Struggling Father of Holy Cross Student Sells Fifth Estate to Cover Rising Tuition Costs
The College of the Holy Cross has announced a 5.6% increase in school tuition, set to take effect for the next academic year, a move that is causing concern among students, particularly those who rely on financial aid.
Tevin Kaylor, a student at Holy Cross, expressed dissatisfaction with the tuition increase. "I'm worried about my future job prospects and the ability to pay off the increased tuition," he said, adding that his bi-weekly service trips to the Bahamas have become even more challenging to fund.
The Holy Cross Board of Trustees has labeled the Name, Image, and Likeness (NIL) fund as the "driving force" behind the tuition increase. However, the specific details of how this fund contributes to the tuition hike are yet to be disclosed.
The tuition increase can significantly impact students' financial situations, especially those who rely on financial aid. As tuition rises, students might find it harder to cover not only tuition but also other essential expenses like housing.
Universities, including those analyzed by BCG, show the need to adopt strategic pricing and student support to maintain enrollment and affordability. This includes targeted financial aid adjustment and retention programs to help students stay in college despite rising costs.
However, the College of the Holy Cross has not specified how the tuition increase may affect students who receive financial aid. The Administration told students who receive financial aid that the increase is unlikely to affect them currently but it may affect their ability to buy a house in the future.
In the 2022-2023 academic year, 65% of the student body benefited from the $76.5 million the school set aside for financial aid. The College of the Holy Cross has also committed to covering tuition for families with annual incomes of less than $100,000.
While the tuition increase may exacerbate financial pressures on students, especially those with financial aid, it remains to be seen how the school will address these concerns through increased or better-targeted financial aid and student support efforts.
Tevin Kaylor, a student at Holy Cross, is concerned about the tuition increase, stating that his bi-weekly service trips to the Bahamas have become harder to fund due to the increased costs. The school's tuition rise can significantly impact students' financial situations, particularly those relying on financial aid, making it more difficult for them to cover essential expenses like housing. The administration has stated that the increase is unlikely to affect students receiving financial aid in the immediate future but may impact their ability to buy a house in the future. Despite the financial pressures, the College of the Holy Cross has committed to covering tuition for families with incomes below $100,000. As the school moves forward, it remains to be seen how they will address these financial concerns through increased or better-targeted financial aid and student support efforts. Additionally, the 2022-2023 academic year saw 65% of the student body benefiting from the $76.5 million designated for financial aid by the school.
