James Robinson, News Service (650) 723-5675; e-mail: firstname.lastname@example.org
Trustees set tuition, room and board rates for 2001-02
The Board of Trustees on Tuesday set rates for undergraduate tuition, room and board for 2001-02 that together reflect a 5.4 percent increase over the current year's rates. At the same time, the trustees also -- for the fourth year in a row -- improved the university's financial aid program.
The undergraduate tuition rate was set at $25,917, compared with $24,441 this year. The standard room rate was set at $4,177, compared with $4,001 this year, and the basic board rate was set at $4,127, compared with $4,030 this year.
The trustees also committed additional funding to make the financial aid program more competitive in order to attract high-quality students who bring diversity to the student body. As a result of Tuesday's action, the standard "self-help" requirement -- the amount students are expected to contribute to their educational costs through loans and part-time work during the school year -- will again decrease, this time from $5,500 to $5,250.
Isaac Stein, chair of the Board of Trustees, said increases in tuition, room and board rates were necessary because the university continues to confront Bay Area cost pressures.
"Our Silicon Valley location has many advantages, but the costs of operating a large university here are, of course, high," Stein said. "Nevertheless, we remain steadfast in our commitment to admit students without regard to their ability to pay. Not only is Stanford's tuition lower than most of its peer institutions, but our tuition continues to cover only about 60 percent of the actual cost it takes to educate an undergraduate."
As a result of pressures on salaries in the Bay Area, Stanford is investing more in its salary program to ensure the university remains competitive with other employers. In addition, the recently announced enhancements to the university's faculty housing program are likely to increase the program's annual cost from $10 million to approximately $12 million.
With the cost of rental housing so high in the area, Stanford has been subsidizing the off-campus rents of about 700 graduate students. Those subsidies, combined with the cost of supporting the debt service on newly built campus graduate student housing, is expected to total about $10 million in 2001-02.
Utility bills are projected to increase 25 to 30 percent next year, placing further pressure on operating costs.
At the same time, the university is funding new academic initiatives. While last fall Stanford launched the $1 billion Campaign for Undergraduate Education, initiatives such as Stanford Introductory Studies and enhancements to Undergraduate Research Opportunities and Overseas Studies need support until fundraising efforts are complete.
By James Robinson