2008 Woodie Awards
2006-2007 Tuition Raise Causes Strife
Leighanne Noonan
Issue date: 4/13/06 Section: News
- Page 1 of 1
For the 2006-2007 school year, Smith College's tuition will increase by approximately 5.9 percent. This raise will bring standard tuition to $32,320 and room and board to $10, 880. An annual change such as this is not uncommon. According to Chief Planning and Budget Officer Rick Myers, a yearly increase is "the norm among private colleges and universities."
Extensive planning is invested in the decision to make this financial adjustment. "The Advisory Committee on Resource Allocation, which includes senior administrators, the president, faculty, staff and the SGA president, typically meets monthly," Myers said. This group "makes recommendations on tuition levels and other issues." These recommendations are sent to the board of trustees for final approval.
The Advisory Committee on Resource Allocation examines certain factors when determining tuition costs. "The college considers budget initiatives, comparative tuition and room and board rates at peer colleges, and changes in income trends among families able to afford the full price when determining changes," Myers said.
However, "despite the increase in charges for 2006-07, we have not increased the work-study earnings expectations or loan levels for students for next year." Comparatively, "Smith's combined tuition and room and board charges continue to trail the average for our peer group," Myers asserts.
Student financial aid packages consider the effects of these changes. At Smith, approximately one-third of students pay full price while the remaining two-thirds rely on some form of financial aid. According to Audrey Smith, dean of Enrollment, Smith "increases the aid budget to compensate for the higher cost of attendance." Financial services for the school offer a combination of grants, work study and loans, and is "committed to meeting the full demonstrated need of students," Myers said.
The enrollment office does not expect a major impact in the wake of the tuition change. "Families are informed that tuition will increase on an annual basis, so we hope that they have planned for this." Those that do not meet the requirements for aid may "find meeting the cost of education a challenge," Smith said. "The Student Financial Services staff is available to assist families in identifying the best way to meet those costs, including tuition payment plans and financing options."
The college, like many private institutions across the country, is determined that cost should not deter potential applicants. Smith makes assurances that the administration, "works hard to communicate about the need-based aid they offer, so the 'sticker-price' should not turn away an applicant who cannot afford the full cost of a Smith education."
Tuition accounts for a significant portion of the operating budget at Smith. According to Myers, "income from undergraduate tuition and room and board, net of financial aid, is expected to account for 45 percent of the operating budget next year." Coupled with endowment income from gifts and grants, this money is distributed across campus.
Myers hopes funding for new programs will be addressed by the college's new strategic planning process. "It is expected that the planning process may lead to expansion of some current efforts as well as initiation of some new programs," Myers said. The process is in place to identify and address the critical issues facing Smith in the coming years.
More information on costs of attending Smith as well as contact information for Student Financial Services is available at www.smith.edu.
(Corrected 4/17)
Extensive planning is invested in the decision to make this financial adjustment. "The Advisory Committee on Resource Allocation, which includes senior administrators, the president, faculty, staff and the SGA president, typically meets monthly," Myers said. This group "makes recommendations on tuition levels and other issues." These recommendations are sent to the board of trustees for final approval.
The Advisory Committee on Resource Allocation examines certain factors when determining tuition costs. "The college considers budget initiatives, comparative tuition and room and board rates at peer colleges, and changes in income trends among families able to afford the full price when determining changes," Myers said.
However, "despite the increase in charges for 2006-07, we have not increased the work-study earnings expectations or loan levels for students for next year." Comparatively, "Smith's combined tuition and room and board charges continue to trail the average for our peer group," Myers asserts.
Student financial aid packages consider the effects of these changes. At Smith, approximately one-third of students pay full price while the remaining two-thirds rely on some form of financial aid. According to Audrey Smith, dean of Enrollment, Smith "increases the aid budget to compensate for the higher cost of attendance." Financial services for the school offer a combination of grants, work study and loans, and is "committed to meeting the full demonstrated need of students," Myers said.
The enrollment office does not expect a major impact in the wake of the tuition change. "Families are informed that tuition will increase on an annual basis, so we hope that they have planned for this." Those that do not meet the requirements for aid may "find meeting the cost of education a challenge," Smith said. "The Student Financial Services staff is available to assist families in identifying the best way to meet those costs, including tuition payment plans and financing options."
The college, like many private institutions across the country, is determined that cost should not deter potential applicants. Smith makes assurances that the administration, "works hard to communicate about the need-based aid they offer, so the 'sticker-price' should not turn away an applicant who cannot afford the full cost of a Smith education."
Tuition accounts for a significant portion of the operating budget at Smith. According to Myers, "income from undergraduate tuition and room and board, net of financial aid, is expected to account for 45 percent of the operating budget next year." Coupled with endowment income from gifts and grants, this money is distributed across campus.
Myers hopes funding for new programs will be addressed by the college's new strategic planning process. "It is expected that the planning process may lead to expansion of some current efforts as well as initiation of some new programs," Myers said. The process is in place to identify and address the critical issues facing Smith in the coming years.
More information on costs of attending Smith as well as contact information for Student Financial Services is available at www.smith.edu.
(Corrected 4/17)