Gas prices and grocery costs are rising rapidly, now you can add tuition to the list. According to Karen LeVeque, Director of Student Services at the Office of Financial Aid. The DePaul Board of Directors and Chief Financial Officer Sherri Sidler collectively determined and released the new rates on April 1.
A school-wide tuition increase will be in effect at the start of the fall term. Many current students have yet to experience this price growth since the university froze student tuition in the 2020-21 academic year. The only colleges whose prices increased in the 2021-22 school year were the School of Music, School of Drama, and School of Law.
In an effort to offset this increase, DePaul planned to allocate $282 million in financial aid to be provided to students for the 2022-23 academic year. That’s a 3% increase since the last academic year, according to DePaul spokeswoman Kristin Mathews.
“DePaul’s tuition increases are equal to or lower than peer institutions,” Mathews said. “The university strives to keep tuition affordable through its budgeting process and by raising funds for scholarships and other student uses.”
Many Chicago colleges are also seeing tuition increases for the upcoming academic year. for the academic year 2022-2023, according to the President’s Office at Loyola. This increased their annual cost by about $1,690.
After freezing tuition for two consecutive years, Columbia College Chicago’s Board of Trustees approved a 10% increase in undergraduate tuition for the fall.
The University of Illinois at Chicago has increased tuition for the second time in the past eight years. The increase is just under 2% for incoming freshmen in the state. At the University of Chicago, undergraduate tuition increased by 4.96 and housing rates by 4.72%. Their total annual tuition is now $65,330.
Robert Kallen, a former clinical professor of economics at DePaul University, said that due to high demand from potential students interested in attending their institutions, universities are in an enviable position through 2020. This is due to the decrease in the number of applicants in the past. a few years, Kallen said.
“There were more candidates than seats, and it was a nice pattern,” Kallen said. “Obviously the pandemic has hit and enrollment is down. Universities are now struggling to find the right price [is when] to advance.”
He noted that universities tend to determine student financial aid in different ways.
“Some universities are very good at determining your parents’ income or what you’re willing to pay, and they’re able to charge the full volume,” Kallen said. “Other universities say, ‘Okay, we’ve been able to segment the market, and we think you can pay that much.'”
The return of tuition fee increases seems to be a national trend this year. A handful of public and private universities across the country have chosen to announce the new fees for the upcoming academic year, according to BNC News.
The explanations of these universities behind the financial decisions varied. Some have cited in official announcements that the university needs higher tuition to pay for increased employee incomes, inflation, new infrastructure and declining student enrollment since the pandemic.
Students like Cindy Rocha, a first-generation Latina student and junior at DePaul, said she felt she was already under enough financial pressure with the effects of the ongoing pandemic and high rates of inflation. Rocha said pursuing a higher education continues to become more classist as tuition fees rise.
“I know it doesn’t look like much on paper, but it [tuition increase] going to have such an impact on our finances,” Rocha said. “I’ve had to take out more loans this year than the other two combined. My mum has health issues. My dad has to work overtime to keep everything afloat.
Rocha served as Executive Vice President of Student Affairs for the DePaul Student Government Association from May 2021 to March 2022. She said that after hearing many financial stories from students, she was concerned about how this new tuition rate might affect low-income earners and international students. opportunity to attend DePaul this upcoming academic year.
“Where is the justice ?” Rocha said. “In a school based on justice and based on social justice, where is this awareness? What should be done ? Maybe the answer to that is to look at your community and make things more adjustable for them.
Students facing difficult financial circumstances related to Covid or other issues are encouraged by the DePaul Financial Aid Office to contact the department directly for appropriate appeal advice based on their circumstances.