June 10, 2026 Submitted By Glenn Mangurian
In 1987 my financial planner told me that private colleges would cost $40,000 per year. (At the time, their cost was $15,000 per year.) She was correct. Back in 2012 I wrote an essay, “Are you ready for $100,000 per year college?” I predicted that we were headed for $100,000 per year (“list price” for tuition, fees, room and board) private college in 2022. The response I received from readers was, “No way!”.
Well, I was wrong. It took until 2026.
In 2012, private college costs were rising nearly 8% per year—about twice the rate of inflation. Between 1986 and 2012, overall inflation increased about 115%, while college tuition soared 498%. When I revisited my prediction in 2017, annual increases had slowed to about 4.7%. At that pace, I estimated the $100,000 college would arrive in 2027.
Wrong again, I missed—but this time by only a year and I was late.
According to a recent Boston Globe report, 14 New England colleges now cost more than $100,000 a year for the 2026–27 academic year. And even that figure may understate the true cost. MIT, for example, says it spends roughly twice its listed tuition to educate a student.
I am not making this up.
At the same time, some highly endowed universities are expanding financial aid. Earlier this year, Yale announced that families earning less than $200,000 annually may qualify for full tuition coverage. Families earning under $100,000 may receive assistance covering virtually all educational expenses. So the net price is often less than list price for those receiving financial aid. Note: recent census data reports that the median household Hingham income in 2024 dollars was $206,000.
Still, the underlying list price continues to rise.
Consider these increases since 2012:
- Boston University: from $55,070 to $98,419
- UMass Amherst: from $23,922 to $42,366
Viewed through today’s lens, UMass Amherst almost looks like a bargain. The difference between attending Boston University and UMass Amherst is now more than $223,000 over four years.
Not all schools can continue to raise their list price and remain independent.
Some small liberal arts or specialty schools have been experiencing decreasing enrollments. More than 300 U.S. colleges and universities closed from 2008 to 2024, according to an analysis by The Hechinger Report. The loss in tuition and fees from declining enrollment has been happening faster than the ability of the schools to cut cost. For example, Boston College & Pine Manor College as well as Boston University & Wheelock College have merged creating benefit to both institutions. On the other hand, Hampshire College recently closed and will sell its property from its 800-acre campus.
Some perspective on rising costs: Gasoline Price
Americans pay close attention to gasoline prices, but unlike college tuition, gasoline has largely tracked inflation. In 1978, according the Department of Energy, a gallon of gasoline cost $0.65. Adjusted for inflation, that equals about $4.56 today—almost the recent price. Over 48 years, the inflation-adjusted price of gasoline has remained essentially flat. College tuition has not.
The student debt burden
Do a little research and here is what you will learn. Americans now owe approximately $1.8 trillion in student loans, making it one of the largest categories of household debt after mortgages.
- About 43 million Americans carry student loans.
- The average borrower owes roughly $40,000.
- Graduate and professional school borrowers often owe well over $100,000.
One might expect market forces to push prices down. Yet higher education operates unlike most markets. Students must apply for the privilege of becoming customers.
Why do costs keep rising?
- Demand far exceeds available seats at many institutions.
- Colleges face limited pressure to control costs and strong incentives to expand facilities and programs.
- Easy access to student loans fuels demand while transferring the financial burden to students.
- Colleges compete on prestige, rankings, and selectivity (the percent of applicants they reject) -not affordability.
- Higher education changes slowly and often resists disruptive innovation.
Ask any graduating senior or parent and you’ll hear the same story: admission has become increasingly competitive and increasingly expensive. I’m not predicting when college will cost $200,000 per year. I’ve seen some estimates that that threshold will be reached in the 2043–2044 academic year!
The question receiving more attention every year is no longer “Can I get into college?”
It is: “Is a college degree still worth the price?”
Glenn Mangurian is a senior Hingham resident of 42 years. He welcomes your comments and can be reached at gmangurian@comcast.net