It's time to start saving. Tuition will increase by $1,600 – or 6.5 percent – for the 2007-'08 school year, raising the total cost from $24,670 to $26,270, according to Brigid O'Brien Miller, director of university communication.
Average room and board costs will go up $760 for the year, from $8,120 to $8,880, an increase of about 9.3 percent, she said.
The yearly Student Health Fee paid by full-time undergraduate students will increase by $4, from $268 to $272. Annual tuition for 2007-'08 will also increase by $1,590 for full-time School of Dentistry students and by $1,660 for full-time Law School students. Graduate students will face an average cost increase of $50 per credit hour.
The increase "isn't great but I know it's something they have to do," said Katie Meyer, a sophomore in the College of Arts & Sciences. "It's how the world works with inflation."
The Office of Finance, which is in charge of analyzing university finances, refused to comment on the increase or on its analysis process. Several members of the board of trustees, which approves annual tuition rates, also refused to comment on the decision-making process.
According to Miller, the increases will cover things like health care, utility and technology expenses, which make such an increase necessary.
Additional factors could include the cost of energy – which is rising at a greater rate than inflation – and the salaries of new faculty members, according to Charles Breeden, associate professor of economics.
"It's harder to hire new faculty coming out of grad school because there are lots of faculty retiring and not enough new Ph.D.s," he said. "To maintain the quality of our faculty, we need to pay a competitive salary."
Marquette's record number of applicants also plays a role in the economics of determining tuition.
"In the private sector, when there are lots of people who want your product, it makes sense to increase the price," Breeden said. "There are demand dynamics at work here."
In the private sector for universities, there are three universities ranked higher than Marquette in the US News & World Report's top 120 schools that charge less than Marquette – Rice, Brigham Young and Baylor universities. In a 2006-'07 survey of tuition and mandatory student fees by the Association of Jesuit Colleges and Universities, Marquette ranked 17th among the 28 Jesuit institutions, according to Miller.
"We understand that a college education is a significant investment for our students and their families, and Marquette works hard to raise funds and control costs in order to provide an excellent education that is as affordable as possible," she said.
To increase affordability, the university offers many forms of aid, which 90 percent of undergraduates receive, Miller said. Additional funds were allocated in the Magis campaign, a seven-year fundraising campaign that ended in 2005. The university also continues to seek donors to endow both undergraduate scholarships and graduate fellowships, according to Miller.
"The university's last fundraising campaign was very successful," Breeden said. "They have many more scholarships and aid to offer students."