New Jersey is one of several states that are seeing an increase in tuition prices. Practically all of the four-year colleges are becoming more expensive each year. Tuition and fees are growing by 3 percent for the 2022-2023 school year as stated by an NJ Advance Media analysis of tuition rates. 25 of the 27 four-year colleges in New Jersey are adjusting their pricing this year. The highest tuition will be at Stevens Institute with $58,624 and the lowest will be $12,972 at Kean University.
The reasoning behind this jump is growing inflation and the challenges colleges faced during the pandemic in allocating costs and budget setting. Georgian Court University, located in Lakewood New Jersey, was one of the universities that chose not to increase tuition rates for the 2020-2021 year. Now, Chris Krzak, Georgian Court vice president for enrollment and retention, has addressed those drawbacks. “We did not raise any of our fees during COVID, we did not raise fees for room and board. It was over three years ago. The cost of running a university has gone up.”
Many universities are feeling this financial pressure since they enacted a one-year tuition freeze for the 2020-2021 school year. And it’s not just public colleges that are having to alter pricing; private schools are following closely behind. Seton Hall University experienced one of the highest upticks in tuition pricing for the 2022-2023 school year, with a 4.4 percent increase (with a whopping $46,960 cost).
Rutgers University (currently at a 2.9 percent increase) was another school in New Jersey that participated in a freeze on tuition and all fees for undergraduates. On June 16th of 2020, the Rutgers administration announced this and their expectations for how this would affect future costs.“The tuition and fee freeze, along with expected enrollment impacts, are expected to result in a loss of about $67 million.” Rutgers University-Newark was ranked No.1 among public colleges for providing bachelor’s degrees to low-income students. With the altering of tuition, it will be interesting to see if they hold this position.
This information is nerve-aching as a large number of attendees receive financial aid at these accredited universities. With prices increasing, the possibility of many students being unable to continue attending these colleges is a huge possibility.
Student loan forgiveness is underway and parents who make less than $125,000 a year can pay off up to $10,000 of loans. Unfortunately, this isn’t permanent, and down the line, future students will face tuition costs that are higher than ever. The incoming freshman of 2026 will have to pay without added benefits and tuition may be much higher by then. According to Mefa, using their “college cost projector” and taking into account the trends of inflation, the estimated tuition for a national public four-year in-state college will be $24,963.79 by 2026. Using this calculator, the estimated tuition for 2040 will be closer to $38,000.
Colleges with Notable Tuition Increases in NJ
- Seton Hall University: $46,960 – 4.4 percent increase
- Centenary University $35,934 – 4.2 percent increase
- TCNJ $17,978 – 4 percent increase
- Rowan University $14,951 – 4 percent increase
- Fairleigh Dickinson University $34,404 – 3.8 percent increase
- Monmouth University $43,216 – 3.7 percent increase
- Montclair State $13,762 – 3.5 percent increase
- Stevens Institute $58,624 – 3 percent increase