Attending an Ivy League college can potentially lead to a lucrative salary in the future, but it comes with a significant upfront cost. The average tuition fee across Ivy League institutions stands at $64,829, excluding expenses like housing, meals, books, and additional fees.
Despite prestigious institutions such as Princeton University and Harvard College offering no-loan policies for students with demonstrated financial need, federal financial aid recipients still pay an average of $22,968 annually for their Ivy League education, according to the Department of Education’s College Scorecard data.
However, there are alternative colleges that provide comparable educational quality at a more affordable price. Forbes recently identified 20 colleges—10 private and 10 public—as the “new Ivies,” known for producing skilled professionals and maintaining competitive admissions rates.
These “new Ivies” are often more budget-friendly. The average tuition for the first year at the 10 most affordable “new Ivies” is $42,233, with federal financial aid recipients paying an average of $15,436 annually, based on a CNBC Make It analysis.
Public institutions generally offer lower tuition fees compared to private colleges. While Ivy League schools may provide better financial aid packages through institutional grants and scholarships, public universities often have more accessible price points. Here are the 10 “new Ivies” with the lowest average net price, according to Department of Education data:
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University of Florida Out-of-state tuition: $28,658 Average net price: $6,275
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University of North Carolina—Chapel Hill Out-of-state tuition: $39,228 Average net price: $12,414
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Georgia Institute of Technology Out-of-state tuition: $32,940 Average net price: $14,588
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Rice University Out-of-state tuition: $62,874 Average net price: $15,091
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University of Illinois Urbana—Champaign Out-of-state tuition: $36,760 – $44,664 (varies based on major) Average net price: $16,109
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University of Maryland—College Park Out-of-state tuition: $39,464 Average net price: $16,590
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University of Michigan—Ann Arbor Out-of-state tuition: $27,864 (reflects 2023-24 tuition price, 2024-25 price not available) Average net price: $16,792
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University of Wisconsin—Madison Out-of-state tuition: $42,104 Average net price: $16,834
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University of Texas—Austin Out-of-state tuition: $40,582 – $48,712 (varies based on major) Average net price: $18,850
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Johns Hopkins University Out-of-state tuition: $64,730 Average net price: $20,820
