Certainty and peace of mind.
Transparency is so important to families when it comes to the cost of college. Hidden fees and unexpected tuition increases can add thousands to the price tag of a degree and ultimately may make it unattainable. Students end up feeling nickled-and-dimed, families accumulate too much debt, and some students even drop out because of the unplanned expenses.
It’s a major challenge in higher education — one that the University of Dayton wanted to address head-on. In 2013, University leaders made a bold decision to overhaul our approach to tuition to offer full transparency of costs and a four-year guarantee.
Four years later, we are seeing impressive results. The class of 2017 — the first students enrolled under the fixed net-price tuition plan — crossed the stage at spring commencement in record numbers and with lower student loan debt.
Their record four-year graduation rate was 8 percentage points higher than the previous year.
They also reduced their cumulative student loan debt by nearly $6 million — an average of about $5,000 less per student.
A major impact from a simple idea: Tell students upfront what a degree will cost. Not just tuition, not just room and board — all the costs, and guarantee what they pay in tuition their freshmen year is what they’ll pay senior year.
The University does that by promising students their financial aid will grow dollar for dollar to match any tuition increases. No fees tacked on. No surprises. Full transparency.
Each accepted student receives a personalized financial aid letter detailing the full cost of tuition, as well as projected costs for housing, meals and other expenses for all four years.
And undergraduates have access to a textbook scholarship worth $4,000 and study abroad opportunities at no extra cost.
Making a major change to tuition structure is not easy and there were plenty of internal questions. Would families balk when they saw the full cost of a degree, when most colleges only disclose the price of freshmen year? Would the University be able to operate under a tighter budget that could no longer rely on yearly tuition increases from students?
We had to take the risk. In the end, as a Catholic, Marianist university, we want to do what’s right for students. And it’s clear we’re on the right track. Positive trends continue under the tuition plan for the classes of 2018 and 2019 — more students are persisting toward graduation and borrowing less along the way. We are also preparing to welcome our largest and most diverse class in school history this fall who will also benefit from the price guarantee.
I’m proud to lead a University that continues to innovate to make a high-quality education affordable and accessible.
Investing in a college education is a substantial commitment for students and their families, and higher education has a responsibility to be upfront and transparent about what it will cost.
At the University of Dayton we believe we have developed an approach that both responds to this responsibility and advances us toward our core mission: supporting the success of our students. We are prepared to share what we have learned with other institutions as they consider how to best ensure access and support student success.