The cost of full-time undergraduate tuition, meal plans and standard room rates will all increase at the University of Indianapolis for the forthcoming 2024-25 academic year, according to an email sent to all students from the Office of the President on March 18.
Beginning in Fall 2024, the university’s Board of Trustees approved a plan to increase the standard room rate by $128 from $6,564, according to the email. The 14-meal plan will increase by $180 from $6,160 annually, full-time undergraduate tuition will increase by $1,032 to $35,488 and university fees will increase by $32 to $1,752 annually, according to the email.
According to Executive Vice President of Finance and Administration Rick Graycarek, this constitutes roughly a 3% increase in costs across the board. Graycarek said the Board of Trustees decided a 3% raise in costs would be a minimal increase to help cover the cost of managing operations at the university.
“We have to figure out how we manage the operation of the university, which has rising costs, and do it in a way that is entirely mindful of the primary population that we’re serving, which is students and figuring out what’s the balance,” Graycarek said. “It is a lot of money, and I’m not saying it’s immaterial because $1,000 [the raise in tuition] is a lot of money for students to bear.”
Graycarek said the majority of revenue generated from tuition and other costs goes towards financial aid for students, and that financial aid is the biggest expense item in the university’s budget. Graycarek said for the 2023-24 year, it is expected that roughly $61 million dollars of the total budget will be spent on financial aid and that the overall cost of tuition for undergraduate students will be $35,448. He added, however, that most students will end up paying much less than this.
Graycarek said higher or lower tuition does not translate to a better or worse college experience. According to their websites, local private rival colleges such as Marian, Butler and DePauw all charge tuition prices higher than UIndy. Marian University will charge $40,664 for the 2024-25 academic year, Butler will charge $46,570 and DePauw will charge $57,990 per year, according to the universities’ respective websites.
“We didn’t, as an institution, feel like we were pricing ourselves out of the market,” Graycarek said. “… I think the experience the university gives to students at that price point is pretty phenomenal.”
Graycarek said he encourages any student who is struggling financially to seek assistance provided through the Financial Aid Office and Student Success Office. Advice is also available at the Student Counseling Center.
“It’s really, really important for you, as a student, all of our students and the university, that when you leave here, you leave with a degree in hand,” Graycarek said. “Because that’s the value right? That’s why you’re here … we want you to be successful here and beyond.”
