A recent issue of “Forbes” magazine stated that in 2003, Wesleyan University had one of the highest federal student loan default rates (two percent) among the 100 top-ranked national universities and liberal arts colleges.
In light of this, and the upcoming board of trustees meeting where next year’s tuition rate will be discussed and determined, we would like to reiterate that Wesleyan’s tuition is one of the most expensive in the nation.
We realize that, in order to provide the necessary funds, tuition must stay at or above current levels. Still, no one wants to see a repeat of last year, when tuition rose 4.9 percent, the room and board rate increased 5.4 percent, and dining costs increased. Understandably, tuition at private colleges and universities across the country will always be outrageous, and Wesleyan will likely stay right near the top. Five percent increases, however, will not be excusable or acceptable unless the national rate of inflation, currently 2.5 percent, is five percent per year.
There are ways to avoid such an increase. Aside from factors on a national level that need attention—namely, the healthcare system and federal aid to students—issues within the University’s immediate control can be addressed. Eliminating unnecessary staff additions, expenditures, and raises can help to avoid steep increases in student bills each year. Increased financial aid, notably the Wesleyan scholarship, would also help lighten the burden.
It is unfortunate that our endowment, once among the best in the country, suffered due to complacency and poor investment. Five hundred and sixty-four million dollars sounds like a lot of money, but not in comparison to peer schools, some of which have endowments in excess of one billion dollars. Trustees and staff speak of aggressive measures to increase the endowment and to decrease budgetary dependence upon it, and appear to be making gains.
Students attending the University now, however, should not have to lose services, benefits, and funding in order to hypothetically make things better for students twenty years for now. With less endowment spending and significantly higher tuition payments each year, that is essentially what is happening. And these increases really do add up over four years… as well after graduation, when loans need to be repaid.
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