Expanded financial aid and new scholarships available
Ohio State University leaders today announced they will recommend a 3.2 percent increase in undergraduate tuition and mandatory fees for the 2012-13 academic year.
Tuition for Columbus campus undergraduates will increase by 3.5 percent, effective fall semester. However, mandatory fees will be frozen for a second consecutive year, so students will see an overall increase of 3.2 percent over current rates. Graduate and non-resident tuition will also increase by 3.5 percent.
The university Board of Trustees is expected to approve the recommendation at its June 22, 2012 meeting.
“In asking for these increases, we are mindful of the economic burden this places on students and their families,” said Joseph Alutto, executive vice president and provost. “We remain committed to keeping costs affordable for students without sacrificing quality. However, we need these funds to maintain the quality of our academic programs.”
Translated into dollars, in-state Ohio State undergraduates will see an annual increase of $312 for a typical two-semester academic year. The increase brings the annual cost to $10,036, including $9,615 in tuition and $421 in mandatory fees.
In April, the university announced a $50 million increase in student financial aid over the next four years. The initiatives include new scholarships and grants that will help additional students attend the university beginning this fall.
The new scholarship program, “Eminence Scholars,” provides four-year, full ride scholarships, plus a $3,000 one-time stipend to 31 highly qualified students. The award is being offered for the first time this year to high-achieving high school seniors.
In addition, the university is increasing aid by one third for students eligible for the university’s “Scarlet and Gray” grants. The expansion of the program will allow the university to help additional students, and will boost awards to $4,000. These grants are now available to approximately 7,800 financially qualified incoming freshmen, as well as sophomores, juniors and seniors.
Alutto says Ohio State remains a great value in Ohio and nationally. “We are able to keep cost increases below the 3.5 percent state cap on tuition and fees, and we are the second-lowest among selective Ohio public universities. Compared to our Big Ten and benchmark institutions – the schools Ohio State measures itself against in order to become one of the nation’s top public universities – Ohio State’s increase is well below their average of 4.7 percent.”
Ohio State is also working to generate new funding streams to invest in student scholarships and to keep tuition affordable. A recently announced 15-year partnership with Huntington Bank provides $25 million from Huntington for academic scholarships and educational programming. In addition, streamlining initiatives this year have enabled us to reallocate $26 million, much of it to student aid. And the university is investigating the leasing of parking assets which would provide additional funding for student scholarships. These efforts are all part of a comprehensive strategy to ensure the university’s financial stability.
Ohio State is mindful of the burden that college tuition and loans place on students and their families. The university maintains its commitment to affordability without sacrificing quality.
Under the leadership of President Gee, Ohio State continues to streamline operations and look for innovative ways to reduce costs and reinvest in its academic mission.
• Because Ohio State tuition remains affordable, 43% of undergraduate students do not borrow money to cover the cost of their education. Of the 57 percent of Ohio State students who receive federal loans, the average debt upon graduation is $20,000.
• Kiplinger Personal Finance recently ranked Ohio State 37th among its top 100 Best Values in Public Colleges. The annual Princeton Review college rankings recognize Ohio State as one of the top 75 Best Value Public Colleges for 2011.
• Over the last five years, Ohio State has held tuition increases to an average of 2.4 percent annually. Nationally, undergraduate tuition at four-year public campuses increased by an average of 7.3 percent annually. In addition, our tuition is second lowest among Ohio’s selective public universities.
• Ohio State has increased financial aid significantly to maintain access for qualified students. This fall, the university will award $108 million in institutional scholarships and grants.
• In April, the university announced a $50 million increase in student financial aid over the next four years. The initiatives include an expansion of the “Scarlet and Gray” grants will allow us to help 7,800 students, and the new “Eminence Scholarship” program which provides four-year full ride scholarships to high-achieving incoming students.
• Last year, the university raised nearly $120 million through its endowment to support students and scholarships.
Educating Ohio State students on costs of college
• Ohio State works with students to educate them on the costs of college, how to estimate their financial aid eligibility and how to manage a budget. Our website includes a Financial Aid Estimator (www.sfa.osu.edu/npc/) and a number of resources to help with debt management.
• Ohio State’s Office of Student Life provides students with a number of financial wellness resources to help them manage their college finances.
• A university Financial Wellness Task Force works to ensure the effectively delivery of student debt information to students.