Undergraduate tuition at Hopkins rose 7.2 percent from $31,620 to $33,900 for the 2006-2007 academic year. This marked the highest percentage increase in tuition at Hopkins in the last five years, eclipsing the previous high of 4.9 percent. The rising cost of receiving an education at Hopkins corresponds to a trend of increasing tuition across the nation, where the cost of tuition is rising faster than inflation.
The inflation rate was 3.82 percent from August, 2005 to August, 2006. According to the College Board, average cost of tuition and fees at four-year public universities rose 6.3 percent during this time period. The increase in tuition at colleges across the nation is partly due to increasing faculty and staff salaries and benefits. Ellen Frishberg, director of Student Financial Services, stated that the rising tuition at Hopkins is related to increasing cost of utilities and security, among other things.
Tuition is rising at a rapid rate, but financial aid is also increasing to meet students' needs at Hopkins. As tuition rose over the last school year, grant aid also increased from $31.7 million to $33.5 million. The interesting thing is that for students on aid, their families are paying less and borrowing less, as a percentage of their income, than families paid 10 years ago says Frishberg.
60 percent of undergraduates at Hopkins are on need-based financial aid and 40 percent are on university need-based grant aid. Junior Kirstin Mooney states that Hopkins must continue to attract the best students by maintaining competitive financial aid practices and sometimes choosing affordability and practicality over new dormitories or more expensive meal plans.
