For the first time ever, a business school is telling its applicants that the total cost of an MBA degree will exceed $200,000. New York University’s Stern School of Business is asking incoming students to budget a record $203,875 to cover the tuition and living costs for its two-year MBA program.

Not surprisingly, Stanford is not far behind. In fact, depending on how you crunch the numbers, Stanford could still be number one. For a single person living on campus, Stanford said the cost of its MBA is now $202,870, a sum that includes a $4,000 global immersion trip. That’s only about $1,000 less than NYU. But if a student lives off-campus, Stanford estimates the total cost to be $212,092, with the required trip overseas.

After NYU and Stanford, the most expensive MBA programs in the U.S. are at Wharton ($195,084), Columbia Business School ($192,936), and MIT Sloan ($192,028). The school with the biggest percentage increase in the past two years was Duke University’s Fuqua School of Business, where the cost of an MBA rose 13.2% to $169,982 from $150,202 in 2012. The increase at NYU Stern was 10.5%.

Even getting an MBA at a public university is no longer a significantly cheaper option. In fact, many of the most prominent public business schools, including the University of Virginia’s Darden School of Business and UCLA’s Anderson School of Management, now exceed the cost of the MBA program at Cornell University’s Johnson Graduate School of Management. A Darden MBA now costs $170,722 versus Cornell’s $163,784.

In most cases, the costs between a resident and a non-resident at an elite business school is negligible. At UC-Berkeley’s Haas School of Business, for example, a resident of California can expect to pay $80,215 a year for the MBA, a savings of little more than $2,500 from the non-resident’s $82,762. For the two-year program, the difference comes to about $5,000–$165,524 for the non-resident vs. $160,430