Going to college costs more now than ever before. Astronomical tuitions and crippling student loans have become a major talking point for Democratic presidential candidates, some of whom have proposed forgiving large portions of student debt or wiping it away entirely.

But despite increased concern over the rising cost of a college education, schools continue to charge more and more for a degree. One example: Tuition at the University of Chicago will cost you $57,642 — and when room and board are included, the cost of a single year comes to a cool $80,277.

That's according to a figure recently released by the University of Chicago's admissions department. The number represents the total financial costs incoming students should expect to pay, including tuition, on-campus rooms and meals, books, and personal expenses. The new expected costs are nearly $3,000 higher than last year's $77,331 estimate. Without any financial aid or scholarships, a four-year Bachelor's degree from the University of Chicago could come out at $321,108.

Chicago's massive price tag is a single glimpse into a much wider issue of college costs gone off the rails. In the past three decades, the cost of an undergraduate degree has risen by 213% at public schools and 129% at private schools. This rapid rise has led a reality where more than 45 million Americans have student loan debt, totaling over $1.5 trillion. The chart below illustrates the increase in annual tuition costs over the past 30 years.

The annual cost of college before fees and room and board Shayanne Gal/Business Insider

INSIDER looked at the self-reported total cost of attendance for the 10 schools with the highest single year tuition for comparison. While Harvey Mudd College in Claremont, California, came close at $79,539, the University of Chicago was the only school on the list to break the $80,000 mark so far. While several universities have yet to release their 2019 estimates, as of now the University of Chicago appears to be the most expensive school per year.

In an email, a University of Chicago spokesperson told INSIDER the school "is committed to ensuring that all undergraduate students who are admitted to the college are able to participate fully regardless of financial circumstances."

The spokesperson noted that the university has recently eliminated student loans from need-based financial aid packages, a move the school says has helped significantly reduce the amount of students who graduate with debt. They also offer a program for students who are the first in their families to attend college, which includes a $20,000 scholarship over four years and a guaranteed paid internship for their first summer. According to the spokesperson, the University of Chicago has an undergraduate financial aid budget of $166 million, up from just $76 million set aside in 2010.

The $80,0000-plus figure won't apply to all potential Chicago students. In addition to varying financial aid opportunities, the University of Chicago says it grants "free tuition for students from families with incomes under $125,000 per year." That fee waiver extends to room and board for students from families earning less than $60,000 per year.

Still, that may be of little comfort to the record number of college-age students taking out student loans to pay for their education. Increased tuition and stagnant wages have led over 8.5 million Americans to default on their student loans, according to data from the Institute for College and Success. That has forced some debt holders to take drastic actions. In some cases, the prospect of paying back student loans has become so unlikely that former students have decided to flee the country.

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