A report that was released by the National Association of Independent Colleges and Universities showed that Biola University has kept its tuition rate increase was lower than the average by nearly 1/4 of a percentage point. According to the vice president for business and financial affairs, Michael Pierce, “We’re subject to the same kind of increases that you would expect,” but while other institutions made the decision to raise their own rates at the standard amount, this institution decided to keep it as low as possible.
The Economy’s Effect on Education
According to Tony Pals who belongs to the NAICU, the economy has wreaked havoc on students’ abilities to pay exceedingly high tuitions, and this means that colleges have had to be smart with regards to their expenses. Cutting down on costs and reducing unnecessary expenses are ways that these schools are helping to keep their tuition fees from skyrocketing. Pals recently stated that, “The savings generated from these measures have been put towards moderating tuition increases and boosting institutional student aid budgets.”
Factors Affecting the Increase
This year, there have been four factors that have affected the increase in the tuition rates, and they include; merit-based raises in salary, health care, utility costs and investments into the university itself.
Financial Aid Assisting in Softening the Blow of the Increase
While increases in the tuition might be less than appealing to students all over the country, it seems that financial aid options have made the situation a little bit easier for students to cope. The total increase added up to about 2.66% after the financial aid options had been taken into consideration, and the university has made it clear that its job is to educate the students, not reap profits from them. The students, on the other hand, are more than a little displeased with the situation, since many believe this to be another challenge that they have to face on the way to obtaining their qualification. The institution understands their difficulties but believes that they are doing everything possible to prevent the rises from exceeding what is absolutely necessary.