Many SMU students are worried about how the rising cost of tuition will affect their education.
College prices in the U.S. have again increased faster than the rate of inflation- extending a decades-long pattern of higher-education costs.
“I think you’d be pretty hard-pressed to find any institution that’s going to be able to sustain without a tuition increase,” said SMU’s Vice President of Business and Finance Chris Regis.
And with SMU ranked as one of the most expensive universities in the nation, some students are worried that the tuition increase will affect their studies.
“I’m only really realizing how much of a burden it is now while I’m applying to law school because I now have to take out student loans because my parents simply can’t afford to pay for anymore education for me due to how expensive SMU has been,” said Senior Rachel Guerra.
SMU does offer services for students here in the financial aid office where approximately 75 percent of undergraduate students receive some form of aid.
“So basically when we do a tuition increase there’s always a corresponding financial aid increase. So take for example last fiscal year we raised tuition 4.9 percent, the financial aid budget went up 11 percent to be abl to offset that with the needs of the student,” said Regis.
However total education borrowing dropped by 8 percent this past year, causing students today to graduate with significantly more debt than those from a decade ago.
“Currently I am receiving a scholarship on academics so luckily that’s helping my parents a little too but financially it’s just a burden,” said Junior Sammie Oliva.
With both tuition prices and student debt increasing, the chances of a student completing a four-year degree within six years stand at only around 57 percent.
“I do see tuition increases in the future years for SMU,” said Regis.
Students seeking help with tuition can visit SMU’s financial aid office in the Laura Lee Blanton building.