In an email to the classes of 2016, 2017 and 2018, President Adam Falk announced that the comprehensive fee will increase by 3.6 percent to $63,290 for the 2015-2016 school year. The comprehensive fee is composed of tuition for $49,780, board for $6,530, room for $6,690 and an activities and residential house fees for $290. In total, comprehensive fees will increase by $2220. Last year, the comprehensive fee increased by 3.5 percent.
“The money we spend on your educations comes from three main sources: what we take from the endowment, what you and your families pay and what we receive as gifts for current use. To maintain the buying power of the endowment in perpetuity, we spend each year 5 percent of its value. That money plus gifts for current use represents 57 percent of our revenue,” stated Falk in the email.
At the end of fiscal year 2013, the endowment was valued at $2.3 billion.
In February, Yale announced a roughly 4 percent increase in tuition, Penn announced a 3.9 percent increased and Cornell announced a 3.9 percent increase.
According to the Higher Education Price Index, which measures the cost of running an educational institution, costs increased 3 percent last year and are projected to increase 1.6 percent this year, as of Feb. 26.