Duke University’s board of trustees approved a nearly 4% tuition hike at its quarterly meeting on Friday and Saturday.
Undergraduate tuition fees will rise to $ 53,760 per academic year, an increase of 3.9%, and the total cost for the next academic year, including tuition, room, meals and fees , will be $ 70,873.
This is the smallest annual percentage increase in the total cost of tuition in at least 10 years, the university said in a press release on Saturday.
âThis decision comes after a rigorous evaluation of the costs of our programs and financial assistance, focusing on ways to address affordability while maintaining our unique and excellent educational experience, including people, facilities and staff. programs that make Duke one of the best universities in the world. “President Vincent Price said in the statement.” We will continue to be vigorous in containing spending, generating new resources and ensuring that access, affordability and diversity remain key priorities. “
In the current 2017-18 academic year, Duke plans to invest more than $ 161 million in university funds to support undergraduate financial aid, representing a 25.5% increase over the years. last five years. About half of all Duke students from a wide range of family incomes receive some form of financial aid from the university this year, so the average net cost for students receiving need-based aid is approximately $ 19,000.
Duke has a blind admission policy, whereby he accepts American students regardless of their ability to pay for college and then fully meets their demonstrated financial need. The financial aid cost estimates for the next academic year will not be finalized until the end of 2018, when the financial aid programs for new and former students will be calculated.
National, private, nonprofit, four-year schools have increased tuition fees in recent years faster than public schools, reports the College Board. Tuition and published fees increased 13% from 2012-13 to 2017-18, after adjusting for inflation. In contrast, average prices at four-year public facilities have increased by 8 percent over those five years.
In 2017, Duke enrolled the second entry class of Rubenstein Fellows, 60 first-generation students who receive a loan-free financial package that covers full tuition fees for all four years and support for summer experiences such as internships.
Tuition only covers part of the cost of a Duke education. Other important sources of support for students include income generated from university endowments and private philanthropy from individuals and foundations. The Duke Forward campaign, which ended in 2017, raised $ 473 million to support scholarships and student financial aid.
New tuition rates for Duke graduate and vocational schools in 2018-19 were also set today. They understand:
âª School of Theology: $ 24,180 (Master of Divinity), up 4% from the current year.
âª Fuqua School of Business: $ 68,200 (day MBA), up 3.9%.
âª Graduate school: $ 53,540 (doctoral programs), up 4%.
âª Faculty of Law: $ 63,400, up 3.9%.
âª Nicholas Environmental School: $ 39,975, up 2.5%.
âª Pratt School of Engineering: $ 54,576 (master’s program in engineering management), up 4%.
âª Sanford School of Public Policy: $ 46,900 (Master of Public Policy), up 3%.
âª Faculty of Medicine: $ 59,100, up 3.5%.
âª School of Nursing: $ 42,456, up 3.9%.
This story was originally published February 24, 2018 1:38 p.m.