Tuition and fees for Yale undergraduates will rise 4.8 percent, or $2,300, for the next academic year, University officials announced Tuesday.
The rise will bring the total cost of attending Yale from $47,500 this year to $49,800 next year — an increase that tops tuition hikes recently announced by the Univeristy’s peer institutions, as well as Yale’s tuition hikes in recent years. Determining tuition, room and board rates for undergraduates involves weighing the inflation rate, previous increases, the costs of peer schools, budget concerns and the amount of financial aid students will receive, administrators and experts have said.
Despite the increase, which tops a 3.3 percent rise last year and a 2.2 percent increase the year before, Yale’s total cost package will remain “among the lowest” in the Ivy League, the University said.
And while next year’s sticker price will rise, the cost of attending Yale may actually decrease for many students who rely on the University’s financial aid. Officials have budgeted at least a 10 percent increase in financial aid spending next year, increasing the average Yale scholarship to over $35,000. No parents of students receiving financial aid will have to increase the amount they contribute next year, University President Richard Levin said.
“When Yale’s endowment was growing rapidly, we consistently kept our term bill increases lower than our peer institutions, allowing the families of all Yale College students to benefit from our extraordinary prosperity,” Levin said in the statement. “Although this year’s increase is larger than those of recent years, full-paying families will still pay much less than the total cost of a Yale education.”
Still, the self-help portion of all financial aid packages will increase from $2,600 to $3,000 for the 2010-’11 academic year.
About 55 percent of Yale undergraduates receive some form of financial aid.
Last month, Princeton announced it will increase tuition by 3.3 percent — one of the lowest percentage increases in the university’s tuition since 1966. Harvard has not yet announced its tuition for the 2010-’11 school year.
See tomorrow’s News for the full story.