MELBOURNE, Fla., March 11, 2013 /PRNewswire-USNewswire/ -- While students heading back to class at some of the nation's colleges could face double-digit tuition increases this fall, Florida Institute of Technology is taking a different approach to hold down the cost of college. President and Chief Executive Officer Anthony J. Catanese announced that the Board of Trustees has approved his recommendation that there be no tuition increase for the 2013-14 academic year.
"We understand the reality of a difficult economy, and want to be sensitive in these challenging times about the cost of college," Catanese said. "Our enrollment is up, our university is enjoying great attention nationally as well as around the world, and we are pleased to be able to hold the line on tuition costs."
Robust financial aid packages continue to assist Florida Tech students in meeting the cost of college. For the current academic year, Florida Tech administered $75 million in total financial aid funds for undergraduate students. Approximately $35 million of those funds came from either university or endowment scholarship and grant resources. During the 2011-12 academic year, Florida Tech served more than 14,000 students, helping them to meet the cost of college.
In the past five years, tuition and fees for private, four-year colleges have increased by an average of 13 percent, according to The College Board. Tuition and fees for public universities have risen an average 27 percent over the past five years.
"At Florida Tech, three factors have empowered us to hold down the cost of college for next year. We continually explore ways to improve efficiencies, reducing the costs of instruction; we have increased our faculty activity, as they secure more grants and contracts for their research; and we have located new sources of external funding, whether philanthropic gifts or state and federal awards to keep down the cost of college," Catanese added.
Florida Tech, a private, non-profit university, has accumulated a number of honors. Forbes again listed the university among America's Top Colleges in its recently published 2012 rankings, and Bloomberg Businessweek lauded Florida Tech as "Best College for Return on Investment in Florida." Additionally, PayScale.com ranked Florida Tech graduates' mid-career median salaries in first place among Florida's universities, and rated Florida Tech among the top 20 universities in the South—both public and private.
Earning a college degree remains one of the best predictors of professional and financial success. Since the end of World War II, the American dream has included the chance to earn a college education. Runaway increases in the cost of college could transform that dream into a nightmare, resulting in unfulfilled student potential and empty classrooms, curtailing American competitiveness on a global scale.
"Colleges and universities must control their spending, cut their costs and keep that entrepreneurial spirit alive. We owe it to our students," said Catanese.
For more information, visit www.fit.edu.
Contact: Karen Rhine
SOURCE Florida Institute of Technology