Tuition will break $30,000 next semester for the first time in Franklin College history.
That’s an increase of nearly 3 percent more than what it is now.
The tuition uptick was announced in an all-campus email to faculty, staff and students from President Thomas Minar — who says the college wouldn’t raise the price if it wasn’t necessary.
“Tuition increases at colleges, universities and schools, just like other costs increase in our economy,” Minar said. “It’s an economic fact that the institutional costs rise, and we have to meet those institutional costs.”
A few of the increased institutional costs will work to retain quality faculty members, including gathering more money for healthcare benefits and possible faculty salary increases.
There are also more costs to be considered during the budget discussion in the spring and summer by the Board of Trustees, who sets the college’s tuition.
Minar said that, although increases are inevitable, the school works to keep costs down without altering the student learning experience.
Minar ensured students and parents who are worried about the tuition increase that the education a student receives at Franklin College will have a return on their investment for the rest of their lives.
While the cost of a college education is certainly not inexpensive, national data continue to support the claim that a college degree is a prudent investment. Minar mentioned that research shows 97 percent of good jobs created since 2010 have gone to college graduates with bachelor’s degrees, allowing them to earn $1 million more in their lifetimes than those with only a high school diploma.
In the email, Minar also said this past academic year 95 percent of the students received some amount of financial aid through scholarships.
“We expect to continue that level of support this next year thanks to our generous alumni and friends,” Minar said in the email.
James Vincent-Dunn, financial aid director, said he encourages students to check their school emails on a regular basis for additional scholarships to help offset the increase.
“There are tremendous opportunities offered daily,” Vincent-Dunn said. “Always stay alert because different academic departments, clubs and activities offer scholarship opportunities which may become available throughout the year.”
Students and families who are concerned or confused about the increase can visit the Office of Financial Aid to get answers about tuition costs.
Franklin College has a similar tuition price to a couple other schools in the Heartland Collegiate Athletic Conference in which it competes.
Hanover College, which is similarly sized and has a similar curriculum to Franklin College, has been in the $30,000 range since the 2013-2014 academic year. Their tuition for the upcoming school year will be $35,750.
The tuition for the 2017-2018 academic year at Earlham College will reach $44,820. Manchester University’s tuition next year is set at $30,450.
Minar said Franklin College’s tuition is competitive with the other institutions the school competes with.
“It’s very personal for students because you’re not looking broader, you’re looking at us,” Minar said. “And what we’re trying to do is make sure we’re leaders, and that we keep the college as affordable as possible for everybody.”