As of Nov. 14, 2014, 50 colleges in the United States charge more than $60,000 per year according to Business Insider. After last Friday, Business Insider can add Colorado College to their list of record-breaking academic institutions.
During their meeting on Feb. 27, the Board of Trustees agreed upon an annual tuition rate of $48,576 for the 2015-2016 academic year. This is a $2,576 tuition increase from this year’s rate of $46,000. For students living on campus, the comprehensive fee, which includes a standard double room rate and a meal plan C rate, increased from $58,762.
Other top liberal arts colleges in the country have similar annual rates excluding room and board and meal plans. Williams College in Williamstown, Massachusetts charged $48,310, Amherst College charged $48,526, and Swarthmore College charged $46,060. These colleges, which are ranked the top three liberal arts colleges in the nation by U.S. News, enroll 1,785, 1,534 and 2,474 students respectively.
“The $2,576 tuition increase, along with the increase in the payout of the endowment and an increase in giving, will fund investments in our strategic plan that will improve our academic core as well as co-curricular programs,” said President Jill Tiefenthaler. “[It] will also go towards funding important programs.”
Tiefenthaler continued to explain that these programs include internship programs, summer research opportunities, FYE advising, and the Dynamic Half Block Program, in which 600 students participated in 2015.
Students who are currently eligible for financial aid this year will still be eligible next year. Despite this, the amount that they are awarded can change.
“Financial aid and access to a CC education are very important to the college,” said Tiefenthaler. “The increase in tuition will not impact the number of students who are eligible for financial aid. What may change is the student’s financial aid award, and those are increased when it is appropriate.”
With this tuition increase, many students on financial aid have expressed concerns regarding their post-graduation debt.
“I think it’s going to make paying off loans a lot harder for students, especially if their loans have interest,” said sophomore Cheryn Aouaj. “It’s also confusing why tuition keeps getting raised because I’m not even completely sure what we’re getting out of it.”
Tiefenthaler added that over the last four years, the Walton Family Foundation’s challenge grant has raised over $16 million in new endowment for financial aid to help compensate for rising tuition costs.
Some students have also questioned the source and reasoning behind the $420 student activities fee. This $420, which was raised from $410, contributes to CCSGA-funded events like the Homecoming dance and Blues and Shoes.
“The activity fee was introduced several years ago to make sure that students have free access to CCSGA-sponsored events,” said Tiefenthaler. “CCSGA requests and allocates these funds.”
The Board of Trustees and Tiefenthaler overall anticipate that the tuition increases will help CC continue its reputation as one of the top liberal arts schools in the country.
“A good plan that drives smart investments in financial aid, faculty, programs and facilities is one that attracts great students,” said Tiefenthaler. “Economically speaking, we know that the price is worth it. A college education is one of the best investments a young person can make in today’s world.”