The University of Chicago announced an increase of 4.0 percent in the cost of undergraduate education for 2013-14, with the majority of students benefitting from a 5.1 percent increase in the financial aid budget.
Before financial aid is taken into account, the cost of education for 2013-14 will be $60,039, with $45,324 for tuition and $14,715 for room and board and other fees. Overall financial aid for students has increased to $104 million—more than double the figure from a decade ago. This reduces average costs substantially for the approximately 60 percent of students who receive need- or merit-based aid. The University Board of Trustees approved the new tuition figures in early March.
The University has taken aggressive steps in recent years to reduce education costs and debt for families in financial need. Last October the University announced UChicago Promise, a multipronged initiative for students from Chicago that includes a no-loan pledge for Chicago students admitted to the College. And one-fifth of all College students now benefit from the Odyssey Scholarships, a major initiative launched in 2008 that reduces or eliminates loans for students with a family income of less than $90,000. In addition to the increases in financial aid, the University continues to invest in the expansion of programmatic opportunities for College students—including new efforts in molecular engineering, the arts, study abroad programs and career advancement.
“We are working to ensure that qualified students of all backgrounds and all income levels can enrich their lives in the College, and embark on life after graduation with as little debt as possible,” said James Nondorf, Vice President and Dean of College Admissions and Financial Aid.
Two-thirds of College students graduate debt-free. The Odyssey Scholarships program alone saves an average student $18,000 in debt, and has benefitted more than 1,100 students since 2008. The average indebtedness of UChicago students who graduate with debt has not increased over the last decade. That average currently stands at $22,663, and has steadily decreased since the launch of Odyssey.