The New College Cost Crisis: Forget FOMO, It’s All About FOMP
By Priyashah, World-Today-News.com
As students prepare to head off to college this fall, a new anxiety is gripping families: not the fear of missing out (FOMO), but the fear of missing a payment (FOMP). The escalating cost of higher education is reaching a fever pitch, transforming the college experience into a financial tightrope walk for students and parents alike.
The numbers are staggering.The University of chicago currently leads the pack with a jaw-dropping $92,000 annual price tag for tuition and fees alone, narrowly edging out Harvey Mudd College’s $89,500. But the sticker shock isn’t limited to elite institutions.
According to recent data, the average in-state tuition at public four-year universities is $24,920 for the 2024-25 academic year, while out-of-state students face bills of $44,090. Private colleges aren’t much better, with a typical annual cost of $58,600 before factoring in room, board, books, and the unavoidable “decompression snacks.” The “all-in” cost at a private nonprofit now averages a breathtaking $62,990 per year.
A Two-decade Tuition Surge
This isn’t a sudden spike; it’s the culmination of decades of relentless increases. Public four-year tuition has soared 179% in the last 20 years, dramatically outpacing overall inflation. Private nonprofit tuition has risen by 128% in the same period. As 1977, college tuition and fees have experienced an average annual inflation rate of 6% or more – double the rate of other sectors.
To put that into outlook: the cost of today’s tuition could have purchased an entire house in the late 1970s. Now, it barely covers a dorm room.
Beyond Tuition: The Hidden Costs
The financial burden extends far beyond tuition. Dorm life, once a relatively affordable option, is becoming increasingly expensive. At cornell University, a basic double room will cost $13,246 for the 2025-26 academic year, while a ”super-single” will set families back $15,994.
Even seemingly small expenses are climbing. A simple one-inch binder now costs $1.50 – a 50% increase in just one year. A wooden pencil? Twenty cents, double the price from 2024. While a 24-pack of crayolas remains a rare stable price, the overall trend is clear: the cost of equipping a student for college is skyrocketing.
As families navigate this new landscape of financial pressure, careful planning and exploration of all available financial aid options will be more critical than ever.The dream of higher education remains within reach, but it requires a clear-eyed understanding of the true cost - and a proactive approach to managing the financial realities of college in 2025 and beyond.
