The Board of Trustees approved a 3 percent tuition increase at its meeting on Friday, as well as a $10 million boost to financial aid funding.
Tuition for enrolled students does not change under GW’s fixed tuition program, so the new pricing of $42,860 applies to the incoming class of 2014 or transfer students.
The change marks the third year in a row that tuition will increase by 3 percent. The average tuition increase for private universities in 2009 was 4.3 percent – the lowest increase in decades – according to the Chronicle of Higher Education.
The Board also voted to increase the overall cost of attendance for incoming undergraduate students no more than 2.8 percent. Cost of attendance includes room, board and fees, and was $55,625 for the class that entered in fall of 2009.
This year’s financial aid boost was lower than last year’s – when the Board voted to give a $13 million financial aid boost – but Knapp said the University may add additional financial aid funding as needed. Knapp said after the Board meeting that the University plans to admit a smaller freshmen class than last year, which accounts for the lower funding level dedicated at the Board meeting. The total amount of institutional aid for next year will be $143 million.
More than 60 percent of the GW undergraduate population receives some form of financial aid, and the average package is $24,500 for the year, according to Trustee Alan From.