Move over, FOMO. Say hello to FOMP—fear of missing a payment. As college approaches in 2025, students and their anxious parents are feeling the heat. The costs of tuition, dorms, and even basic school supplies are skyrocketing, leaving many wondering how to manage it all. Here’s a quick guide to navigating the expensive landscape of higher education today.
Let’s dive into the numbers. Tuition at the University of Chicago is now a jaw-dropping $92,000 for just one year. That’s more than many people pay for a luxury car! It’s followed closely by Harvey Mudd College, which charges about $89,500 a year. It’s not only the elite schools that have risen in price— the average tuition for in-state students at public colleges in 2024-25 is around $24,920. For out-of-state students, it jumps to about $44,090. Private colleges average around $58,600 a year, making it feel like a financial rollercoaster.
To give you some perspective, in the past 20 years, public college tuition has soared by 179%, far exceeding the inflation rate for most other goods. Private college tuition has also climbed by 128%. It’s a tough picture for families. In the late 1970s, the average annual cost of education might have bought you a house; today, it barely covers a small dorm room.
Speaking of dorms, brace yourself. At Cornell, a standard double dorm room costs around $13,246 for 2025-26. Even a single room is priced at a staggering $15,994. That’s more than renting a studio apartment in many cities!
And what about the essentials? Outfitting a dorm room is more expensive than ever. A simple 1-inch binder now costs $1.50, a 50% increase from last year. The average student spends about $1,370 on books and supplies for the 2024-25 year, marking a 7% jump since 2020. With rising costs, many students are turning to digital resources—though it’s important to be cautious with free downloads.
Social life isn’t escaping the inflation either. A half-barrel keg now runs between $115 and $125, a rise of about 15% since 2019. Even basic party supplies like red Solo cups have become pricier. Many students are finding creative ways to fund their college fun, sometimes turning to crowdfunding for snacks at parties.
Don’t overlook added fees. Some colleges, like Eckerd College, charge students an extra $746 annually for activities and tech on top of their $52,690 tuition. Suddenly, the total adds up to $68,612. You’re paying even before stepping onto campus.
In short, college today is as much about mastering budgeting as it is about earning a degree. Tuition prices keep climbing, dorms look like luxury accommodations, and the cost of everyday items adds up fast. As you plan for the semester ahead, remember: staying savvy with your finances is just as important as acing your classes. Good luck, and may your ramen supply be bountiful!
For more insights on tuition trends, check out sources like Bankrate or recent articles from the Chronicle of Higher Education.
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