The Taylor University Board of Trustees this week approved a plan to freeze tuition for the 2021-2022 academic year. The announcement was made during chapel this morning by Interim President, Dr. Paige Comstock Cunningham.
Cunningham cited financial challenges facing Taylor’s students and families as key components in the decision. It marks the first time in Taylor’s recent history where there will be no tuition increase, which usually is less than five percent. Additionally, room and board and fees will increase by 3.5%, less than $400 overall.
“This is the right thing to do for our students and for our families,” said Cunningham. “This year, more than ever before, it’s absolutely critical that holding steady to our mission looks different.”
The initiative to freeze tuition for the 2021-2022 school year was approved by the Taylor Senior Leadership Team and the Board after a comprehensive review of tuition pricing options and university budget requirements.
Ninety-nine percent of incoming students receive financial aid from Taylor. Last year, over $51 million in financial aid ($32 million of which came from Taylor resources) was administered to its students. “Taylor is holding steady to make the educational experience affordable through scholarships and financial aid,” said Nathan W. Baker, Vice President for Enrollment Management.
According to Cunningham, Taylor’s high student success rate, the speed at which students normally complete their college careers (3.8 years at Taylor/the national average is 5.1 years), and the success of Taylor’s transition to a virtual setting last spring were factors in student and parent satisfaction with Taylor.
“Ninety-seven percent of our parents who responded said they would support their student’s choice to attend Taylor again,” she said. “We want to affirm this confidence and believe freezing tuition for the upcoming year is one way to tangibly do that.”