Rice announces tuition and financial aid increases for fall 2009

first_imgFacebookTwitterPrintEmailAddThis ShareCONTACT: B.J. AlmondPHONE: 713-348-6770E-MAIL: balmond@rice.eduRice announces tuition and financial aid increases for fall 2009Rice University today announced that tuition for the 2009-10 freshman class will be $31,430 — an increase of 4.9 percent or $1,470 over last fall. In addition, the university announced increases in financial aid.“We are balancing two important priorities during these difficult times: keeping a Rice education accessible and affordable for students while generating the resources we need to provide these outstanding young scholars with one of the best undergraduate educations in the country,”President David Leebron said. Financial aidLearn more about the financial aid programs provided by Rice New financial-aid policyRice expands its financial-aid policy to help families with the nation’s economic downturn Best valueRice ranks among the nation’s best for its outstanding value “The additional aid recognizes the difficulties that many families are facing. The modest tuition increase helps support our campus and keep our research and education at the high level of quality our students expect and deserve.”The university has announced several enhancements to financial aid available to entering students. Rice also adjusts need-based aid packages, as necessary, for enrolled students to accommodate tuition increases. The university previously announced that it had increased the no-loan threshold for financial aid packages to $80,000, up from $60,000, for entering students this fall. This means that students who qualify for need-based aid from families whose annual incomes are $80,000 or less will not be required to take out loans to pay for their education.The university has also lowered the cap on loans in financial-aid packages for need-eligible incoming freshmen to $10,000 for their four undergraduate years — down from $14,500 for freshmen who entered in fall 2008. Rice has a policy of need-blind admission. About 30 percent of the freshman class will receive a merit scholarship. Overall, about 60 percent of Rice undergraduates receive some form of financial support.Room and board for 2009-10 will increase $480 to $11,230. The total charge for entering students, including tuition, fees and room and board, will be $43,287. Next year’s tuition for current undergraduates will increase 4.9 percent over their present rate. For sophomores and juniors, that means the same rate as entering freshmen. For seniors and fifth-year students, tuition will be $30,920 and $28,700, respectively.Tuition for most graduate students will also increase 4.9 percent, or $1,470, to $31,430. For students entering the MBA program at the Jones Graduate School of Management, tuition will increase 11.1 percent, or $4,000, to $40,000. Jones School tuition includes the cost of a laptop computer.Even with the increase, Rice’s tuition is expected to be $5,000 to $7,000 less than that charged by other premier research universities. Both Kiplinger’s Personal Finance magazine and the Princeton Review’s “Best Value Colleges for 2009” ranked Rice No. 4 on this year’s list of private schools that offer an exceptional education and an outstanding economic value.Leebron said that Rice’s endowment had fallen by about 20 percent as of the end of 2008, or close to $1 billion, and has suffered additional losses so far this year. Earnings from the endowment support about 45 percent of the university’s total budget, while tuition covers only 37 percent of the cost of providing an undergraduate education. The university plans to reduce spending by 5 percent in the fiscal year beginning July 1 and has taken several other cost-saving steps.“Our goal is to continue supporting the very best in education and research, while at the same time asking all parts of the Rice community to help with the challenges created by a deep and prolonged economic downturn,” Leebron said.“Students who come to Rice know that they’ll be learning and researching with some of the most accomplished professors in the country and working alongside talented, motivated fellow students from around the world,” said Chris Muñoz, vice president for enrollment. “Our goal is to make sure no student misses out on the Rice experience because of a lack of financial resources. We want the brightest, most promising students from every background.”For more information about Rice and its financial aid programs and to apply, go to http://www.futureowls.rice.edu.last_img

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