With the recent announcement of next year’s tuition at President Shirley Ann Jackson’s Spring Town Meeting, students continue to see a rise in cost of attendance at RPI. Tuition has been set at $36,950 for the 2008-2009 academic year, a 5.9 percent increase, and room and board has increased 3 percent to $10,730.

Jackson stated at the Town Meeting, “This tuition is necessary to offer the full complement of quality education which we seek to provide.” She also commented that 46 percent of the total undergraduate tuition revenue is returned to 88 percent of students in the form of financial aid.

With the ever-increasing cost of tuition, the $10 million in new financial aid resources are meant to combat this rise. Jackson said, “Because we know that a tuition increase can present a challenge, Rensselaer has expanded its financial aid.”

This increase in aid brings the total aid budget at RPI up to $80 million, which Jackson cited as more than many peer institutions.

The increase in financial aid is due in part to endowment income as well as other philanthropic sources, according to Jackson, which added more than $1 million to the financial aid budget this year. Returns on the endowment have allowed RPI to add $500,000 in new funding, and an anonymous donor also contributed $500,000 to aid women and minority students.

The new resources will be distributed to undergraduate and graduate students in a variety of forms.

The Institute will be adding about $6 million to the general financial aid pool, which is distributed to the student body on the basis of demonstrated family financial need and merit considerations.

The Board of Trustees has approved additional summer financial aid—totaling $70,000—which offers extra aid to full-time undergrads who qualify for need-based financial aid beyond the regular academic year.

Work study rates have also increased, raising the minimum wage by 30 percent to an average of $9.25 per hour, and students working on research projects will receive $10 per hour.

Jackson also mentioned that the Institute has added to its graduate financial aid program by expanding the Presidential Scholars program, providing full admission through to a doctorate and increasing the aid budget for that program by $1.5 million.

RPI has also increased the minimum graduate stipend from $14,500 to $16,000 with these new resources, which Jackson cited was “to be more competitive with other research universities.”

There is also a new co-terminal degree program that will let undergraduates study for a master’s degree while completing a bachelor’s in the same or a different department or school. An additional $3 million has been allotted to this program, providing extended financial aid resources necessary for students to complete their degrees.

In additional to the financial aid that will be increased this year, the Institute plans to quadruple the emergency fund available to families with special circumstances to $2 million and to increase financial aid funding through the Patroon Scholars program by 20 percent.