PROVIDENCE – The Corporation of Brown University approved a $1.1 billion budget for the 2019 fiscal year, according to Brown Sunday.
Tuition for the 2018-19 academic year will be $54,320, a 4 percent increase compared to 2017-18. The increase in tuition is on par with recent years.
Total tuition, with room and board rates and student health, activities and recreation fees will total $70,226, a 4.1 percent increase compared to last year.
Tuition will also increase for the master’s program in computer science, data science, engineering, physics and innovation management and entrepreneurship to match market-based pricing. After “an extensive benchmarking effort,” the university found that current tuition for these programs are below market rates, according to the release. The hike also attests to increased earning potential for graduates in these programs.
The corporation also approved allocating $135.4 million for financial aid — a nearly 11 percent increase compared to last year. According to the release, the budget increase reflects the introduction of the new “Brown Promise” initiative that eliminates all undergraduate loans starting in 2018-19.
“The investments outline in this year’s budget reflect our unwavering commitment to academic excellence, generous support for our students, a diverse and inclusive community and a financially sustainable operating model,” said Brown Provost Richard Locke, who also heads the University Resources Committee, which sets the budget for the academic year.
The consolidated operating deficit with the approved budget will be $5.4 million — up from $4.8 million from the current budget. This is largely due to the university’s decision to decrease the amount of money it takes from its endowment — which is $3.5 billion as of 2017 — to solidify its long-term financial footing, according to the release.
Lauren Aratani is a PBN contributing writer.