Smith tuition rises above $50,000 mark
Gina Charusombat
Issue date: 11/19/09 Section: News
This year, Smith College is ranked as one of the most expensive institutions of higher education in the country among 58 other private universities. According to the Chronicle of Higher Education, Smith appears on the list of schools that have exceeded a milestone $50,000 for comprehensive tuition for the 2009-10 school year. While the college implements budget cuts in response to the lagging economy, the price tag of higher education continues to climb.
"I remember when there was a great concern when we reached $30,000. It intuitively seems to be the limit," Dean of the College Maureen Mahoney said.
She explained that once expenses in the economy increase, costs and faculty and staff wages rise. In order to meet these payments, college budgets must be increased.
The college's income comes from endowments and comprehensive fees, which include tuition and room and board. According to Mahoney, comprehensive fees typically rise between 4 to 5 percent per year. Increases this year brought Smith's comprehensive fee to $50,380.
Aside from covering the school's expenses, the budget sustains financial aid. With the economic recession, Mahoney said that the proportion of families capable of paying the full fee has decreased.
"We're seeing more students who didn't need aid in the past applying for aid," said David Belanger, director of Student Financial Services.
Belanger reported that 1,641 students received financial aid this year and estimates the number will rise to 1,703 next year. In addition to higher demand for aid, Belanger's office has also seen a decrease in the number of students who transition from aid to no aid.
"It's a double whammy," Belanger said. Smith's financial aid department typically takes into account how many of a student's siblings are currently in college when it calculates a financial aid package. Previously, when a student's siblings had graduated from college, it was possible their financial aid could be decreased or removed entirely. However, in the current economic climate, financial need has increased, and this transition to a no-aid package is less likely.
"I remember when there was a great concern when we reached $30,000. It intuitively seems to be the limit," Dean of the College Maureen Mahoney said.
She explained that once expenses in the economy increase, costs and faculty and staff wages rise. In order to meet these payments, college budgets must be increased.
The college's income comes from endowments and comprehensive fees, which include tuition and room and board. According to Mahoney, comprehensive fees typically rise between 4 to 5 percent per year. Increases this year brought Smith's comprehensive fee to $50,380.
Aside from covering the school's expenses, the budget sustains financial aid. With the economic recession, Mahoney said that the proportion of families capable of paying the full fee has decreased.
"We're seeing more students who didn't need aid in the past applying for aid," said David Belanger, director of Student Financial Services.
Belanger reported that 1,641 students received financial aid this year and estimates the number will rise to 1,703 next year. In addition to higher demand for aid, Belanger's office has also seen a decrease in the number of students who transition from aid to no aid.
"It's a double whammy," Belanger said. Smith's financial aid department typically takes into account how many of a student's siblings are currently in college when it calculates a financial aid package. Previously, when a student's siblings had graduated from college, it was possible their financial aid could be decreased or removed entirely. However, in the current economic climate, financial need has increased, and this transition to a no-aid package is less likely.
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samueljaxon
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posted 2/04/10 @ 4:52 AM EST
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