Would you pay $50 grand a year to go here?
If you want to go to Washington University next year, you should aspire to be one of the following: 1) A stellar athlete, 2) Someone with phenomenal credit, 3) Super-rich or 4) Really good at proving to the people who give government grants that you need one. Mere mortals cannot possibly be expected to shell out annual tuition, which now stands at $39,400. This is $1,600 more than students are currently paying.
Mind you, that doesn't include housing, meal plan or health and activities fees, all of which will also be increasing. All told, a year at Wash. U. will now cost upwards of $50,000.
Students and parents were notified of the tuition increase last Wednesday, January 20,
via a letter from university provost Edward S. Macias. Due to the great
recession, Macias said, the university's endowment is still down 15
percent from where it was two years ago and this year's projected
shortfall is $30 million, according to the campus newspaper Student Life
. Tuition provides nearly two-thirds of the university's operating budget.
(However, tuition has increased nearly $10,000 since 2005, well before
the recession started, and this year's increase is actually a lower
percentage than it was in previous years.)
Financial suffering is general throughout the university community. Administrative salaries have been frozen and Chancellor Mark Wrighton has voluntarily taken a 10 percent decrease in pay.
Paradoxically, the administration has vowed to increase financial aid.
In his letter, Macias wrote that 60 percent of the undergraduate
population receives some form of aid. That number is sure to rise.
"The increase in tuition will cause an increase in financial aid,"
director of student finacial services Bill Witbrodt told Student Life
. "The formula that determines how much financial aid is
forwarded is based on cost. The University has planned to increase
financial aid for the coming year, and I know that the University has
launched a capital campaign to raise scholarship funds."
That's good, 'cause people will definitely be needing them.