Photo by katieforeman2010

Photo by katieforeman2010

Photo by katieforeman2010

Students entering George Washington University next year will pay $58,488 per year for their education and housing, reports the Hatchet. The tuition rate is 3.3 percent higher than last year’s freshman class, and almost double the $29,350 that incoming students paid a decade ago.

University administrators defend the price tag by saying that other institutions of higher learning are more expensive—which is true—that the rate stays steady over the up to five years that a student remains at the university and that the rates of tuition increases have been lower than many competitors. (By way of comparison, American charged just under $40,000 this year, while Georgetown cost around $43,000.)

Either way, the George Washington University is becoming so expensive that some of its students may even have to sell those fancy cars they’ve been driving.

Clarification: We mistakenly only listed the tuition for Georgetown and American above. With room and board included, Georgetown hits the “mind-boggling” mark also, just exceeding $60,000 per year. American is a steal at roughly $53,000. Our apologies for the confusion.