Author: Sam Byrne
President Veitch released a letter on March 11 announcing the Board of Trustee’s decision to increase tuition prices five percent and room and board prices 5.5 percent. This will lead to a near 6,000 dollar difference between the cost of attending Occidental this year and next year.
This year’s full tuition is 39,870 dollars. Including room and board and other expenses, the total cost amounts to 52,919 dollars. For the 2011-2012 school year, the College is raising the tuition costs even more to an expected total of 58,432 dollars, according to Director of Communications Jim Tranquada.
While the administration recognizes that tuition is costly, Tranquada stated that the increase is necessary in order to maintain the current standard for education and student life.
“The real challenge for Occidental is that although it is a tuition-dependent institution, tuition and other charges don’t cover the full cost of providing an Oxy education,” Tranquada said.
Last month, Philanthropy Club sponsored numerous events thanking alumni and others for their donations to the College. The week of activities is scheduled approximately 60 percent of the way through the year, bringing attention to the fact that donors effectively fund the last part of each year. Despite this, tuition funds more of the annual operating budget at Occidental than at some institutions.
“Because of the relatively modest size of Occidental’s endowment ($330 million), only 17 percent of the College’s operating budget comes from endowment revenues,” Tranquada said. “Compare that to Pomona College, which has an endowment of 1.3 billion dolars that provides more than half of the college’s annual operating budget.”
With the increase in tuition and national economic downturn, the administration has to reevaluate financial aid packages.
“The recession, of course, has meant that students and their families are now demonstrating more need, which places even greater pressure on the financial aid budget,” Tranquada said.
Christian Erwin (first-year) has concerns about paying for his education next year as a result of the tuition increase. Now that financial aid packages will have to be readjusted, Erwin wants assurance that his needs will be fully accounted for.
“I’m worried that if my financial aid stays the same that with the increase of tuition that I will no longer be able to afford to attend school,” Erwin said.
Gabriel Kozic (first-year) believes that the school ought to spend money more efficiently as opposed to asking for more money for further spending purposes. “Right now [the administration] should focus on perfecting the systems before they put money into erecting new buildings. You can do a lot of things with fifty grand,” Kozic said.
Additionally, students felt disconnected from the financial decisions determined by the Board of Trustees. Kozic argued, “The school can’t just raise [tuition] unexpectedly. We committed to Occidental when we matriculated. We’re bound to this school, so it’s like extorting money from us.”
Tranquada explained this is a necessary increase that students are expected to pay in order to maintain their quality education and experiences at Occidental.
“This year’s tuition increase is roughly comparable to what our peer institutions are charging and is in line with previous annual increases,” Tranquada said. Last year students faced a five percent tuition increase, as well as the same tuition hike in both 2008 and 2009.
In a letter sent out to Occidental parents and guardians, President Veitch articulated his reasoning for increasing tuition costs. “In order to keep our classes small, upgrade our facilities and retain top tier faculty we must reinvest in the College.” President Veitch said.
President Veitch identified with the concern of parents. “As the father of three children, I share your concern about college costs. As the president of Occidental, I believe it is possible to combine academic excellence with fiscal discipline.”
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