UChicago, on the defense, says students won't have to pay full $100k sticker price

The University of Chicago defended itself against a projection that it will be the first U.S. university with a six-figure price tag by touting its financial aid programs. The university did not deny the projection but instead used the opportunity to emphasize the school’s affordability.

The university reacted to the prediction by The Hechinger Report by emphasizing that most students are not required to pay the full cost of admission, and many don’t have to pay tuition at all. 

The university told Campus Reform that it is committed to “ensuring that students from every background can find a home here” and that it provides “truly comprehensive financial support” to students,” including free tuition to all students from families with yearly incomes below $125,000 and “typical assets.” Students from families with income less than $60,000 a year also receive free room and board and student fees.

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The report predicted that the cost to attend the University of Chicago will reach $103,248 by the 2025 academic year. Harvey Mudd College in California, Southern Methodist University in Texas, and Columbia University in New York are not far behind, with their costs projected to cross the $100,000 shortly after or around the same time. These preconditions were made by projecting numbers for the cost of attendance from 2008 to 2018 forward to 2025.

”We do not comment on hypotheticals,” University of Chicago Assistant Director for Public Affairs Gerald McSwiggan told Campus Reform when asked about the accuracy of the projection. He did, however, point out that the university meets “the full financial need of all students who are admitted, and [does] not expect students to take out loans,” and “guarantee[s] paid internships for students from low-income families during the summer after their first year.”

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McSwiggan also boasted that the university awards “an average financial aid package of more than $50,000” and has “established a $166 million financial aid budget for FY 2020,” which he pointed out “is more than double the figure from 2010.” 

”Compared with major four-year universities in Illinois and nationwide, UChicago graduates have among the lowest levels of student debt and exceptional career outcomes, including placement with substantive job opportunities and top graduate programs,” McSwiggan said.

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