The College also expands financial aid by raising the family income threshold for free tuition and no loans from $75,000 to $100,000
The Dartmouth Board of Trustees announced today that undergraduate tuition for the 2012–13 academic year will be $43,782, an increase of 4.9 percent (or $2,046) over the current year’s tuition rate. Undergraduate tuition, room, board, and fees for the coming academic year will be $57,998, a 4.8 percent increase from the current year. Tuition, room, board, and fees cover about half the full cost of a Dartmouth education, with the balance met primarily through gifts, endowment income, and other revenues.
Consistent with Dartmouth’s longstanding commitment to ensure accessibility for all students, regardless of their families’ financial resources, the College will both provide free tuition and eliminate loans from the financial aid packages for students with family incomes of $100,000 a year or less, up from $75,000 in 2011–12. This move to lift the free tuition and no-loan income threshold to $100,000, which will become effective for eligible current as well as incoming students at the start of the 2012–13 academic year, significantly reduces the net cost of attendance for affected students and their families.
“It is our goal to continue to enroll one of the most economically diverse groups of students in the Ivy League,” said President Jim Yong Kim. “Against the backdrop of intensifying national conversation about rising college costs and families’ inability to keep pace, the enhancement to our financial aid program announced today reaffirms our commitment to affordability.”
Maria Laskaris ’84, dean of Admissions and Financial Aid, said, “Currently, over 54 percent of our undergraduate student body receives financial aid, with an average annual scholarship of $38,380. As always, for families of enrolled students receiving financial aid, Dartmouth commits to meet 100 percent of demonstrated need for the full four years. And we will increase our financial aid budget as necessary to meet that important commitment.”
Approximately 12 percent of current Dartmouth students are the first in their families to attend college and about 14 percent are also recipients of Pell Grants (a federal grant for students from low-income families).
The 2012–13 tuition rates apply to all undergraduates as well as students in the arts and sciences graduate programs and in Dartmouth’s Thayer School of Engineering, which offers both undergraduate and graduate programs. Tuition for Dartmouth Medical School will increase 6.0 percent to $50,646, and tuition for Dartmouth’s Tuck School of Business will increase 5.0 percent to $56,160.
Board approves FY13 operating and capital budgets, endowment distribution
During its weekend meeting, the Board of Trustees voted to approve Dartmouth’s fiscal year 2013 (July 1, 2012 to June 30, 2013) operating budget of $934 million. In addition, the Board approved a fiscal year 2013 capital budget of $54 million for key building repairs, renovations, campus-wide master planning and building planning, energy/sustainability, and computer services/IT projects, as well as design funding for the Williamson Translational Research Building on Dartmouth Medical School’s Lebanon, N.H., campus. The new building is a critical component of the school’s 20×20 plan, a bold strategy that seeks to lift Dartmouth Medical School into the top 20 among medical schools nationwide by 2020. The building will house programs concerned with adapting laboratory discoveries to use in patient care, with an emphasis on multi-disciplinary problem solving in areas including neuroscience, cardiovascular science, and immunology/infectious diseases, among others.
The Board also approved an estimated distribution from the endowment for FY13 of $178 million for operating and non-operating activities, a slight increase from FY12’s distribution of $175 million. The distribution rate for FY13 was set at approximately 5.4 percent, equal to the prior year’s budgeted rate. In FY13, distributions from the endowment will fund approximately 19 percent of the operating budget, unchanged from the budgeted rate of the prior two years.