Costs for 2008-2009

07DAD
Thu, 10 Apr 2008 17:56:41 +0000

“NEW” parents, this is what I received yesterday.



As part of our efforts to be good stewards of both our environmental and financial resources, I am sending this letter electronically this year.

Dear Students,

Each year at this time we determine CC’s cost of attendance based on extensive conversation about financial aid, salaries, operating costs, and other economic realities.

For the 2008-09 academic year, tuition will be $35,844 (a 5.5% increase over 2007-08), and room and board will be $9,096. As a result, the total cost of attendance will rise 5.8%. Students who received financial aid last year will be notified in Block 8 about next year’s aid package.

Yes, CC’s tuition price is high. Yet it actually covers only about two-thirds of the full cost. Donations and endowment support subsidize most of the remainder. And comparatively speaking, CC’s tuition, room, and board are slightly below the median for our peer institutions.

Nonetheless, I am well aware that your families are making sacrifices and many of you are working one or more jobs so that you can attend Colorado College. So I do not take lightly any increase in tuition.

We continue to do our utmost to minimize costs while sustaining the quality of our academic enterprise and your Colorado College experience. For example, we have not added any new staff positions in the past 18 months and are exercising new discipline in the use of block visitors. We are realizing energy savings – particularly through increased use of renewable energy – and trying a new travel service to save on college airfares. With the recent upgrade of our IT network, we saved $1 million through our choice of provider. And for the coming fiscal year, I have asked senior managers to hold the line on all budget requests.

Containing costs is not an option; it is a necessity. Like hard-working families everywhere, the College is affected by economic factors beyond our control, including the rising costs of financial aid, health care, housing, and utilities. In addition, we are in the third year of raising faculty salaries by 7.5% to get them to a level commensurate with our peers.

Simultaneously, the College has made numerous enhancements in our quest to fulfill the mission of providing the finest liberal arts education in the country. The Edith Kinney Gaylord Cornerstone Arts Center is opening in May (within budget, I might add) – a real jewel in our crown for innovation in the arts. We are making top-notch tenure-track faculty hires to replace retiring professors. For these and other reasons, CC’s reputation and visibility are soaring, attracting a record number of applications for admission from around the country and the world.

As I tell students every year, your college education is one of the biggest investments you will ever make. It will also return priceless benefits throughout your lifetime. I pledge to continue improving Colorado College while being prudent about economic realities, thereby sustaining the value of your educational experience.

I send my sincere good wishes for the rest of the academic year and the summer.

Warm regards,

Richard F. Celeste

President

cc: Parents of current students