College Announces Four-Year Tuition-Rate Lock
One of the most difficult things about paying for a college education is anticipating yearly tuition increases. Due to increases over the last four years at U.S. colleges and universities, 2011 graduates throughout the country can expect to pay at least 20 percent more in tuition in their final year than they paid as a freshman. Holy Cross College is putting an end to those difficult increases by making a promise to lock the tuition rate for as long as a student is continuously enrolled in a four-year degree program. A student who starts at one rate will pay the same rate for the next four years or until they graduate.
"The tuition rate lock will help students and parents save for college and forecast what their actual costs will be over the next four years," explained Brother Richard Gilman, President of Holy Cross College. "As long as they faithfully follow their course of studies, they won't be forced to deal with rate increases every year. This will result in tremendous savings for students who take their success as seriously as we do."
According to the College Board, the average cost of private four-year college and university tuition in the U.S. rose to $28,500 (up 4.5 percent from last year), public four-year colleges and universities rose 8.3 percent to $8,244. In contrast, Holy Cross College's tuition and fees for 2012-2013 of $22,700 is roughly 30 percent lower than the national average for private four-year colleges and universities. It is among the most affordable tuition rates in the nation.
Another dramatic savings for Holy Cross students comes in the time it takes to graduate. Over 90 percent of Holy Cross students who stay enrolled for four years graduate within that time. This is in stark contrast to the national average. According to Graduationwatch.org, only 37 percent of college students graduate in four years or less. Additional years of rising tuition, coupled with living expenses and a lack of full-time employment, make the costs of a long and drawn out college education escalate dramatically.
Robert Kloska, Vice President for Mission Advancement explains, "Because we are serious about the success of our students, our entire curriculum of studies is designed to provide everything needed for graduation within four years. Now, with this new tuition lock policy, we've made student success even more attainable. If you think about it, investing in a four year private liberal arts education is very smart. It is universally valued and is something that can never be taken away from you. I'm proud and excited to be a part of an institution that would make this kind of commitment to its students."
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