Canisius’ Board of Trustees voted in December to ratify a 2.5% ($690) increase in tuition for the 2020-21 school year, according to published notes from the meeting. The tuition increase will be added to the proposed 2020-21 budget which will be voted on at the Board’s meeting in May.
The ratified tuition will be increased to $28,630 before fees and other expenses. The 2019-20 tuition was $27,940 for both resident and commuter students.
Marco Benedetti, Vice President of Finance, said Thursday that Canisius calculates its tuition increase using several factors, including tuition increases at other area colleges such as Niagara and D’Youville, as well as the proposed budget itself and overall expenses at the college. He also said that Canisius looks at potential effects on financial aid packages.
“What we are trying to do with our increases is we are trying to have it so that it truly is allowing us to pay for the services that are needed for the students,” he said.
Some of these services include software like Apogee, the provider that controls the ResNet resident WiFi system. Other increased costs include campus maintenance, faculty salaries and other services on campus.
The school works with a team of outside financial investors to determine an appropriate tuition increase. “Our goal is really to have it as minimal as possible,” Benedetti said. Once advisors have had their say, the college budget committee meets to create a recommendation to the Board of Trustees.
Tuition at many institutions across the United States normally rises a small amount due to inflation and an increase in costs.
The proposed tuition increase at Canisius is lower than or on par with the national average. According to a report from collegeboard.org, nonprofit private colleges nationwide increased tuition by 3.4% for the 2019-20 school year. Public four-year in-state tuition increased 2.3% and public out-of-state tuition increased by 2.4%, on average.
“At the end of the day we, like so many other institutions have increasing costs and that’s really what’s driving the tuition increase,” Benedetti said.