MELBOURNE, FLA. — While students heading back to class at some of the nation’s colleges could face double-digit tuition increases this fall, Florida Institute of Technology is taking a different approach. President and Chief Executive Officer Anthony J. Catanese announced that the Board of Trustees has approved his recommendation that there be no tuition increase for the 2013-14 academic year.
“We understand the reality of a difficult economy, and want to be sensitive in these challenging times,” Catanese said. “Our enrollment is up, our university is enjoying great attention nationally as well as around the world, and we are pleased to be able to hold the line on tuition costs.”
During the past five years, tuition and fees for private, four-year colleges have increased by an average of 13 percent, according to The College Board. Tuition and fees for public universities have risen an average 27 percent over the past five years.
“We believe Florida Tech’s tuition is well-positioned among Florida private colleges, as well as U.S. News and World Report ranked Tier 1 Best National Private Universities,” Catanese added.
The leader of Florida Tech’s Student Government Association applauded the tuition hold.
“I think it is a great thing for students and their families—they will be really appreciative,” said Brian Thai, SGA president. “With the growing costs of colleges and universities, this is a welcome move.”
Meanwhile, Florida Tech, a private, non-profit university, has accumulated a number of honors. Forbes again listed the university among America’s Top Colleges in its recently published 2012 rankings, and Bloomberg Businessweek lauded Florida Tech as “Best College for Return on Investment in Florida.” Additionally, PayScale.com ranked Florida Tech graduates’ mid-career median salaries in first place among Florida’s universities, and rated Florida Tech among the top 20 universities in the South—both public and private.
Robust financial aid packages continue to assist Florida Tech students in meeting costs. For the current academic year, Florida Tech administered $75 million in total financial aid funds for undergraduate students. Approximately $35 million of those funds came from either university or endowment scholarship and grant resources. ï»¿During the 2011-12 academic year, Florida Tech served more than 14,000 students.