Florida Tech Fights Trend of Rising Costs for Students
MELBOURNE, FLA. — The Board of Trustees of Florida Institute of Technology has approved a minimal increase in tuition and room and board that mirrors actual
inflation costs faced by the university. The 3.6 percent increase takes effect May 2009 and is designed to keep pace with inflation while being sensitive
to students completing college amid a struggling economy. The 3.6 percent rate increase is tied to the Higher Education Price Index (HEPI), an inflation
index designed specifically to track the main cost drivers in higher education. HEPI is issued annually by the Commonfund Institute. HEPI measures the
average relative level of prices in a fixed basket of goods and services purchased by colleges and universities each year through current fund educational
and general expenditures, excluding research.
Comparatively, many public institutions, particularly in Florida, are considering double-digit tuition hikes.
“Especially in these difficult economic times, we must insure that we are being sensitive to the financial circumstances of our students,” said President
Anthony J. Catanese. “We are holding the line with this modest increase.”
Finding new ways to effectively manage costs is a continuing strategy of the private university, Catanese said. Efficient operations and quality
instruction are closely paired, he said, and essential to avoiding drastic increases in costs to students while also maintaining exceptional educational
The 3.6 percent cost increase means that annual full-time undergraduate tuition for engineering and science students will be $31,020. Annual tuition costs
for aeronautics, business, humanities and psychology students will be $28,260. Room and board rates were also held to a 3.6 percent increase. However,
hourly rates for the university’s flight training program are not increasing.
Robust financial aid packages continue to assist Florida Tech students in meeting costs. For the current academic year, Florida Tech administered $57
million in total financial aid funds for undergraduate students. Approximately $33 million of those funds came from either university or endowment
scholarship and grant resources. Almost two-thirds of the university’s 2,654 full-time undergraduates have documented financial need. On average, needy
students received $26,768 per year in total assistance, of which two-thirds of the funds are in the form of a grant or scholarship.
About Florida Institute of Technology
Founded at the dawn of the Space Race 50 years ago, Florida Tech is the only independent, technological university in the Southeast. With 6,400 students
enrolled on main campus, extended campuses and online, Florida Tech has been named a Barron’s Guide “Best Buy” in College Education, listed among America’s
best colleges in U.S. News & World Report, and ranked in 2009 as one of the nation’s top 18 engineering technical institutes by the Fiske Guide to
Colleges. The university offers undergraduate, graduate and doctoral programs. Fields of study include science, engineering, aeronautics, business,
humanities, mathematics, psychology, communication and education. Additional information is available online at www.fit.edu.