Temple’s Board of Trustees announced an average 4.2% tuition increase for both in-state and out-of-state students as part of the university’s 2024-25 operating budget, during a meeting Tuesday.
Last year, tuition increased by 4.2% and 4.4% for in-state students and out-of-state students, respectively. This is the fourth consecutive year the university has raised tuition after freezing costs during the 2020-21 year due to the COVID-19 pandemic. The tuition hike also comes as lawmakers in the Pennsylvania state legislature near a budget resolution.
The university’s state appropriation has not changed from its rate since 2019, which was $158.2 million. The highest appropriation was in the 2008-09 academic year, which was $175.5 million.
“While we are incredibly grateful for the support of our legislators across the commonwealth, the flat funding of the appropriation does present the university with challenges. While it has remained flat, all operating costs, such as utilities, salary/benefits and insurance, have increased,” wrote Senior Vice President and Chief Operating Officer Ken Kaiser in an announcement Tuesday.
The 2024-25 budget allocates $44.2 million in operating revenue, with $35.5 million designated for financial aid.
“Temple has always been about access, and that is really the driver behind the significant increase in financial aid,” Kaiser wrote.
In-state tuition rate will now be $9,432 per semester, a $444 increase from last year. Out-of-state students paid $16,188 per semester in 2023-24 and will now pay $16,956, a $768 increase.
Though Temple has received flat allocations for six years, the university has seen a decrease in enrollment. The 2024 year shows a 1.5% drop in enrollment, versus an 8% drop in 2023. Between 2010-22, average college enrollment nationwide has dropped at a rate of 1.5%.
The financial aid budget increase aims to give around $150 million in aid to students this year. To alleviate some costs, Temple cut its operating budget by $54 million for this academic year, while last year the cut was $57 million.
“Our operating budget is almost entirely driven by tuition revenue, but we need to make sure that the burden of covering the increasing costs of higher education does not fall entirely to our students,” Kaiser said. “So, in addition to the significant increase in student financial aid, we have once again cut the university’s operating budget.”
Be the first to comment