Board approves increase for 2004-2005 tuitionBy Josh Schonwald
At their Wednesday, March 10 meeting, members of the University’s Board of Trustees approved a 5 percent increase in undergraduate tuition, room and board charges for the academic year 2004-2005.
Financial aid also will be increased to help students and their families meet the increased costs. Nearly 60 percent of Chicago students currently receive financial aid, and the average annual grant is more than $15,000.
Annual undergraduate tuition at the University, which currently is $28,689, will increase to $30,123 in the academic year beginning fall 2004. Room and board charges will rise from $9,165 to $9,624, and additional mandatory fees—health and wellness and student activity fees—will increase from $549 to $606. The total charge for a student in the College in 2004-2005 will be $40,353.
“Tuition increases in excess of the consumer price index will probably be with us for the foreseeable future because of the kind of institution we are and must continue to be,” said President Randel. “We are competing for the top scholars in the world, people who are both distinguished researchers and excellent teachers. We must have the ability to attract and retain them. At the same time the University remains deeply committed to a financial aid program that will enable the best students to attend the University without regard to their families’ economic circumstances.”
Like many of its peer institutions, the University also is being challenged by the growing costs of health insurance and rising costs to upgrade its laboratories, libraries, networks and other technological resources.
Alicia Reyes, Director of the Office of College Aid, said that individual aid awards for existing students will be raised to match the increased charges. All entering undergraduate students who need financial support will be fully covered, she said.
According to Michael Behnke, Vice President for University Relations and Dean of College Enrollment, the financial aid available to students is supported in large part through the gifts of alumni. Those gifts have in recent years also helped the University substantially improve its resources through such facilities as the new Max Palevsky Residential Commons, the Bartlett Dining Hall and the Ratner Athletics Center. The new home of the Graduate School of Business and the University’s Interdivisional Research Building are under construction and will be completed in Autumn 2004 and Autumn 2005, respectively.
The University also will continue a policy instituted in 2000 of not deducting the amount of any scholarship funds an undergraduate receives from outside organizations from his or her University financial award.
The University’s admissions process is completely need-blind: financial aid applications have no bearing on admission to the undergraduate program. In addition, the University meets the full financial needs of its admitted students. Financial aid is provided to make up the difference between the cost of tuition, room and board and the amount that an individual and his or her family can afford to pay.