The Ivy Coach Daily

May 23, 2024

How Much Does Attending UChicago Cost in 2024?

A view of an ivy covered building from Harper Quadrangle at the University of Chicago.
The University of Chicago’s 2023-2024 on-campus tuition cost is $89,040 (photo credit: Nicomachian).

Several years ago, Ivy Coach covered a piece by Alia Wong in The Atlantic, College Is on Its Way to Costing Six Figures a Year,” which predicted that by 2025, the University of Chicago’s total cost of attendance would surpass the six-figure mark. Now that it’s 2024, we’re in a significantly better position to predict UChicago’s tuition rate next year. As it turns out, the institution is not even close to breaking the six-figure threshold. Below is a breakdown of the cost of attendance at UChicago for the 2023-24 academic year, pulled directly from their Financial Aid Office website:

Cost of Attendance for 2023-2024On-CampusCommuterOff-Campus
Tuition$63,801$63,801$63,801
Student Life Fee$1,818$1,818$1,818
Food & Housing(or Maintenance Allowance)$19,221$7,500 (maintenance allowance)$15,000
Books & Course Materials$1,800$1,800$1,800
Misc. Personal Expenses$1,950$1,950$1,950
Travel Allowance$450$450$450
TOTAL$89,040$77,319$84,819

No, the University of Chicago Will Not be the First University With a $100,000 Price Tag

At $89,040, UChicago still has a ways to go before reaching the six-figure threshold. But just how much does the cost of attendance grow each year at this formidable research university? According to the UChicago 2021-22 Common Data Set, the school’s most recent Common Data Set release, the tuition cost in Academic Year 2022-23 was $61,179. In other words, tuition increased by 4.3% in one year to $63,801. The total cost of attendance in AY 2022-23 was $86,856, which grew by 2.5% the following year to $89,040. Given this rate of change, we at Ivy Coach predict it will be another three or more years before the total cost of attendance reaches the prophesied six-figures.

How Do UChicago’s Costs Compare to Other Elite Institutions?

Still, no matter how you swing it, $89,040 is a lot of money to spend annually on undergraduate education. Of course, the money is well spent. Elite institutions like the University of Chicago provide students with the opportunity to rub shoulders with future captains of industry, to nurture a competitive work ethic that will take them far in life, and to be fed into lucrative industries post-grad. This sort of access is priceless. But how does the University of Chicago stack up against other highly selective colleges in terms of cost?

The Cost of Attendance Across Elite Institutions in 2024

University2023-2024 Cost of On-Campus Attendance
Brown University$91,676
Columbia University$88,942 + Travel
Cornell University$92,150
Dartmouth College$91,312
Harvard University$82,866 + Travel
Princeton University$86,700 + Travel
Stanford University$92,892 + Travel
University of Chicago$89,040
University of Pennsylvania$92,288
Yale University$90,975

As indicated by the data above, the University of Chicago is actually moderately priced compared to other institutions of the same stature. Even though it does not sit on the low end of the spectrum, along with Harvard University’s fairly reasonable $82,866 price tag, it is still over $3,000 less than Stanford University’s more daunting $92,892 price tag. By the looks of it, Stanford or the University of Pennsylvania are more likely to take first place in the race to the $100,000 bill.

Any member of UChicago’s esteemed economics department will tell you that tuition prices are set by supply and demand. Supply, in this case, is set by the thousands of high schoolers who apply for admission each year. For admission to the Class of 2027, a record-setting 38,800 vied for entry onto the exclusive Hyde Park campus. With the number of slots in the class fixed at around 1,800, UChicago is completely within their right to charge any number they see fit — it’s simply economics. Fortunately, UChicago has a robust financial aid program that covers some or all of the expenses of nearly 60% of the student body, with the average scholarship sitting at $51,232 in 2023.

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