The Board of Trustees approved a 4.5% increase in tuition rate and a corresponding 4.5% increase in need-based aid for next fall.
Tuition will increase by $2,320 to $53,890 for full-time undergraduates in the 2022-23 academic year. Hourly rates for undergraduates and graduate students will increase by the same percentage.
The raise is a response to “escalating operational costs and rising rates of inflation,” Chancellor Victor Boschini wrote Tuesday in a campus-wide email.
Last year, TCU decided to freeze tuition — the first time in 20 years — for the 2021-22 academic year.
Undergraduate tuition has increased by more than $23,000 since 2010. The incoming tuition increase is a smaller percent change than any year-to-year raise from the 2010s.
Boschini said he expects the percentage change of need-based aid to rise above tuition.
“The theory on that is anyone who can afford to go to TCU should be able to go to TCU next year because financial aid is going up higher than tuition,” he said.
Increases in merit-based aid were not discussed in the budget.
“Our board has made the decision to fall on the side of need-based,” Boschini said.
“We keep a log of every student who calls and says, ‘I can’t go next year.’ . . .Two years ago, we were able to save every kid but one,” who left for reasons that were not financially related, he said.