Undergraduate tuition, room, and board charges will increase 3.8 percent for 2013–14 as part of a $1.58 billion operating budget approved Jan. 26 by the University trustees.
The University said that even with the increases, Princeton’s costs will remain “at the bottom of its comparison group” — at least $1,000 less than the fees currently charged by any of the University’s peer schools.
Financial aid is projected to increase 4.6 percent to $121.4 million, with 60 percent of undergraduates expected to receive aid. The average aid package this year is $39,700.
Graduate tuition will increase 3.9 percent to $40,170, and housing rents will rise 3 to 4 percent. Grad-student stipends will increase 3 percent.
Provost Christopher Eisgruber ’83, who chairs the University’s Priorities Committee, which makes budget recommendations to the trustees, said in a Jan. 16 letter that the University is “in excellent financial health.” The budget, which calls for a 4 percent increase in spending, includes $1.2 million in additional resources for priority initiatives such as fellowship advising, Career Services, sustainability, and assistance to scholars as the University creates a new open-access database of Princeton research.
The endowment is expected to contribute $752 million to the budget, up 5.2 percent from the current year. That is 47.6 percent of the projected income.
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2 Responses
Nick Angell ’54
8 Years AgoTuition and the endowment
In the March 6 Campus Notebook section, PAW reported that endowment income “is expected to contribute $752 million to the budget,” which is “47.6 percent of the projected income,” and also that the budget for 2013–14 is $1.5 billion. But you fail to provide us with the facts as to how much endowment income there is — if all endowment income would be used to pay for operating expenses, how much more would be left for tuition, Annual Giving, etc., to cover. Normally, in personal and business life, income from investments is used to cover operating expenses, and it is a luxury to use it for reinvestment. My guess is that more endowment income could be used to actually reduce tuition.
Alexander M. Williamson ’61
8 Years AgoTuition and the endowment
I found the recent issue of more than passing interest, not least the story about rising attendance costs, especially tuition (Campus Notebook, March 6).
In the early summer of 1957, as an accepted engineering-student applicant, I received a 21-page booklet from Princeton. Sent to help the applicants and their families in their financial planning, it was titled “Expenses, Scholarships, Tuition Loans, and Student Employment.” It listed certain yearly costs as follows: tuition, $1,100; room rent, $205 (average); books, $85. Total annual costs were listed as $2,350. I still have the booklet; thinking of my own young grandchildren, it is sobering to consider what lies ahead for them, whatever path they choose for higher education, as current costs now total not far from $60,000 a year.
The importance of Annual Giving and endowment performance loom large nowadays, not least against a backdrop such as these numbers suggest.