Dartmouth’s tuition, room, board and other fees will rise by 3.8 percent to $60,201 in the 2013-14 school year, the Board of Trustees announced on Saturday. The rise in tuition marks the lowest percent increase in undergraduate costs at Dartmouth in over 10 years.
Dartmouth now holds the highest tuition in the Ivy League and will be the most expensive Ivy school overall in student costs, pending tuition change announcements from the University of Pennsylvania, Cornell University, Columbia University, Yale University and Harvard University. Dartmouth’s annual tuition will be $45,445, just higher than Columbia’s current $45,028.
Princeton recently announced a 3.8 percent increase in undergraduate costs to $54,165, while Brown faces a 4 percent rise in costs to $57,232 for the next academic year.
Although the College’s increase in costs exceeds The Wall Street Journal economic forecasting survey’s inflation rate predictions of roughly 2 percent for 2013, it is lower than the tuition hikes at the College in the last five years, which ranged from 4.8 to 5.9 percent, according to the Dartmouth Fact Book. In the 2012-13 school year, the College’s cost of attendance was $57,996, roughly 4.8 percent higher than that of the previous year.
“The tuition rate for the coming year will enable Dartmouth to maintain the highest quality liberal arts education for our students,” Interim President Carol Folt said a statement. “Our goal remains to ensure that a Dartmouth education stays within reach for prospective and current students, regardless of their family’s income.”
The College will budget $82 million for financial aid, marking a 6.5 percent increase from last year’s $77 million. On average, financial aid recipients receive awards that cover roughly 66 percent of the cost of attendance, Maria Laskaris, dean of admissions and financial aid, said in a statement.
The Board also announced cost increases in Dartmouth’s graduate programs. Tuition at the Geisel School of Medicine will rise 5.5 percent to $53,432, and tuition at the Tuck School of Business will rise 4.9 percent to $58,935.
During Saturday’s meeting, the Board approved an operating budget of $981 million for the 2014 fiscal year and approved plans for the Williamson Translational Research Building. The new facility will house academic and research programs at Geisel’s Lebanon campus.