Last week the National Association of Independent Colleges and Universities (NAICU) released a survey of tuition and financial aid increases of colleges for the 2012-13 school year.
The average increase in tuition among universities surveyed was 3.9%, the first time in 40 years that the percentage was under 4 percent and the lowest number that NAICU has recorded since they began tracking increases in 1972. According to the NAICU website there are many factors that cause universities to increase their tuition each year including employee health care and information technology. Yet universities are attempting to decrease the price increases in order to attract more students.
Georgetown’s tuition has increased by 3.5 percent this academic year from $40,920 to $42,360. Room and board charges increased by 2 percent so the total increase in cost to attend Georgetown went from $53,910 to $55,640, a 3.2 percent increase. Georgetown’s tuition increase rate was lower than the average of 3.9 percent.
“Students and families are increasingly price- and value-conscious,” said NAICU President David L. Warren in a news release on the NAICU website. “Private college leaders are listening, and working hard to keep students’ out-of-pockets costs as low as possible and provide the best value for the tuition dollar.”
Last year, former Provost James O’Donnell said tuition increases are gradually improving. “It was only a few years ago that Georgetown was the third most expensive undergraduate education in the country,” he said. “After working to control our costs, the university is now ranked 27. This financial plan will guide the Main Campus to keep our total cost growth as low as possible.”
Georgetown’s increase in tuition is similar to other area institutions such as George Washington whose tuition increased by 3.7 percent last year.
While tuition may be increasing, colleges are providing more financial aid as well. According to the NAICU, the average amount of insitutional financial aid is up 6.2 percent. Vox was not able to find an exact statistic of Georgetown’s financial aid percentage increase, although it did increase by $1.9 million dollars.