Tuition rises to $42,500 for 2012-13 year

Tuition for the 2012-2013 year will be $42,500, a 3.8% increase from the 2011-2012 year, announced Barbara Feiner, vice chancellor for finance on Thursday.

It is an increase of $1,550 from the 2011-2012 year’s tuition of $40,950. The change is similar to the 3.9 percent increase last year that brought tuition to more than $40,000 for the first time.

“The past several years have been difficult ones economically for many both here in the U.S. and around the world, although there are continuing signs of recovery and hope for a more stable financial future. Washington University continues to set a course based on careful, prudent planning and cost containment,” said Provost Edward S. Macias in a letter to students and parents.

Housing will also increase about 3.9% and meal plans by 2.7%. Double-occupancy housing will cost between $8,700 and $9,624, depending what housing students select, compared to the current range of $8,374 and $9,264. The meal plans will range from $3,700 to $5,138, compared to $3,600 to $5,000 this year.

Feiner estimated the student health fee will increase 23.4% to cost $780 per student.

Though the tuition hike is similar to last year’s, the percent increase continues to get smaller since a 5.5% increase in the 2006 – 2007 year.

“Although the University has seen improvement in its endowment over the past year, its value is still below its value from just a few years ago. We continue to be prudent stewards of this important asset and its potential to fund important future initiatives. Following two successive years of reductions in endowment spending, in response to the endowment downturn of 2008 and 2009, we were able to increase the spending by a modest amount for the current academic year. However, this source of revenue is still below the level of three years ago,” Macias said.

Feiner stressed in the letter that the University remains committed to providing financial aid to its students.