University announces increases in education cost and financial aid budget

Mary Abowd
News Officer for Arts & HumanitiesUniversity Communications

The University of Chicago has announced a 4 percent increase in the cost of undergraduate education for the 2014-15 academic year, accompanied by a 5 percent increase in the University’s financial aid budget.

The total yearly cost for undergraduates will be $62,458, with $47,139 for tuition and $15,319 for room and board and other fees. Financial aid for College students has increased to $112 million. About 60 percent of College students receive need-based or merit-based financial aid.

“Our goal is to ensure that all qualified students, regardless of their family circumstances, are able to participate fully in our campus culture and our academic community,” said James Nondorf, vice president and dean of College Admissions and Financial Aid.

Approximately two-thirds of students in the College graduate without debt. Students who graduate with debt owe an average of $23,978, well below the national average for private universities. The University’s consideration of applications for admission is need blind for U.S. citizens, and the University meets the full demonstrated need of all students who are eligible for financial aid.

Over the last decade, the University has created and expanded many initiatives to reduce student debt. The UChicago Promise program, now in its second year, gives all students with financial need from Chicago a loan-free financial aid award. Since 2008 the Odyssey Scholarships have reduced or eliminated loans for all students with a family income of less than $90,000. In addition to financial aid, the College is investing in expanded programs in fields including marine biology, molecular engineering, the arts and international studies, along with career preparation initiatives that have created paid internships across disciplines.