{"id":2877,"date":"2022-04-08T14:32:00","date_gmt":"2022-04-08T14:32:00","guid":{"rendered":"https:\/\/new.www.purdue.edu\/newsroom\/?p=2877"},"modified":"2024-06-17T14:40:21","modified_gmt":"2024-06-17T14:40:21","slug":"a-decade-of-affordability-purdue-leads-the-way-saving-students-and-families-1-billion","status":"publish","type":"post","link":"https:\/\/www.purdue.edu\/newsroom\/2022\/Q2\/a-decade-of-affordability-purdue-leads-the-way-saving-students-and-families-1-billion","title":{"rendered":"A decade of affordability: Purdue leads the way, saving students and families $1 billion"},"content":{"rendered":"

WEST LAFAYETTE, Ind. —<\/p> \n

Innovative. Respected. Highly valued. Affordable. All considered nearly synonymous with Purdue University.<\/p>\n<\/div>\n\n\n

While one of the fastest growing costs over the past decade has been that of higher education, one institution \u2014 Purdue \u2014 has held the line since 2012-13.<\/p>\n\n\n\n

Thanks to bold and innovative moves like the 11-year commitment to no tuition or fee increases and a decrease in room and board rates, Purdue students and their families have collectively saved more than a billion dollars since 2012-13, and 60,000 students \u2014 eight graduating classes \u2014 will have never experienced a tuition increase during their time at Purdue.<\/p>\n\n\n\n

\u201cOur first year of a tuition freeze was intended as simply a statement that we were serious about affordability,\u201d Purdue President Mitch Daniels said. \u201cWe were not even sure of a second year and would not have dared to imagine keeping it in place for a decade. But the Purdue family has embraced affordability and we all can see the impact it has had on our students.\u201d<\/p>\n\n\n\n

Daniels provided updates Friday (April 8) as part of his annual report on affordability to Purdue\u2019s Board of Trustees. His slides can be found here<\/a>.<\/p>\n\n\n\n

Resident tuition and fees continue to be $9,992, and room and board $9,414 for a total of $19,406 per year. If Purdue had raised rates at the Big Ten average, students would have paid $25,284 \u2013 a difference of $5,878 per year. When added up over four years, the savings amount to nearly $24,000, essentially allowing students to get four years for the price of three.<\/p>\n\n\n\n

Surveys have shown that families and students have responded positively to Purdue\u2019s commitment to affordability with increasing applications and enrollment growth of 21% since 2016 \u2013 setting a record in the fall 2021 semester<\/a> of nearly 50,000 students at the West Lafayette campus.<\/p>\n\n\n\n

The value of a Purdue degree also continues to set records \u2013 with higher average starting pay for new grads, a continually stellar reputation from employers, and a best in the Big Ten ranking for value from The Wall Street Journal\/Times Higher Education<\/a>. Transformative educational experiences, including hands-on undergraduate research, student engagement through more than 1,000 student organizations, and high rankings<\/a> in engineering, science and numerous disciplines, have found the university named as a Top 10 Most Innovative School for four consecutive years<\/a> by U.S. News & World Report. Purdue also received one of its highest accolades in 2021\u2013 being the only university named to Fast Company\u2019s \u201cBrands That Matter\u201d list<\/a>.<\/p>\n\n\n\n

While students have benefited from affordability measures, Purdue faculty and staff have seen a decade of annual salary increases, including today\u2019s announcement<\/a> of an investment of $50 million to implement a 4% salary merit pool and an additional 1% for market and workforce adjustments, the largest increase in more than 20 years. With the exception of the pandemic year of 2020, Purdue has offered a merit increase at the West Lafayette campus every year since 2010, with increases over the past six years ranging 2.5%-3.5%.<\/p>\n\n\n\n

With the average borrower nationwide carrying nearly $40,000 in student loan debt, Purdue students are taking their first steps as graduates without being so burdened. Of the 2021 graduating class, 60% graduated from Purdue debt-free, far above the 45% national average. The average debt per Purdue student in 2021 was $3,389, down from more than $5,400 in 2021. Loan default rates were 1.7% in 2018, more than three times lower than the national four-year public university rate.<\/p>\n\n\n\n

Other key figures:<\/p>\n\n\n\n