On Tuesday afternoon, the University announced that the Board of Trustees approved the 2022-2023 budget, which includes an increase in tuition rates for the upcoming academic year alongside increases in grant-based financial aid.
With the newest budget, the tuition rates will increase by between 3.6 and 3.9 percent depending on the college. As tuition rises steadily every year, the board has raised financial aid funding to compensate. Grant-based financial aid will increase by 8 percent compared to the previous budget year, resulting in a $363 million investment in aid, a record for Cornell according to the University.
The University explained in their press release that the decision to increase financial aid funding was done as part of their “To Do the Greatest Good” campaign goal of increasing affordability at Cornell.
“The campaign seeks to increase the number of aid-eligible undergraduates by 1,000, reduce undergraduates’ average borrowing, and exempt those with limited financial resources from a summer work earnings requirement, allowing more students the freedom to pursue unpaid research or other pre-professional opportunities,” the University said in a press release.
According to the University, of the 14,743 full-time undergraduate students enrolled in Fall 2020, 54 percent of the student body receives need-based aid, and 48 percent receive a Cornell grant, which does not need to be repaid by the recipient. The median Cornell grant in 2021 was $47,563.
“We continue to invest in financial aid as a key part of our foundational commitment to inclusion, and as an essential component of maintaining our academic excellence,” President Martha Pollack said in a University press release.
Beginning in fall 2022 all first and second-year students will be required to live on campus and have meal plans. In the newly approved budget, the cost of housing and dining will increase by 3.9 percent during the 2022-23 academic year. This includes a 4.7 percent — or $464 — increase in the housing fee, bringing the fee to $10,426, and a 2.75 percent — or $178 — increase in dining fees, which will end up at $6,612.
Jonathan Burdick, vice provost for enrollment, said in the University’s Tuesday statement that the rise in Cornell grants will offset any increase in costs for most students with financial need.
The tuition cost for master’s degrees will increase between zero and 9 percent, depending on the degree, with most rising by 3.6 percent.
The rise in tuition for law, veterinary and Masters in Business Administration degrees also varies, but tops out at 3.6 percent. Doctoral degree tuition will not face any tuition increases.