The College’s Board of Trustees met on Saturday to discuss the College’s academic mission and innovation and the financial resources required to support its goals. They approved the operating budget for the 2016 fiscal year, College President Phil Hanlon’s recommendation for a 2.9 percent increase in undergraduate tuition and allocated money for special projects.
This increase in undergraduate tuition, mandatory fees and room and board for the approaching academic year follows the exact same 2.9 percent increase approved in 2014. Both increases are the lowest tuition increases since 1977.
The College announced that this trend is consistent with Hanlon’s plan to reduce the speed at which the cost of a Dartmouth education is rising.
Tuition is currently $46,763 for the 2014-15 academic year, but will now increase by $1,357 to $48,120. Total tuition, room, board and mandatory fees next year will increase from $61,947 to $63,744. Tuition at the Geisel School of Medicine will increase 2.9 percent to $57,731, while tuition at the Tuck School of Business will increase 4.2 percent to $64,200.
“President Hanlon is very focused on the affordability of higher education, and he is a real leader when it comes to this issue,” Board of Trustees chair Bill Helman ’80 said.
Other peer institutions are facing similar yet higher tuition hikes. Yale University increased their undergraduate tuition for the upcoming year by four percent. Brown University increased their undergraduate tuition by 4.4 percent, while Cornell University, Princeton University and the University of Pennsylvania all increased their undergraduate tuition by 3.9 percent.
Harvard University has not announced next year’s tuition as of press time.
The Board has budgeted $88.9 million in financial aid for the 2016 fiscal year, a 6.6 percent increase from the $85 million allocated for the current year.
Helman said that, unlike at many other universities around the country, Hanlon based this recommendation off of actual cost.
Hanlon said that the Board of Trustees meeting that takes place in March is always resource-focused because the budget must be approved for the upcoming academic year.
Aaron Vigdor, a student at Geisel School of Medicine, said that the increase seems reasonable.
Zainab Molani ’18 said that she feels like the increase in financial aid could be helpful for students who already have financial aid, but likely will not affect other students.
Hanlon said in an interview with The Dartmouth that he is proud that as a result of hard work in reallocation across campus, this budget allows for the opportunity to invest in new initiatives.
At their meeting this weekend, Trustees discussed the capital budget, which is designated for funds to improve campus infrastructure to support the student academic experience.
The Board approved Dartmouth’s 2016 fiscal year operating budget of $1 billion, as well as a capital budget of $50 million to fund a variety of renovation projects. Among these projects will be the Baker Library bell tower, the design and expansion of the Hood Museum of Art, the renovation of Moosilauke Ravine Lodge and Ledyard Canoe Club and the development of new residential housing communities.
Helman said that Hanlon is interested in strategic investments, as opposed to evenly investing money into various aspects of campus.
“He wants to invest in areas where we are leaders, where we have an advantage, where we are differentiated and where we can make a difference in the world,” Helman said.
Helman said that the Board of Trustees also met informally with a randomly selected group of around 60 students for dinner on Friday night, as part of a new focus on constantly meeting students.
The Board met with the faculty at Tuck, including the new dean Matthew Slaughter to hear about his plans for his new role.
“Moving Dartmouth Forward” was discussed at the meeting, in relation to Hanlon’s commitment to changing the culture of high-risk behavior at the College. Helman said they spoke mostly about implementation.
The Board also heard from Provost Carolyn Dever about academic excellence and differentiation at Dartmouth.
Hanlon said that the Trustees seem pleased and impressed by what faculty and students are doing on campus to advance the institution.
“I think President Hanlon is a terrific leader and he really seems to be in firm grasp of the College, and as a result the meeting felt very good,” Helman said.
