MELBOURNE, Fla., March 11, 2013 /PRNewswire-USNewswire/ -- While students heading back to class at some of the nation's colleges could face double-digit tuition increases this fall, Florida Institute of Technology is taking a different approach to hold down the cost of college. President and Chief Executive Officer Anthony J. Catanese announced that the Board of Trustees has approved his recommendation that there be no tuition increase for the 2013-14 academic year.
"We understand the reality of a difficult economy, and want to be sensitive in these challenging times about the cost of college," Catanese said. "Our enrollment is up, our university is enjoying great attention nationally as well as around the world, and we are pleased to be able to hold the line on tuition costs."
Robust financial aid packages continue to assist Florida Tech students in meeting the cost of college. For the current academic year, Florida Tech administered $75 million in total financial aid funds for undergraduate students. Approximately $35 million of those funds came from either university or endowment scholarship and grant resources. During the 2011-12 academic year, Florida Tech served more than 14,000 students, helping them to meet the cost of college.In the past five years, tuition and fees for private, four-year colleges have increased by an average of 13 percent, according to The College Board. Tuition and fees for public universities have risen an average 27 percent over the past five years. "At Florida Tech, three factors have empowered us to hold down the cost of college for next year. We continually explore ways to improve efficiencies, reducing the costs of instruction; we have increased our faculty activity, as they secure more grants and contracts for their research; and we have located new sources of external funding, whether philanthropic gifts or state and federal awards to keep down the cost of college," Catanese added.