still low, but more expensive than the end of the 1800s - coming in at around $250 a year for schools like Wharton Business School. -
The G.I. Bill is Passed
The G.I. Bill made it possible for war veterans and their families to go to college for free or a highly reduced price. Today, this bill still helps veterans with the costs of a college education. -
The Cost of Private Schools Rise
Public school tuition at this time was around $2,175, but private schools were pushing $9,876. Nowadays though, a semester at a private school costs close to what it would have cost in 1973 for all four years of schooling. -
School Debt Alters Life Decisions
In 1997, with tuition sky-rocketing, much faster than inflation, college debts started to alter major life decisions of students and graduates. People were starting to delay getting married and having kids, because a lot of them didn't want to create more debt while they still had major school debts to pay back. -
Student Loans Continue to Increase
With the cost of college tuition continuing to rise, students need more and more loans to cover the tuition. Unfortunately, the interest on the loans is starting to increase at a high rate. -
College Tuition Today
Students are looking at $119,400 for tuition at private schools and $33,300 for pubic schools, on average. If this rate continues, in 18 years, students in 2028 will be looking at tuition prices three times as high as they are today. Scary.
