Undergraduate tuition will rise 5.95 percent in 2004-2005.
Tuition has climbed steadily over the years, but the rate at which
it increases varies. Last year marked a 10-year low at 5.8
percent.
Just as rabid politics is certain every four years for American
citizens, annual tuition increases are certain for Saint Louis
University students. The University has set its budget, and
undergraduate tuition will rise 5.95 percent for the 2004-2005
academic year, from $22,050 to $23,360. This is up from last year’s
increase of 5.8 percent.
Tuition is rising throughout the University. Graduate students
will pay 5 percent more per credit hour, an increase from $690 to
$725. Law school students will pay 6 percent more, up from $25,710
to $27,250 per year. Medical school students will pay four percent
more, from $36,190 to $37,640 per year.
The budget does allot for scholarships this year, up to
approximately $67 million, but this money is mostly for the
anticipated 1,400 freshman who will arrive at SLU in the fall.
Current SLU students should not expect to find more opportunities
for merit scholarships within this budget.
“It’s been the policy of the University for financial aid to be
the amount that you get when you come in,” said Joe Weixlmann, the
University’s provost. “If you increase the financial aid, you have
to increase tuition. The students not receiving aid would be paying
higher bills,” Weixlmann said. He added that, under certain
circumstances, students do receive more need-based scholarship
funding. “The attempt is to try, as far as possible, to make
education affordable to our students,” Weixlmann said.
“We talked a lot in the capital campaign about specifically
trying to go after people who will commit dollars to scholarships.
If that comes true, that would be potentially another revenue
stream for us to increase scholarships,” said Kathy Humphrey, vice
president of Student Development.
Increased costs to the University in utilities and health care
have contributed to student costs, according to Bob Woodruff, chief
financial officer. Most severe, however, is a shrunken contribution
from the endowment. The endowment will contribute about $19.4
million to the budget this year, which is down significantly from
last year’s $33 million. The University determines this
contribution by taking 5.75 percent of the average of the last 12
quarters of earnings.
Over recent years, SLU2000 has contributed an additional two
percent to this formula, which has made possible huge renovations
and revamping of academics. The end of the SLU2000 funding means
significantly less money from the endowment. It does not mean,
however, the end of funding for SLU2000 programs, Woodruff
emphasizes.
Poor returns from the stock market over the past three years
have eroded the core of the endowment, Woodruff said. Though it is
rebounding, of late, the budget will feel this loss for several
years. “The down market that we experienced for the past three
years has caught up with us now,” said Woodruff.
The University’s endowment bottomed out around $600 million in
March of 2003, but as of Nov. 30, 2003, was up to $688.5 million.
The endowment’s overall returns from the stock market, at that
time, were up 15.2 percent, which is comparable to the S&P’s
15.1 percent increase.
Despite the aftermath of a struggling economy, “To this point
there’s been no substantial program cut,” Weixlmann said. “In terms
of any change we would make, we’d be looking for ways to strengthen
programs. If we did have to phase something out, it would be done
over time. We’re trying to do as much administration consolidation
as possible.”
