<p>dudedad and cangel I misspoke about Dartmouth. The peer group was actually listed as Duke, Vanderbilt, Georgetown and Colgate. Better, but still pretty darn ambitious and ultimately I don't see how the comparison holds up. For one thing, Duke, Vandy and Georgetown are National Universities. Colgate is a better comparison, but I think at this time, it is considered a bit higher ranked than UR. I'm not bashing Richmond, I think it is a very good school -- I just think their tuition increase has made it far less of a value for the average, middle-class family when compared to comparable schools. UR is stating that they will cap loans and work-study at $4000 with all other need coming in the shape of grants, but I remain skeptical. It will be interesting to see how this plays out. The press release I had says:</p>
<p>
[quote]
Trustees approve tuition increase</p>
<p>The Board of Trustees voted in October to set the 200506 total cost of attendance for entering first-year and transfer undergraduate students at $40,510, an increase of 26.9 percent from the current academic year. Returning undergraduate students will see a 5 percent increase to $33,510.</p>
<p>Total cost of attendance includes tuition, fees, room and board. Recognizing that currently enrolled students and their families already had budgeted for their college expenses based on the existing tuition rate, the board decided to exempt them from the larger increase.</p>
<p>To ensure that a Richmond education remains affordable, the board dedicated a sizeable portion of the additional tuition revenue to continuing its policy of meeting 100 percent of a students demonstrated financial need. That policy, which began in 2002, places a $4,000 cap on loan and work-study funding per year with the balance of demonstrated need met with need-based grants that do not have to be repaid.</p>
<p>Richmond is the only university in Virginia, and one of fewer than 40 universities in the country, to meet 100 percent of undergraduate students demonstrated need and offer a need-blind admission policy. Applying or qualifying for need-based aid is not a factor in Richmonds admission decisions.</p>
<p>Tuition at Richmond is the primary revenue source for annual operations, as it is at most private universities. Although the Universitys endowment is sizeable, it accounts for only 27 percent of the institutions total operating budget. While the ongoing Transforming Bright Minds campaign is expected to secure financial support for many institutional priorities, its success will have only a marginal impact on the Universitys annual operating budget.</p>
<p>The additional tuition revenue will allow Richmond to accelerate many of its strategic initiatives that will greatly enhance the undergraduate experience and directly benefit students. These initiatives include increasing the amount of need- and merit-based scholarships, hiring additional faculty in a variety of disciplines, updating technology resources throughout the campus and re-engineering classrooms to better facilitate discussion-based learning. Other initiatives include renovating or expanding existing buildings such as the science center, library, business school and dining hall, as well as constructing new facilities.</p>
<p>When the tuition increase is implemented, the total cost of attending Richmond will be comparable to other selective private universities with which Richmond competes for top students, including Duke, Vanderbilt, Georgetown and Colgate.</p>
<p>For the past several decades, the University of Richmonds tuition rate has been comparatively low and does not accurately reflect the high quality of our faculty, academic programs and campus resources, says Otis D. Coston Jr., rector of the Board of Trustees. We are in the process of building one of the nations great universities, and increasing tuition revenue will provide the resources needed to propel Richmond to the top echelon of academic excellence. We have a responsibility to our students and the nation to provide the highest quality educational experience within our reach.</p>
<p>The vast majority of Richmond alumni supports this position. In a 2003 alumni survey, 95 percent of respondents said it was important for the University to pursue its vision to become one of the finest small private universities in the nation.</p>
<p>Prior to the trustees vote on the tuition increase, President William E. Cooper met with the Alumni Association Board to brief its members on the issue and seek their input.</p>
<p>After careful consideration of all of the facts, the Alumni Association Board strongly endorsed the tuition proposal, says Board President Bob Seabolt, R77. We are pleased to have been consulted prior to the decision, and we look forward to dialogue in the future on issues critical to the Universitys future.
[/quote]
</p>
<p>The actual tuition figure for Richmond is $34,850 -- the $42,000 figure is the estimated total cost. For comparison's sake, tuition at the other schools mentioned (from USNWR):</p>
<p>Wake $28,310
Duke $30,720
Georgetown $30,338
Vanderbilt $28,440
Colgate $31,440</p>
<p>In comparison, the tuition at some of the schools that I think are truly peers of UR:</p>
<p>Bucknell $30,730
Lafayette $28,625
Sewanee $25,580
Furman $24,408
Centre $21,800</p>