By Travis Fick
Cardinal Staff
Saint Mary’s University will raise tuition for the 2009-10 school year, but the percentage increase has not been disclosed. The increase will be due to larger expenses and existing obligations that the university has to future students, said Cynthia Marek, vice president for financial affairs.
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SMU’s tuition, room, board and fees for 2008-09 are $30,530. This is third lowest of the 17 Minnesota private colleges, higher than only Concordia-Moorhead and Bethany Lutheran in Mankato, Minn.
The current year’s comprehensive cost is seven percent more than in 2007-08.
There is growing concern about how the state of the economy, combined with increased tuition and fees, will affect students and their families. “The family situation is the most difficult for us,” said Marek. “We cannot control what is going on in the financial world, and it is making us very concerned about the possibility of this economic state being long-term.”
Marek said the Financial Affairs office is willing to work with students and their families to create payment plans and explore other types of financial aid. “I would highly encourage people to stay in touch with us if they are having financial issues so we are aware of it and can help as much as possible,” said Marek.
Even with the uncertainty of the economy, SMU’s fiscal status is strong and will allow for all business and plans to continue. “An increase in tuition is not surprising by any means,” said Dr. Martin Judd, professor of business. “The fact that the institution is doing a more modest increase than they have done in the past is a reflection of their concern for the present economic environment.”
Brother William Mann, president of SMU, recently announced an initiative to expand the Brother James Miller Program for Access, which helps make a private college education even more affordable for low to middle income families. According to a recent SMU press release, “The adjusted gross income (AGI) limit for qualifying families was $75,000 … For freshmen enrolling in fall of 2009, Saint Mary’s will expand the program to include families with up to $100,000 AGI.”
Regardless of the assistance offered, students say that concerns over their finances persist, and concerns about how the administration can justify an increase have been raised. “Many families do not have the funds for increased tuition,” said junior Sara Eisenhauer.
Marek said that the increase in tuition is necessary because of larger expenses that the school is encountering but gives credit to conservative budgeting and living within its means as the reasons SMU has a strong fiscal base. “We are very fiscally prudent,” said Marek. “We have balanced budgets, so we always live within our means. We have been very low risk takers, so we do not have any investments or debt or other kind of obscure things that could affect us in the long term.”
Marek said SMU’s preferred loan companies are in good condition. “Financial Aid has told me that we have not had any problems with the lenders we deal with, but there are other lenders who are having problems right now,” said Marek.
As for what students can do to take control of their financial situations, both Judd and Marek said the simplest solution to the problem is to write down what one spends. “To be more financially responsible, students should keep a record of what they have spent,” said Judd. “Records arm you with something so that you visually see what you have actually spent.”
Marek said that writing information down makes students more cognizant of what they are spending when they are on a tight budget. “You do not think about spending five dollars on a coffee or three dollars on a drink with friends,” said Marek. “The little things that you do not think about add up. I would say watch the pennies, and the dollars will take care of themselves.”
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