By Zac Estrada, News Staff
Students will face an increase of 4 percent, or about $1,454, in tuition this fall, but the bump will be cushioned for some by increased financial aid offerings, Northeastern administrators said Wednesday at a presentation of the proposed budget for fiscal year 2012.
University representatives, eager to put the past three years of depressed endowment levels and a mountain of existing debt behind them, promoted Northeastern’s “competitive” increase in fees, increased selectivity thanks to a record number of prospective freshmen and the growth of the operating budget, which tops $1 billion for the first time in the university’s history.
“That’s a milestone for us,” Vice President and Chief Financial Officer Thomas Nedell said during a presentation to students in the Student Government Association’s (SGA) meeting room.
Nedell said the projected increase in fees to students for the 2011-12 year would be about 3.9 percent. Undergraduate tuition is currently $36,360 for a full-time student, expected to rise to $37,814. Adding in mandatory student fees and typical room and board costs brings total projected costs to $49,452, according to the university’s Undergraduate Admissions website. Students will likely pay $51,381 to attend Northeastern and live on campus next year.
Nedell said the increases are likely in line with many similar institutions, even though many area universities have yet to announce fees for the upcoming academic year.
Philomena Mantella, senior vice president for student life and enrollment, said the university’s increase in financial aid spending is meant to ease the burden of students who still face hard economic circumstances, but only if they’re vigilant.
“We look for students to raise their hands and ask for appeals if they aren’t receiving enough financial aid or if circumstances have changed,” Mantella said.
To that, Mantella said to address previous complaints from students, more financial aid advisers would be available.
She also touted the Double Huskies program, initiated in 2008 to offer Northeastern undergraduates the opportunity to continue at the university in a master’s program up to five years after graduation in exchange for a reduction in tuition of up to 25 percent.
Student Body President Ryan Fox said he was pleased with the proposed budget, saying it incorporated the concerns of student representatives.
“We’ve really enjoyed working with senior leadership on this,” Fox said. “Think we’ve done a good job taking student and university priorities and melding them together.”
Fox commended the university for giving financial aid a boost.
“They’re making sure all students have access to financial aid,” he said.
For current students, though, undergraduates with dining hall meal plans will have more guest passes in the fall, up from eight passes this year. And there will be an additional $10 in Dining Dollars each semester for students to use at participating restaurants and grocery stores near campus.
Nedell also confirmed that Subway would replace Mondo Subs this summer in Ryder Hall.
Mantella shared other facilities upgrades, including the previously announced $2.5 million Cabot Center remodel, funded mostly through individual donors. Boston Bike Share, in conjunction with the city of Boston, is scheduled to begin this summer rolling out bicycles for students to rent by the hour at various locations on campus.
Over the summer there will also be upgrades to bathrooms, lounges and sprinkler and alarm systems in the Stetson residence halls.
“We’re focusing Northeastern as a high-value institution,” Mantella said.
Validating that, she announced plans to hire more than 32 tenure-track faculty members in the next fiscal year, and steps to replace as many as 35 departing faculty members.
This would be the first step in the university’s plans to hire as many as 300 faculty members over the next five years, which Provost Stephen Director outlined Monday.
The concern for Northeastern remains the depressed endowment, pegged at about $570 million for fiscal year 2012. While up from its low of $450 million at the end of 2009, it remains far from its peak of $730 million in 2008.
In addition to that, the university’s debts – largely incurred by the construction of the West Village and International Village residence halls – remains at $815 million.
“We’ve taken a hard look at the endowment and where we want to go forward with it,” Jack McCarthy, senior vice president of administration and finance, said.
More facilities projects are in the planning stages.
The YMCA dormitory project, with an estimated 720 beds and four classrooms, remains on track for a June groundbreaking. But it has come under sever pressure from Boston’s landmarks commission and more than 1,000 vocal Fenway residents and YMCA members.
Northeastern needs the nearly $100 million project, expected to be financed by Phoenix Property Consortium and sold to the university at a later date, to meet a 2006 pledge to the city of Boston to house 1,800 additional students on campus.
Also in the early planning stages, according to Nedell, is a renovation of the Curry Student Center food court. Administrators will begin discussing proposals for the project later this year.
