Following a meeting by the university’s board of trustees, Loyola plans to raise the cost of tuition and housing to help balance the budget for the next academic year.

For the 2013-14 academic year, room and board will increase 4.8 percent, tuition will increase 4.9 percent and there will be no increase in salary for professors.

University president the Rev. Kevin Wildes, S.J.,said that the overall economic climate factored into Loyola’s decision

“As we all know, we are in an economically challenged time across the nation,” he said in an email to university staff on Dec. 7. “Those challenges have had a palpable impact on both Loyola and on budgets of colleges and universities nationwide.”

Wildes further explained that lower than expected enrollment numbers were taken into consideration when planning next year’s budget. Loyola was not able to attain the freshman enrollment numbers it had projected and experienced a dip in their sophomore retention rate.

“The realities have resulted in a shortfall of around $7 million in our projected budget for 2013-2014,” Wildes said.

The approved budget for the upcoming year is based upon a projected freshman enrollment of 875 first year students, 130 transfer students and a sophomore retention rate of 75 percent. Wildes said these projected enrollment numbers are conservative and that the university should be able to achieve them.

With the budgetary concerns affecting faculty members as well, Wildes acknowledged in his email that these circumstances were not ideal. But, he did say the budget for next year would see an increase in one important area.

“I do want to note that thebudget does have built into it increases in other forms of faculty/staff compensation, including a university contribution of approximating $230,000 in health care coverage,” he said.

Though the university is having financial difficulties, Wildes concluded his email by thanking the staff for their understanding and said he’s ready to help overcome the difficulty of the situation.

“I look forward to working together on these challenges moving forward,” he said. “I am confident that we will be able to meet these challenges as we have done in the past.”

Hasani Grayson can be reached at [email protected]