Public anxiety about college prices is rising, along with tuitions, according to a report by the National Commission on the Cost of Higher Education.
However, high prices do not sway either parents or students from believing that a college education is essential.
Saint Louis University, undergraduate tuition will increase 6.9 percent for the 2001-2002 school year.
“Saint Louis University is attracting some of the nation’s best and brightest students,” stated University President Lawrence Biondi, S.J. in a press release. “The quality of our education is drawing these students, and strengthening that commitment to academics and technology requires a continuing investment by the University.”
For the past 30 years, tuition has risen at a higher rate than the economy. The Consumer Price Index measures the inflation consumers experience in day-to-day living. The College Board issued a report stating that the tuition of four-year colleges and universities has been increasing at a rate of 5.7 percent annually, while the Consumer Price Index grew by only 3.5 percent.
This information boils down to one thing: an increase in tuition is not unique to SLU.
With steadily increasing tuition prices, SLU has been named a best value by the U.S. News and World Report for the past three years. In fact, the University has been rising in the ranks of that list, being named 24th on its list of the “50 Schools that Offer the Best Value.”
Institutional financial aid increased in the last decade. Overall, the University’s undergraduate financial aid budget jumped from $6.7 million in 1990 to $39.2 million in 2000. At the same time, the percentage of students receiving aid increased from 76.8 to 85.5 percent.
The budget calls for a dramatic 11.8 percent increase in University-provided financial aid. A total of almost $56 million in aid will be available in 2001-2002, up $6 million from the current academic year.
Improvements for faculty have produced a 3.8 annual percent increase in faculty salary over the past 10 years. Also, the undergraduate student-faculty ratio has declined from 16-1 in 1997 to 13-1 last year.
This year, the University welcomed its largest freshmen class. It boasts SLU’s highest ever ACT scores, with an average 26.1. In addition, the University had the highest number of new applications in its 183-year history-5,100.
When a student adds it all up, the average total cost for undergraduates in 2001-2002 will be $26,835, including tuition, room and board.
“We know that education is an investment, and we are humbled by the faith of countless SLU families who have selected us as the stewards of their future,” Biondi said. “It’s sacred trust.”
