Posted on behalf of President Tom Rochon and Interim Vice President (CFO) Janet Williams.
Beginning this year, the U.S. Department of Education is making the Free Application for Federal Student Aid (FAFSA) available three months earlier than in the past. Students can now apply for federal financial aid beginning October 1, rather than January 1. The goal of early FAFSA is to expand college opportunity by ensuring that students and families have more time to consider their college options with an understanding of the financial resources available to help them pay for college.
Ithaca College has consequently separated the Revenue budget process from the Operating Expense budget process to accommodate this timing.
At its recent meeting, the Ithaca College Board of Trustees approved the Revenue parameters for the 2017–18 fiscal year. This will include a preliminary planned tuition revenue budget of $269.1 million, which will result in a tuition increase of only 2.65%—a level in keeping with our commitment to lowering the year-over-year rate of tuition increases in order for more students to be able to afford the IC experience.
The rate of increase for the total tuition, room, and board package has been cut to an historic low, with the 2.45% rise representing the lowest level in at least 70 years. The combined total cost for a student in a standard double room and corresponding board plan for next year will be $58,158.
It is worth noting that our commitment to remaining affordable is also underscored by the inclusion in the college’s budget of over $120 million for institutional financial aid, the highest amount ever.
The remainder of the 2017–18 budget will continue to be developed over the coming months, with final approval coming at the Board of Trustees meeting in March.
If you are interested in learning about other current sources of revenue and cost savings, please attend the October meeting of “Dollars and $ense,” on Monday, October 31, from 9:00 a.m. to 10:00 a.m. in Emerson Suite A.
https://www.ithaca.edu/intercom/article.php/20161025093735467