That is a big increase. They can do it because people will still want to come regardless of the price. I doubt weâll see such big increases from non-elite schools.
Elon went up 9% last year - not elite.
U Denver going up 5% next year. Gtown 4.9% - semi elite.
The rich can afford. The non rich at schools like Stanford will have their needs met. At the non elite, theyâll likely have to discount more (merit aid) to get customers in the door.
@tsbna44 maybe Georgetown isnât viewed as elite where you liveâŠbut it sure is here.
Elon can raise rates because they still have TONS of applicants who want to attend.
Denver is a go to cityâŠso seeing a tuition increase there is not a surprise.
Iâm waiting to see if schools less on the beaten path will increase costs.
Thatâs a whole different topic. Calling one elite or not - whether Harvard, UC anything, Babson, Wyoming - anywhere - is an opinion and ultimately in the eye of the beholder.
To me, semi elite is ânext tierâ as I suppose I define it. You define differently and thatâs fine. Obviously for some majors Gtown is king. But Iâm not sure it matters as much in those majors.
Ps - my point was schools will discount more if they need to. Denver already is. The cap was $30k merit. Itâs now higher.
Ultimately if consumers en masse canât afford and the class canât be filled, just like any other consumer product, the true price will adjust. At any school.
But the full pay at top schools are less likely to be impacted. But a full pay even at a second tier school will look long and hard at the perceived value. And schools will adjust merit if needed.
Schools may be trying to capture more $$ at the top but may need to stay stable at the bottom. Thatâs why they have aid - merit and otherwise.
Some schools, like Northeastern and Boston University, increase need-based grants by the same percentage as tuition increases.
thatâs good to know! BU also keeps aid for the 4 years. They donât want to constantly mess with it all which makes sense for knowing what $ they do or do not have to give. Fingers crossed they come through with the aid if my kid gets in.
Colleges walk an enrollment management tightrope. When tuition rises, they have to increase aid - need based and/or merit - to be able to enroll a class. I left the field three years ago, and I was finding it increasingly fatiguing to try to figure out how much to offer & to whom it should go. Itâs an art, so it doesnât always work the way weâd like. Do we keep tuition low to attract students? Or do they respond better to rising tuition (perceived worth based on price) but more aid (so the net cost is lower)? Whatâs the mindset of the population applying to this school? Is it low tuition they want, or do they prefer to pay the same net price due to receiving a free money scholarship/grant? Is there a big endowment for aid so that scholarships and grants can be offered? Or is the school struggling to provide the kind of aid students want/need? Itâs a business, and schools have to figure out how to best present the price.
It is interesting that some of the âstrugglingâ schools have taken huge hits to their sticker price - theyâre acknowledging up front, trying not to get left behind FascinatingâŠyou would think the educational institutions would have these algorithms working flawlessly but I understand the struggles your industry hadâŠnot easy at all.
The Purdue University Board of Trustees on Friday (Feb. 3) endorsed President Mung Chiangâs request for a 12th consecutive tuition freeze, meaning students will see no increase in tuition through at least the 2024-25 academic year.
Boiler Up!
Private schools tend to react to endowment investment losses.
State schools tend to react to cuts in state funding.