Tuition Information for Academic Year 2016-17
February 9, 2016
I am writing to share information regarding tuition and fees for next academic year, and to give details regarding the considerations that went into the approval of new rates.
We recognize that a college education is one of the largest investments a family can make, and we are grateful for having the opportunity to serve you. The University's Board of Trustees carefully scrutinizes our financial resources and strategic investments to be sure that tuition is priced fairly and competitively with other private colleges. For several years, we have had tiered tuition in which incoming classes paid a larger tuition increase of about 5 percent, while continuing students typically saw increases of about 2.5 percent. This tiered pricing, with a smaller increase for continuing students, was intended to acknowledge that our already-enrolled students would not be able to take advantage of the many new campus classroom facilities, residence halls and dining, plus student activity and athletic venues that were under construction during their enrollment at Loyola. With construction on the Water Tower and Lake Shore campuses nearly complete, all students are benefiting from the new facilities and other investments we have made these past many years.
The Board of Trustees has approved tuition and fees for the 2016—2017 academic year. In order to maintain the quality of our academic programs, invest in strategic priorities, and provide a small cost-of-living salary increase to our faculty and staff, an increase of 4 percent has been approved for undergraduate tuition in 2016—2017. Room rates will increase by an average of 2.5 percent, and full-time student development fees will increase by 4.6 percent. These increases will go into effect beginning with the fall 2016 semester. We strive to keep your tuition and fees at levels that provide the highest quality education possible, delivered by a world-class faculty in state-of-the art, sustainable facilities.
I would like to share a few factors that were considered in our tuition and fees increase decision. Salaries are our largest expense because we do our best to attract and retain the best faculty. For example, this academic year, we hired 55 new full-time faculty members in a variety of disciplines. We brought new staff on board to advance our goals to diversify the University, invest in new academic programs such as Engineering Science, and expand academic and career services, as well as campus safety. Loyola also continues to provide significant financial aid for our students, increasing support by $9 million this year, which is over $152 million in financial aid given annually to students.
We are committed to being good stewards of tuition funds, and to delivering a college education that is high quality, affordable, and accessible for students and their families. You have my best wishes for a successful spring semester, and I thank you for being a valued part of the Loyola community. For additional details about tuition, fees, and room rates for the 2016—2017 academic year, please visit LUC.edu/bursar.
John P. Pelissero, PhD