College is expensive. Every year, the cost of tuition across the country increases, regardless of the institution. Over the past 20 years, tuition has risen between 38% and 56% for national universities. This occurs at the same time as college loan debt, which has become a crushing problem for the current generation of young professionals, and forecasts a scary future for many soon-to-be college graduates. Stevens’ cost of attendance is a well-known concern of the student body, and it is important to be situationally aware of just how much tuition increases year over year.
During the 2020-2021 school year, the semesterly cost of attendance at Stevens was $26,914, for a total of $53,828. This does not include room, board, books, equipment, and various fees, including the student activity fee and health insurance if needed. Next year, the cost of attendance will rise to $61,028, an increase of nearly $7,500 since 2020 and an increase of nearly $2,500 compared to the current 2023-2024 school year. $45 of that increase can be attributed to the SGA’s well-documented student activity fee increase. While the costs for the student health insurance plan remains the same, the full-time tuition rate is increasing by $1,174 and the general service fee is increasing by $36. In all, assuming no financial aid or scholarships and depending on dorming choice, the full cost of Stevens for a first-year student next year is estimated to be around $85,219.
Undeniably, Stevens is an expensive institution when excluding scholarships and financial aid. Students may receive merit-based scholarships that can make a significant difference over the course of 4 years. Students are automatically considered for the scholarships when admitted and many are contingent on maintaining a 3.2 GPA. The increase in the stock price tag of Stevens places a larger financial burden on every student, scholarships or not, as scholarships are a set value when accepting the invitation to attend.
The year-over-year increase in tuition is something that is rarely mentioned when it occurs. The administration typically does not communicate with the student body that they are increasing tuition outside of the new numbers on their website. However, the age-old argument is that inflation and rising costs require the school to raise tuition costs. However, over the past two years, inflation has held around 3%; However, the tuition increase of over 7% far outstrips it, raising the questions of where this money is going and when the student body can expect to see the fruits of this investment.
