Updated Feb. 10, 12:51 p.m.
The University’s highest governing body unanimously approved a 3.7-percent tuition hike Friday, raising next year’s tuition cost by $1,632.
Tuition and fees will stand at $45,780 for all incoming freshmen and undergraduate transfer students during the 2012 to 2013 academic year.
The increase falls in line with a four-year trend of increasing tuition by about 3 percent annually – reflecting University President Steven Knapp’s goal to shake off GW’s reputation as the nation’s most expensive college. Last year, tuition rose by 2.9 percent.
Knapp said the slightly larger increase will fund staff expansions in the University’s revamped career services as well as financial aid.
“We are making some investments with the new revenue. Of course we’ll continue to develop our academic programs, but also we’re making some new investments in student life and career services,” Knapp said. “We think that’s really important for adding value to our undergraduate student experience here.”
Tuition and fees stood at $44,148 this academic year – about $4,900 more than where they stood five years ago, internal data show.
“Obviously we’re staying the course with moderation of our overall tuition costs at the institution,” Executive Vice President and Treasurer Lou Katz said, citing inflationary pressures and market basket schools as factors in the decision.
Katz said the University’s price increase is below those of peer schools, who increased 3.8 percent last year when GW upped it tuition and fees 2.9 percent.
The Board of Trustees decides tuition and fee increases annually at its February meeting. The amount does not include room, board and lab fees.
The University did not rank in CBS News’ 2011 list of the top 25 priciest private institutions in the country. New York University, the only market basket school on the list, ranked third with $56,787 for room, board and tuition.
Continuing students will see no change from the fee set when they entered the University – part of GW’s guarantee to fix tuition for 10 semesters.
