As COVID-19 remains a part of our lives, all colleges and universities have needed to adjust to accommodate the state of our world. Financial reorganization dominated during the early days of the pandemic. Those adjustments meant merging programs or cutting them entirely. Now, colleges seem to have adapted a little better to the situation and have turned their attention more towards online classes, limiting the number of students allowed on campus, and other precautions. Recently, many schools have come to the realization that in order to keep their doors open, this “new normal” should be reflected in the reorganization, that is, reduction of tuition rates and other fees.
Declining numbers in enrollment and difficulties due to the economic shutdown are causing tuition cuts in order to get more students enrolled, despite the nontraditional college experience.
While some universities are not able to make tuition cuts, the financial changes of other schools can be incentives for families to consider.
Tuition Incentives Provided By Universities
Schools have employed different tactics to incentivize students to enroll in the midst of the pandemic, with tuition and fee cuts ranging from a small percentage off to more than half off.
Individual schools with different needs and abilities have found different ways to cut back on tuition. Some examples of this include reductions in tuition, room and board fees, and activity fees.
Financial aid is also increasing for students and families. Some tuition and fee cuts or financial aid packages due to the coronavirus are offered to all students, and some are only offered based on need or other outside circumstances.
College Enrollment Rates Are Down
The coronavirus pandemic has greatly impacted typical college enrollment rates, according to an article published by CNBC.
There are many factors that go into why college students may defer their enrollments during the coronavirus pandemic, ranging from financial difficulties, to safety concerns, to problems with distance learning.
Families should have conversations about considerations like academic life, social life, if schools will have online, in-person, or hybrid schedule learning, and financial strategies by individual schools when contemplating college plans.
It is also important to stay educated on how your credit history can impact student loans, and to look out for additional financial aid opportunities due to the pandemic.
Your family will need to decide whether paying full tuition for your child’s education is still worth it, but you should also take advantage of the lower interest rates offered in this unprecedented time.
How the Cost of Attendance Has Declined
According to The Washington Post, fewer students enrolled in college in the fall 2020 semester.
The National Student Clearinghouse Research Center observed and recorded data from 629 schools. They found enrollment was down 2.5 percent among all types of undergraduate institutions.
The sticker price and net price are different in understanding what you will be paying for your child’s education. It is important to know the difference between the official reported cost that a school projects and how much it will actually cost.
Colleges That Are Reducing Tuition
Here is a list of schools that are reducing tuition costs amidst the COVID-19 pandemic.
This sample size is an example of how universities are responding, but is not comprehensive. It also includes the percentage off that students are receiving.
Many of these schools are entirely or partly holding classes remotely due to the COVID-19 pandemic.
Hampton University, 15%
Johns Hopkins University, 10%
Lafayette College, 10%
National University, 25%
Princeton University, 10%
Paul Quinn College, 28%
Southern New Hampshire University, 100% for freshmen, 61% the following year
Spelman College, 10%
After all is said and done, tuition remains at the same price as the prior year at public institutions in Maryland, Massachusetts, Michigan, and North Carolina, and a survey revealed that 90 percent of schools offering a hybrid schedule of in-person and online courses are keeping the same tuition costs as tuition before the pandemic.
This list does not include all of the institutions that did not reduce tuition this year.
Schools That Are Waiving or Reducing Additional Fees
When studying remotely, you will not be paying for room and board fees and often, activity fees and other fees will be waived. It is important to look at the schools your child is interested in and research individual financial plans amidst the pandemic.
Look out for ways you could receive discounts for different learning due to the pandemic and make sure you check back often, as these policies can change from one week to the next.
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