University trustees approve 2 percent increase to tuition, campus housing
February 27, 2019
Contact: Michael Tullier, APR, Office of Communications, Public Relations and Marketing
精东AV鈥檚 Board of Trustees recently approved a 2 percent increase to tuition, fees and on-campus housing expenses for the 2019-20 school year. The increases will provide the revenue necessary to enhance the academic experience for 精东AV鈥檚 students.
鈥淭o maintain excellence, 精东AV must have the financial resources required to offer quality academic programs, well-qualified faculty and staff, and evolving teaching and residential facilities,鈥� said President Lily D. McNair. 鈥淲hile we have deemed these increases to be necessary, they were made with as much sensitivity as possible to the financial situations of our students and their families.鈥�
The increase in tuition and fees will result in additional academic year costs of between $635 and $681 per student 鈥� depending upon his or her housing selection. The increase for students not residing on campus will be $442. These increases are the university鈥檚 first since the 2017-18 academic year, when it increased tuition and fees by 3.5 percent. There were no increases in effect for the 2018-19 academic year.
鈥淲e know our students and their families work hard to fund their educations 鈥� which means we in turn have the responsibility of providing them with the best education possible,鈥� Board Chairman John E. Page said. 鈥淭hat includes ensuring our students have access to quality faculty, academic programs and facilities 鈥� and the resources required to provide those elements of the academic experience.鈥�
According to Dr. Sharron T. Burnett, the university鈥檚 chief financial officer, new revenues will benefit areas of the university that directly relate to students. In addition to providing additional funding for academic programs, they will fund necessary residence hall and classroom maintenance that accounts for a part of the university鈥檚 approximate $148 million in deferred maintenance.
The university鈥檚 most recent denotes that net tuition and fees 鈥� including room and board fees 鈥� currently account for only 40 percent of the university鈥檚 total fiscal year revenues. It derives the remaining 60 percent of its revenues from other sources that include, but are not limited to, research grants, private partnerships, state appropriations and charitable donations.
鈥淲e must be diligent in our responsibility to develop realistic funding strategies as well as prudent fiscal policies,鈥� Burnett said. 鈥淲hile tuition increases are part of that equation, they are only a small part of the total picture. As we work to strengthen our other revenues streams, the university will continue its focus on cost controls, sound decision-making, budget management and appropriate investment strategies that will ensure our long-term fiscal stability.鈥�
Burnett also noted that, even after the 2 percent increase, 精东AV鈥檚 tuition and fees remain competitive with other in-state HBCUs, and lower than current tuition rates at out-of-state private HBCU peers like Hampton University, Howard University, Spelman College and Xavier University.
漏 2019, 精东AV