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Due to the high price of college tuition, about 43 percent of students reject their first choice of schools. [8] Tuition and fees do not include the cost of housing and food. For most students in the US, the cost of living away from home, whether in a dorm room or by renting an apartment, would exceed the cost of tuition and fees.
In 2017, a federal endowment tax was enacted in the Tax Cuts and Jobs Act of 2017 in the form of an excise tax of 1.4% on institutions that have at least 500 tuition-paying students and net assets of at least $500,000 per student. The $500,000 is not adjusted for inflation, so the threshold is effectively lowered over time.
Mallinckrodt College (1916–1991, Wilmette), merged with Loyola University Chicago [4] [5] Mundelein College (1930–1991, Chicago) merged with Loyola University of Chicago [6] Old University of Chicago (1856–1886, Chicago) Robert Morris University Illinois (1913–2020, Chicago), merged into Roosevelt University in 2020
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