Syracuse, N.Y. — On the heels of taking austerity measures to combat the financial impact of the coronavirus, Syracuse University will increase both the amount it charges students in tuition and the amount of financial aid it provides students next year.
In an announcement by the school, the university indicated that it will increase its tuition fees by 3.9%, up to $54,270 for students admitted in fall 2018 and afterward. For those admitted prior to that, tuition costs $50,700.
If the other factors of cost-of-attendance remain the same as last year, that would increase the actual price of a full year at the school (tuition and cost-of-attendance costs) to approximately $76,859 for those admitted in fall of 2018 and afterward. The actual sticker price will likely be a little bit higher. Syracuse said that it would increase the cost of room rates around 3.5%, food plans around 2%, and increase other fees by small amounts.
While the change likely will put the school’s sticker price above $76,000, only 25% of Syracuse’s students actually pay the full price. Most pay a lower amount thanks to financial aid and grants.
The school said that Syracuse students received $400 million in financial aid last year, including $282 million in grants and scholarships directly from the school. Syracuse said it will increase the amount it distributes via scholarships and grants to $300 million this coming year.
Part of that increase will come from the nearly $10 million that the federal government provided the school as part of a coronavirus relief package. As part of the package, more than half of that was required to be provided to students as financial aid. The school has a number of financial aid programs in place to help students having financial challenges, including those brought on by the coronavirus.
Syracuse appears to be in very strong financial shape long-term thanks to a $1.35 billion endowment (as of September 2019) but did lose an estimated $35 million in expected revenue or increased costs due to the coronavirus pandemic. As part of its response to the pandemic, the school instituted a hiring freeze, cost-containment efforts and pay cuts to some of its highest-paid employees.
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