Tufts is pooling its resources with other area institutions in an effort to control ballooning tuition costs. University administrators have recently employed several creative cost cutting measures, such as buying in bulk and joining purchasing pools.
Students are paying $38,270 this year -- a $2,000 increase from last year's tuition. This figure far exceeds the national average of $26,854 for tuition at four-year, private colleges, as reported by the The Associated Press. Tufts' high price tag has scared off many potential applicants, and has placed a significant financial burden on families of the students who do attend
Tuition increases have long been termed as unavoidable as the University must raise tuition in order to provide students with the best available resources.
In a recent interview with TheBoston Globe, President Larry Bacow explained that Tufts is "responding in a very competitive market" to provide students with "fancy dorms and state-of-the art athletic facilities."
Tufts is making an effort to limit costs by increasing private fund-raising efforts and collaborating with other Boston area college administrators, Bacow told the Globe.
To cut costs, the University has joined other local universities in "purchasing pools" to buy commonly needed supplies and services in bulk. This allows schools to lower costs that would otherwise be much higher.
"Working with non-profit higher education consortiums gives Tufts many opportunities for collaborating with colleagues at other colleges and universities to reduce costs and cut spending on non-academic purchasing and services," Vice President for Finance and Treasurer Thomas McGurty said.
In cooperation with the purchasing pools, Tufts has recently purchased furniture and Dell Computers at greatly reduced prices, McGurty said. Tufts is also working with other local universities to fulfill insurance requirements. Through the Boston Consortium, a group of several local colleges and universities, Tufts has purchased "enhanced coverage at lower costs."
McGurty indicated that his office is continuing to work to reduce costs and subsequently, to lower the cost of tuition.
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