NYU Announces Largest Cost Increase Since 2008, Much Smaller Financial Aid Boost

In a university-wide email sent earlier today, NYU President John Sexton announced the proposed budgetary changes for the 2011-2012 school year, which are set to be approved by the Board of Trustees.

Sexton stressed the “significant challenges” facing the university, but noted that the re-engineering efforts over the past two years “have placed NYU in a better position to confront these circumstances than many universities and colleges.”

That won’t stop tuition from going up. Here are the proposed changes:

» Undergraduate tuition, fees, and room and board — For the 2011-12 year, we have budgeted an increase of 3.8% in tuition and mandatory fees, and 3.1% in room and board; the aggregate increase in the cost of attendance will be 3.6%.

» Financial Aid — Having a low per student endowment manifests itself more clearly in the financial aid we can offer than in any other area (though we spend over $180 million annually in institutional grant aid); for that reason, financial aid is our foremost fundraising priority. For 2011-12, undergraduate financial aid will increase by 3.8% to match the increase in tuition and fees. In addition, fully-funded graduate students will continue to receive full tuition remission; have premiums for their graduate health care plan paid by the University; and their minimum stipend will be increased by 2.5%.

The aggregate increase in cost of attendance is the highest since 2008. Last year, the jump was 3.1%; in 2009, it was 3.4%. It’s important to note, however, that those increases were the smallest of the past twenty years.

Additionally, the percentage increase in undergraduate financial aid is down sharply from 5.8% last year and 7.8% in 2009.

Photo via AMagill‘s Flickr (CC).

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    4 Comments

  1. Eric Levin says

    At least Sexon’s email is shorter than usual. :-)

    And WSN has an unusually strong editorial criticizing the tuition hike.

  2. Cris Frazier says

    Here’s my only issue with this. NYC would find cutting costs much easier if it asked the students what it was they would rather do without. Here’s an initiative, hire a few dozen NYU students to figure out what it is we have that we don’t need, ad likewise need and don’t have. Factor in everything from a student’s perspective-cost of books, staffing, profs’ expenses, etc. Then start paying attention to what it is that the students actually need, because we’re the ones who have to live here and are supposedly getting educated here. More to the point, we are the ones who, should we acquire a good high paying job post grad, will become the alumni who fun the school. If for no other reason, there should be as great an attempt to keep us sane and comfortable as there is for professors. (Don’t take it to extremes though, I mean how many plasma tvs do we really need?)

    my two cents.

  3. Cris Frazier says

    (before some douche decides to mention it, yes, I did mean “NYU”. it’s almost 3 a.m. so sue me.)

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