At the board
Tuition increase approved
Archived article from Sep 2, 2002
By Mark Maben
At its July 12 meeting, the Rutgers Board of Governors approved increases in tuition, room, board and mandatory fees. For 2002–2003, a typical Rutgers College undergraduate residing on campus will pay $5,770 in tuition and $1,538 in mandatory fees, along with $7,128 in room, board and related charges, for a total annual cost of $14,436 (exact rates vary across the university's campuses and colleges). The combined price represents an approximate 7.4 percent increase over total costs for such a student in the 2001–2002 school year.
President Francis L. Lawrence expressed appreciation for the board's care and diligence in adopting the new charges. "In the face of declining state resources, the board of governors might have chosen simply to pass along a major cost increase to tuition-paying students and their families. Instead, the board has carefully balanced the need to provide both a high quality education and access to New Jersey students, " Lawrence said.
"The university's spending plan limits increases to areas that are absolutely essential and maintains both the quality and affordability of a Rutgers education at a time when demand is increasing," he added.
The increase in tuition, 9.9 percent, was the largest since 1991–1992, when it was raised 9 percent. While larger than in recent years, the university avoided the double-digit tuition increases seen at some state schools around the nation, including nearby Penn State, which upped tuition by 13.5 percent.
Due to the state support that Rutgers receives, tuition and fees for New Jersey residents are less than half the actual cost of a Rutgers education. In addition, the university announced that it will add approximately $2 million in financial aid for its neediest students this year. State, federal and private financial aid programs offset charges for about two-thirds of Rutgers undergraduates.
In other business, Duncan L. MacMillan, a founder of Bloomberg L.P. in Princeton and New York, was inducted as a trustee member of the board. He replaces Louis T. DiFazio, whose term expired June 30. MacMillan, a 1966 graduate of Rutgers College with a degree in mathematics, previously served six years on the Rutgers Board of Trustees. He is also a former member of the Rutgers Foundation Board of Overseers.
A former U.S. marine, MacMillan worked at Salomon Brothers before joining his Salomon colleague Michael Bloomberg in creating one of the pioneer companies of the business information age. He is credited with designing many of the computer systems the Bloomberg company uses to disseminate information and communicate critical data to subscribers.
The board also authorized issuing up to $100 million in new general obligation bonds over two years and passed a resolution establishing the Rutgers–Camden Technology Campus Inc., a small-business incubator.
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