Bucking the national trend of skyrocketing higher education costs, the Pine Manor College (PMC) Board of Trustees has made a groundbreaking move by using a $4 million bequest to cut its tuition rate by 34% or $5,700. The Board took this action to provide greater access to quality higher education for a wider range of young women. Tuition will drop from $16,700 to $11,000 and the cost including room and board at the private four-year women's college will decrease from $23,600 to $17,900, a 24% reduction. In the fall of 1998, the new lower tuition will be available for all students, including those currently attending the college.
The unrestricted bequest from an alumna, Frances Crandall Dyke (class of '25), enables PMC to advance its commitment to make college affordable for a broader spectrum of students, particularly middle income families.
"More and more women are unable to consider the benefits of private education due to the rising costs," stated President Gloria Nemerowicz. "Middle income students are often ineligible for scholarships, yet their parents cannot afford to pay. For some time the Board of Trustees has felt an obligation to respond to the needs of students and their families. This $4 million bequest, which will benefit future generations of women, places us in a leadership position in providing access to higher education for more women. Making our campus available to women from all income levels is consistent with the college's mission and our programs of education for inclusive leadership and social responsibility."
For the fifth straight year, national tuition and fees have increased by 5%, outpacing the 2.4% rate of inflation. Student debt has doubled in the past six years, increasing from $8,200 to $18,800, according to a recent Nellie Mae national survey. The continued rise in tuition has prompted Congress to exhort members of the National Commission on the Cost of Higher Education to find specific ways that government could help rein in the growing cost of higher education. Additionally, more students are attending their home states' public universities instead of private institutions because of the substantial price difference.
The college is taking this bold step after having successfully completed a $20 million capital campaign, increased enrollment and constructed a new $4 million Campus Center.
Thu, January 1, 1998
by Pine Manor College