Written by Emma Jones \/\/ Graphic by Wagner Valdez <\/p>\n\n\n\n
The University\u2019s estimated tuition prices for the 2023-24 school year are being raised by 7.7%, reflecting a national increase in expenses due to inflation.\u00a0<\/p>\n\n\n\n
University President Mike Williams said tuition prices increase slightly each year but that the upcoming price spike is higher than normal due to drastic percentage increases in the consumer price index (CPI) over the last few years.<\/p>\n\n\n\n
The CPI, as defined by the U.S. Bureau of Labor Statistics (US BLS), represents changes in the prices of all goods and services purchased for consumption by urban households. Prices used to calculate the CPI are collected in urban areas around the country, as well as various retail and service establishments.<\/p>\n\n\n\n
\u201cFor the last five years, the net tuition has actually stayed flat,\u201d Williams said. \u201cWhen things are relatively stable, you can pull that off sometimes \u2026 but the same dollars aren’t the same dollars as they were before, so this is a little bit of a catch up with that.\u201d<\/p>\n\n\n\n
Net tuition refers to the actual cost needed to cover education expenses, which is determined by subtracting grants and scholarships from an institution\u2019s cost of attendance. <\/p>\n\n\n\n
According to the US BLS, the CPI rose 2.3% from 2018 to 2019, and from 2019 to 2020 it rose 1.4%. The following year, 2020 to 2021, the CPI rose 7%, the largest yearly percent change since 1981. From 2021 to 2022 it rose 7.5%. CPI is typically determined on a December to December basis, but from February 2022 to February 2023 it has increased 6%, with food prices specifically increasing 9.5%.<\/p>\n\n\n\n
\u201cYou can go to sit-down restaurants, and it\u2019s cheaper than fast food places now, so this is just an echo effect of what\u2019s happening in the marketplace,\u201d Vice President of Enrollment Services Steve Lake said. <\/p>\n\n\n\n
CPI is always something that Harding considers when making its yearly budget, Vice President of Finance and Chief Financial Officer Tammy Hall said. <\/p>\n\n\n\n
\u201cThat\u2019s just a big factor in it,\u201d Hall said. \u201cYou think about a service organization \u2014 what\u2019s the biggest expense? People \u2026 so we want to take care of our people.\u201d<\/p>\n\n\n\n
Williams said though tuition prices are rising, financial aid awards will also be increasing. <\/p>\n\n\n\n
\u201cEven though tuition is going up, we expect the aid to continue to go up too,\u201d Williams said. \u201cWe believe that in the wash, it\u2019s not as big an impact to the students because aid is going up faster than tuition is going up.\u201d<\/p>\n\n\n\n
Lake said the national government is increasing its financial aid amounts, and in addition, Harding\u2019s endowment fund has been performing well the last few years so the University has had the ability to award larger scholarships. He also said compared to other private schools, Harding\u2019s tuition ranks in the lower percentile.<\/p>\n\n\n\n
\u201cHistorically we\u2019ve been in the lowest percentile of private schools in America,\u201d Lake said. \u201cWe are an extremely low cost private school education.\u201d<\/p>\n\n\n\n
From the 2019-2020 to 2022-2023 school years, Harding\u2019s yearly tuition cost has increased by an average of $804, according to statistics provided by the National Center for Education Statistics. This upcoming year it will be increasing by an estimated $1,740, a 7.7% price increase.<\/p>\n\n\n\n
\u201cEven though affordability is really important for us to do as a school, and a nation, there\u2019s still a huge return on investment [in higher education], even with student debt,\u201d Williams said. \u201cWe don\u2019t want to minimize cost increases because we know those are painful for a large number of students, but at the same time \u2026 the investment is going to pay off.\u201d<\/p>\n\n\n\n
The tuition cost for next school year is currently estimated at $24,240, but according to Hall, the budget, including the tuition price, won\u2019t be approved by Harding\u2019s board until the first week of May.<\/p>\n","protected":false},"excerpt":{"rendered":"
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