Increases in tuition are no new occurrence, announced annually in order to respond to fluctuations in our nation’s economy. Following increases in the previous two years of 2.86 percent and 3.89 percent, the tuition for next academic year will be increased by 5.61 percent, or $1050, which will put the tuition at $19,750. In addition, financial aid will also be increased.
The decision was reviewed and finalized by the Board of Trustees after much deliberation. SLUH Vice President Joe Komos worked closely with Director of Admissions Ann Murphy to determine how many students would be in the incoming freshman class, which would impact the tuition increase. They also operated in collaboration with Director of Financial Aid Craig Hannick to gather information regarding need-based aid for both the incoming freshman class and the three returning classes.
As always, SLUH does not wish for money to be the factor keeping students away from the school, so the Budget and Finance Committee has decided to increase financial aid by $300,000. The funds allotted to financial aid stem from a variety of sources, most of them alumni benefactors.
“It's a combination of many factors,” said Komos. “We have the work of the Advancement Department with Cashbah, Parent Fund, and Alumni Annual Fund that raise money for access. And then through the years, we have built and grown our endowment.”
The endowment is an accumulated fund made up of donations from alumni and other benefactors, and held for uses just like this: to directly benefit students and increase financial accessibility to the school. SLUH’s endowment funds currently sit at over $70 million.
A small chunk of this fund, $300,000, will be redirected to help boost financial aid this coming academic year, in addition to expanded benefactor donations. This addition will increase financial aid to $4.9 million.
“I think it just once again shows that St. Louis U. High has a commitment to ensure accessibility for families on the student's ability to perform well at our school as opposed to their ability to pay,” explained Hannick.
SLUH is willing to offer financial assistance to any who need it. This value is one of the cornerstones of the school, which provides equal opportunity to each and every Jr. Bill.
“I’d say that any family that feels that the increase in tuition or the tuition cost alone is burdensome to their family, they should apply for financial aid and have a conversation with me,” said Hannick.
The change was primarily spurred by the recent rises in inflation (of about 7 percent) and the Cost of Living Adjustment (5.9 percent). Keeping the teachers’ welfare in mind, the Budget and Finance Committee has decided to make this change to assist them.
“Our faculty is really the core of what we do here,” said Komos. “We want to continue to maintain the salaries we pay our faculty and maintain strong benefit plans as well. The ultimate tuition increase came from our business model designed to care for our faculty and staff and maintain our academic programs for our students.”
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