$36,700 is a lot of money, but that's the current estimate released by the admissions office as to the costs of one year at Tufts, including all of the "extras" like books, housing, personal expenses, and a meal plan. And while $146,800 has always seemed like a lot to spend for four years, the current economy is making the figure even more arduous for many families. Many colleges and universities are reporting increases both in tuition for next year and in the number of calls from financially-strapped families in need of increased aid.
According to a recent survey of tuition and financial aid conducted by the College Board, tuition for private colleges rose 5.5 percent this year - nearly triple the rate of inflation. By that measure, this year's jumps are the largest in either sector since late 1980s and early 1990s when tuitions rose by double-digit percentages. In some states, tuitions have been hiked up to that degree this time around. Illinois, Iowa, and South Carolina have all had to impose double-digit percentage tuition increases to combat the current recession and post-9/11 financial situation.
College Board president Gaston Caperton told The Chronicle of Higher Education in November that "anybody who is not serious about what this downturn means [is headed for] disaster." And according to some economists, the effects of the recession will not reveal themselves in full for another year or two.
In the meantime, students at some schools are already in financial danger. NYU reported that two of its students were forced to withdraw for a semester when they lost their jobs due to the destruction of the World Trade Center. Harvard's office of financial aid said that unemployment has caused some parents to lose the ability to pay tuition, and in the past month, the Harvard admissions office has seen a substantial increase in the number of financial aid requests.
While the financial aid office at Tufts is concerned about the future, it is confident that the University will be able to meet students' needs in the changing economy.
"I wouldn't say I'm worried," Director of Financial Aid Bill Eastwood said. "We've been through periods like this. I've been doing this for a while."
But Eastwood admitted that things may be different this time around. He referred to the psychological effect of 9/11 as a major component of today's economic stresses. Eastwood believes that many families feel vulnerable or insecure as they watch their friends and neighbors lose money and employment. So, even if nothing significant has changed in terms of the family's financial situation, the fear of disaster may encourage more families to apply for aid or demand more of it.
"There are going to be some real losses," Eastwood said. "But beyond those, are families going to be able to invest the kind of money they need to [in order] to send their children to Tufts?"
And while some schools have reported students leaving for financial reasons during the current school year, Eastwood said that this has not been the case at Tufts. But he did note that the full effects of the recession have not yet been felt.
"When you're doing financial aid, you're always asking for information from the past year," Eastwood said. "The 64-dollar question is: what are we going to see for the coming year?"
Eastwood added that he has not seen a significant increase in rates of unemployment among University parents, though the office did receive more phone calls and visits from families receiving aid than it has in previous years.
According to Eastwood, the office has also been concerned with aid for international students whose families are suffering from the global economy's downturn. Since international students do not qualify for federal or state aid, the office has significant difficulty in aiding these students. In the past, however, emergency funding has been located.
In terms of tuition, Eastwood predicted that there will be a rise in the cost of attending Tufts but said that the University has not yet determined the amount of the increase. As it is, tuition rises at a steady rate every year; Eastwood said that he assumes that next year's tuition will rise by as much or more than this year's rate of 4.4 percent.
Despite the possibility of increased tuition, the admissions office expects its largest pool in history yet again. And according to Eastwood, the percentage of applicants seeking financial aid is also on the rise.
But Eastwood assured students that the University is fully aware of the tight economy and that progress has been made towards increasing aid, particularly in the form of endowed scholarships. And Eastwood is especially sensitive to the needs of students already attending Tufts with financial aid.
"Things are a lot easier when things are booming economically," Eastwood said. "When we've had downtimes in the past, we've managed to scrape together the funds one way or the other."
