Tuition to increase by 7.1 percent
New students will pay $28,430 in tuition and fees next year, up 7.1 percent from the $26,974 freshmen are paying this year. Returning students will pay about 5 percent more than this year, and all students will pay $10,250 for room and board — a 6.9 percent increase from $9,590, the current cost of living on campus.
Tuition and fees were approved by the Board of Trustees and announced Tuesday. Vice President of Enrollment Chris Munoz said tuition was raised to maintain the quality of the university.
“The most important factor [in raising tuition] is the investment into ‘The Vision,’ which relates to maintaining and increasing the quality of programs, faculty and support that a university requires with administrative systems,” he said.
Rice’s tuition is still $6,000-8,000 less than that of other peer schools, and Rice graduates have one of the lowest average debts when they graduate, Munoz said.
“With students who have financial need, as [tuition] goes up, we don’t give them more loans,” Munoz said. “We give them gift assistance. No student who has financial need should borrow more than $15,000.”
At Princeton University next year, the cost of tuition will remain the same as it was last year: $33,000. At Stanford University next year, tuition will rise 5.46 percent to $34,795.
Two years ago, Rice implemented a policy under which students whose families have an annual income under $30,000 are not required to borrow money. Starting with next year’s incoming class, Rice will limit debt to $14,525 over four years for students whose families have an annual income above $60,000.
Munoz said he thinks Rice’s tuition will stay lower than that of other universities.
“We’re looking into that question pretty seriously right now,” Munoz said. “We were always the university with the low price. We’ll probably still hold onto that.”
Munoz said Rice will continue to meet demonstrated financial need.
Some students expressed concern that the increase in tuition could also change Rice’s image and attractiveness to prospective students.
“I know quite a few people who turned down Ivy Leagues to go here because the tuition is more attractive,” Sarah Rutledge, a Martel College freshman, said. “I think it’s really important. I think a lot of people are here that wouldn’t have been merely because of the tuition.”
Will Rice College sophomore John Elias was persuaded to attend Rice by its low tuition.
“I know when I was looking at colleges, I would look at different stats,” he said. “Rice was one of the biggest bang-for-your-buck colleges. It showed that Rice was one of the top colleges, and yet, compared to other top colleges in the same range, Rice tuition was lower than their tuition was.”
But Elias accepts the increase.
“I’m never excited about having to pay more, but I also feel it’s a privilege to be at Rice, so I guess I have to pay whatever they tell me,” he said.
Lovett College sophomore Peony Kim was also drawn to Rice for its lower cost.
“Rice’s image looks better because it’s not just one of the cheapest private universities, it’s also one of the top private universities,” she said. “The cheap tuition really makes it more attractive for a college that has this kind of reputation.”
Vice President of Finance Kathy Collins could not be reached for comment.
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