Why does tuition continue to rise?
We work hard to keep tuition increases to a minimum. Some adjustment is necessary to reflect the increased cost of operating an institution like ours. Further, the additional resources help fulfill our mission of providing an exceptional educational experience.
What is the university doing to address affordability issues?
Washington University places a high priority on meeting the financial needs of all of our students. Nearly half of our undergraduate student body receives some form of financial assistance (scholarships, grants and/or financial aid). In the past decade, the average aid award for students with need has increased from about $16,000 to $30,000. Under our “no-loan” program, entering freshman families with annual incomes of $75,000 or less receive full financial aid packages without incurring any debt. To provide even more assistance, we are working toward a goal of raising an additional $400 million for scholarships and fellowships through our ongoing capital campaign.
What is the current status of the endowment?
The endowment at Washington University is created through gifts and only the earnings from the funds can be used to support the work of our faculty, our research, and the education of our students. In many cases, the use of endowment funds is restricted by guidelines as to how they can be used. Although the university’s endowment has improved since the major downturn in the national economy, its value as of June 30, 2013, was the same as its value on June 30, 2007: $5.7 billion.
Given the size of the university’s endowment, why are tuition dollars important?
While the university and its students benefit greatly from the generosity of our donors and the income from our endowment, tuition revenue remains the university’s largest unrestricted revenue stream. It is what allows us to maintain the quality of our facilities and academic programs, attract the best and brightest students and faculty, and continue our rich tradition of excellence.
How is the university reducing costs?
The university continually seeks ways to tighten budgets, work efficiently and ensure resources are directed toward fulfilling our mission. Schools and administrative units regularly contain costs. Salary increases have been kept to a minimum for several years. And we have implemented other cost- and energy-saving measures across our campuses.