MIT Is a College Bargain. NYU, Not So Much.
New data on costs and post-graduation earnings for students who receive federal aid show that some elite private schools offer great deals and that public universities often don’t.
MIT costs an average of just $5,084 a year for students who receive federal aid.
Photographer: Adam Glanzman/Bloomberg
You probably won’t be surprised to learn that graduates of the Massachusetts Institute of Technology make more money than those of any other top US university — with those receiving federal student aid earning a median income 10 years after starting college of $124,213 a year. More surprising may be that, for those receiving federal aid, MIT is among the least expensive of American universities, costing an average of just $5,084 a year with living costs, books and supplies included.
On the other end of the spectrum for universities in the Top 25 of the current US News & World Report rankings (of which there are 28 because four are tied for 25th place) is New York University, with the highest average cost for federal aid recipients and the third-lowest median income for former students — although I should note that the cost estimates here are for the 2020-2021 academic year, and NYU increased financial aid substantially in 2021-2022.