With the increase in college tuition outpacing the rate of inflation, a Bowdoin education continues to be a growing financial burden.
A report made public on Monday by the College Board showed that the rate of tuition increase for college is more than double the rate of inflation.
According to the report, the average percent increase at public universities is 6.6 percent, while the cost at private institutions like Bowdoin jumped on average 6.3 percent.
Bowdoin saw an increase in tuition and fees of 5.6 percent for 2007-2008 academic year.
According to Senior Vice President for Finance and Administration and Treasurer Katy Longley, in addition to keeping its price increase below the national average, Bowdoin's student aid is also more generous.
"The good news for Bowdoin is that our tuition and fees are going up at a rate lower than the national average," said Longley in an e-mail to the Orient. "In addition, with an average annual grant of $25,000, our student aid is much more generous than the national average of $9,000 a year."
However, tuition and fees at Bowdoin, which total $46,260, are much higher than the national average of $32,207 for private colleges. Therefore, the increase for those paying Bowdoin tuition was $2,310 last year, compared to a $1,940 average increase.
Director of Student Aid Stephen Joyce said these numbers can be misleading because of financial aid.
"Grant offers in Bowdoin aid awards to the Class of 2011 ranged from $1,300 to $44,650, depending on individual family financial circumstances," Joyce wrote in an e-mail to the Orient.
Compared with Bowdoin's peer liberal arts institutions, Bowdoin's fee is safely in the middle of the group, with the highest being Wesleyan at approximately $47,000 and the lowest, Williams, at $45,140, according to the Williams Record.
"There's a bit of a fiction that it's less expensive to live in Maine," Longley said. "It costs less to buy a house, but to attract the same faculty we have to compete on a compensation basis."
The Bowdoin Budget
The comprehensive fee for each Bowdoin student totals $46,260 per year, with $35,990 allocated for tuition, $9,890 for room and board, and $380 for activities. However, money raised from tuition only covers 53 percent of the College's operating costs.
The remainder of the budget comes from other sources. Twenty-four percent is covered by Bowdoin's endowment, 11 percent by designated funds, six percent by contributions, and 10 percent by auxiliary enterprises and other sources.
The largest chunk of the budget, 61 percent, provides salaries and benefits to faculty and staff. The remaining budgetary expenditures are for general operations (24 percent), utilities and major maintenance (eight percent), and paying debts (five percent).
Tuition costs are evaluated every year in April by administrators and the Board of Trustees, who weight tuition increases within the context of the College's total budget.
Determining the comprehensive fee is particularly difficult because administrators must also consider the increase in financial aid expenditure that accompanies the rise in the comprehensive fee.
"It's a complex and comprehensive process to put a budget together," Longley said. "We look at how we can balance the entire budget, endowment gifts, all our revenue sources, and all of our expenses."
Longley is well aware of the impact that tuition increases have on students and their families.
"It's never taken lightly," she said. "Various scenarios are taken into account and we spend a lot of time on it."
Tuition increases, however, are all but inevitable.
"To do things Bowdoin wants to do costs money. Construction costs go up much higher than the CPI [Consumer Price Index, which tracks inflation], and to compete for a national faculty we have to pay," Longley said.
"To keep Bowdoin the way it is, right or wrong, requires us to reach the fee that we reached," she added.
President Barry Mills is also convinced that failing to adequately increase tuition and fees would have a detrimental impact on the institution.
"Frankly, while [lowering tuition and fees] might work on a financial basis, I am confident that a new, less-expensive version of Bowdoin would not have the same appeal to alumni, students, and parents that the College has today," Mills wrote in a letter addressed to families and parents of Bowdoin students on May 17, 2007.
"Sticker shock"
Bowdoin's current price tag, $46,260, seems like an enormous amount to most students and their families, especially in comparison to what most people can afford to pay.
"[Bowdoin's comprehensive fee] is an obstacle for some families, because they hear about Bowdoin's price tag and think, 'We could never afford that, why would we even apply?'" explained Joyce.
However, what families often do not consider is that they may not end up paying the full amount.
"They don't realize that we've got a terrific financial aid commitment, and that families who need financial support can get it so they don't pay the sticker price," Joyce said.
Increases in the comprehensive fee do not affect students on financial aid. These students' tuition is based on what their families can afford to pay.
According to Joyce, increases in tuition and fees are the most burdensome for students who are on the cusp of receiving financial aid. These students, according to Joyce, "can't get college-based grant money, but aren't rolling in dough either."
In order to maintain the College's commitment to financial aid, the Bowdoin Campaign has pledged to raise $75 million in new endowment funds and an extra $1.5 million in expendable income.
"We want to raise the financial aid endowment to keep grants high and loans modest," Joyce said.
Student Opinion
Students have varied opinions concerning tuition increases, with regard to whether or not they are necessary or appropriate for maintaining Bowdoin's programs, facilities, and its faculty and staff.
For Alicia Martinez '10, the fee increases are justified, especially considering all the new construction.
"It's reasonable. Just walk around the campus and you can see why," said Martinez.
Melody Nugent '09 is not surprised by rising tuition costs either.
"The growth of the size of the school may be linear, but the growth of the funding needed to give those students a decent experience grows exponentially," said Nugent.
Other students, including Nora Hill '10, disagree. According to Hill, it is unfair for the administration to change tuition rates for already-enrolled students.
"It's unfair. It's like getting someone invested in a project and then changing things. Once you're enrolled, your tuition should stay stable," she said.
Hill added that the cost of tuition leaves her "with a vague feeling of guilt toward [her] family."
Students are also concerned with how tuition increases will impact low-income students.
"The increase will eventually overrun how much the school can afford to give out," said Steve Smith '08, "and in doing so will make it more difficult for Bowdoin to accept deserving students who don't qualify for financial aid but can't afford to pay tuition."