The 2011-2012 school year will bring an undergraduate class of 850 students, and a 5.9 percent tuition increase and 6 percent room and board increase.
Currently, on-campus Loyola students pay an estimated $ 42,002 and off-campus students pay an estimated $31,754, according to Loyola Admissions.
During the spring convocation speech, the Rev. Kevin Wildes, S.J., brought up the plans to raise tuition and the expected benefits reaped from the allocation of incoming revenue.
“Next year’s budget would result in a surplus of $660,000,” he said. “I directed Jay Calamia to set up a Plant Fund to address ongoing maintenance issues and we will transfer $560,000 to the fund at the end of next year.”
The remaining $100,000 will be surplus for next year’s budget allocation, said Wildes.
Tuition increases every year at Loyola University, but out of other Jesuit colleges and universities, Loyola offers the most generous and substantial scholarships for arriving freshman and additional loans offered to help current students, said Salvadore Liberto, vice president of Enrollment Management.
Still, student loans pose challenges for students as tuition increases and their scholarships remain fixed, said Kaylyn Spinato, an off-campus psychology junior.
“Tuition has gone up about $3,000 since I came here,” Spinato said. “It was $27,000 in my freshman year, and because they do not adjust your scholarship, it is noticeable in my student loans since I have to take out what my scholarship does not cover.”
Spinato said she will be looking into applying for scholarships from outside organizations, in addition to what Loyola is currently giving her, as she tries to pay for her senior year.
“I will be done with my courses in December, so I will only be attending school for half of the year,” she said. “Tuition will not affect me quite as much as if I would be here the entire year.”
Raising tuition is a given because professors have to be paid what they deserve and make the university better to attract more people, Spinato said.
Liberto agreed, noting that the 1.5 percent Salary Merit Pool increase will be going towards professors’ salary.
“Even though the price is a little high, the educational experience is most important,” said Raven Richard, mass communication freshman. “It will be worth it even if I do have to take out some loans because it will benefit me.”
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