According to The College Board, the average cost of a college education at a four-year private institution is $29,056. Tuition at Albion College was raised by 4.68 percent to $43,884 for the 2012-13 year. Now, tuition is increasing again by 4.84 percent to $46,100.
Students can expect the following breakdown of costs:
Tuition will cost: $35,454.00
Board will cost: $5,182.00
Rooms will cost: $4,962.00
Student Activity Fee: $412.00
Total Cost: $46,010.00
“Our costs increase every year,” said Mike Frandsen, vice president for finance and administration. “Health insurance costs continue to rise at a rate greater than inflation and nearly twice the rate of our comprehensive fee increases. Energy costs also continue to increase.”
Energy costs seem to be an outside factor affecting tuition spikes, though the college has made attempts to control it.
“We have continued to improve efficiency, but we are still feeling the rate increases. Over the last three to four years, we have increased our fees at a slower rate than many other [colleges],” Frandsen said.
Ann Whitmer, financial aid director, explains that tuition increases are considered with calculating scholarships for incoming students. Current students will keep their current financial aid, but, depending on their finances, can recieve more money through the school.
“For financial aid purposes, we incorporate the tuition increases as well as any increase in housing and meal plans in a student’s cost of attendance,” Whitmer said. “This means, depending on a student’s financial situation they may be eligible for additional financial aid resources.”
Students are paying for that Albion Advantage.
“An Albion education is a good value that will last a lifetime,” Frandsen said. “Students continue to pay far less than the total cost of the education they receive here due to generous financial aid awards and the philanthropic support of alumni and other friends of the college.”
To read our enterprise piece on how students afford today’s college education, click here.
Photo via Wikimedia Commons