LMU will increase tuition by 0.94% for the upcoming 2021-2022 academic school year—an increase which the University claims is "historically low" in a message from the Office of the President on Mar. 9. According to the message from LMU President Timothy Law Snyder, this low increase is possible due to LMU's "ambitious cost-containment efforts over the past year."
The announcement comes after a year of financial difficulties, not only for LMU but also for universities across the country. Revenue losses due to COVID-19 resulted in significant budget cuts from the University earlier in the academic school year. Last November, the New York Times reported an estimate that the pandemic had cost universities in the U.S. "at least $120 billion."
In the message, LMU affirmed that despite losses of over $50 million associated with COVID-19, the University approaches "the next fiscal and academic years with confidence because the demand for an LMU education is stronger than ever." It proceeded to emphasize that LMU's budget will prioritize "financial aid for our students, minimizing tuition increases, welcoming back furloughed employees, and restoring annual merit increases and retirement contributions."
In recent years, tuition increases have ranged between almost 3% to 4.5%. On average, university tuition across the U.S. increases by about 8% annually, which amounts to doubling the cost of tuition every nine years.
Additional information on tuition and fees for the 2021-2022 school year will be posted on the Student Financial Services website by Mar. 30.