Denison University Announces Smallest Tuition Increase in Recent History
Date of Event: April 10, 2009
Posted: April 10, 2009
Building on its 15-year commitment to significantly broaden college affordability for as many students as possible, Denison University has announced its smallest tuition increase in recent history, together with a substantial increase in university-funded scholarships and grants.
“We all understand that this is an extraordinary time in our nation’s economy,” says President Dale Knobel. “It is important for Denison to partner with families to help young men and women from around the nation take advantage of the outstanding undergraduate educational opportunities available at the College.”
The Denison University Board of Trustees has approved a tuition and fees schedule for the 2009-10 academic year that balances the need to fund excellence with a concern for the economy.
Accordingly, Denison’s total comprehensive charge will be increased by only 3.6 percent, which is the amount of growth in the Higher Education Price Index (HEPI), the objective measure of annual inflationary costs to colleges.
Denison’s 2009-10 total cost, including tuition, fees, room and board, will be $45,720, representing the 3.6 percent increase from 2008-09. On average, depending upon residence hall and dining plan choices, this will be a total increase of $1,590 before any reduction provided by Denison aid.
In addition, despite the effects of the global economic downturn, Denison will not only sustain its robust financial aid program—which stands at $36.9 million in grants and scholarships provided from the college’s own resources this year alone—but Denison will actually increase grant and scholarship funds next year by more than $2 million, representing a 5.7 percent increase in university-funded financial aid for its students. This means that the net average price paid for tuition after scholarships will rise by just 2.7 percent next year. More than 94 percent of Denison students receive grants and/or scholarships from the college.
“We are well aware that any price increase in the current economic environment is significant to families,” says Seth Patton, Denison’s vice president for finance and management. “But with the substantial need-based grant and academic scholarship commitment made by Denison, it makes speaking clearly about price and the rate of price change somewhat complicated. If one disregards the college’s major commitment to grants and scholarships the average annual cost of tuition has increased by 5.6 percent since 1990. But after accounting for college-funded grants and scholarships, Denison’s average annual increase for the same period has been a more modest 2.9 percent.”
“The combination of a modest student price increase and endowment revenue that is no longer growing as it was creates a difficult set of operating circumstances,” Patton says. “Belt tightening will be required, but we are committed to doing so in ways that will not have a direct effect on the student experience here.”
Denison’s minimal increase in tuition, and especially its significant increase in financial aid, are made possible by the strength of the college’s endowment and its strong fiscal management. The historic generosity of Denison’s alumni and friends recently helped the college exceed a record-setting campaign goal, with more than $177 million raised for the college, including extensive investment in new scholarships for students. In addition, Denison’s endowment was just recognized for outstanding performance in the 2008 National Association of College and Business Officers (NACUBO) Endowment Study. The report ranked Denison University No. 2 in the nation for performance of its endowment, which increased by 8.9 percent last year. Harvard University was No. 3 with 8.6 percent, and the majority of colleges and universities saw declines in their endowments during the same period.
“Good management of the College is encouraged by the clarity of Denison’s mission,” observes President Knobel. “We are committed to sustaining a high level of excellence in liberal arts education on a fully residential campus. Students and their families must recognize this, too; 5,000 men and women from all 50 states and two dozen nations applied for the 650 places in the first-year class that will join us in Granville in the fall.”
Denison University, founded in 1831, is an independent, residential liberal arts institution located in Granville, Ohio. A highly selective college enrolling 2,100 full-time undergraduate students from all 50 states and dozens of foreign countries, Denison is a place where innovative faculty and motivated students collaborate in rigorous scholarship, civic engagement and the cultivation of independent thinking.
For press inquiries:
- Barbara Stambaugh
- Position Title
- Director, Media Relations
- Primary Email
- Business Phone
- (740) 587-8575