Tuition will drop from $34,966 to $27,000
Canisius College on Tuesday announced it will reduce its current tuition for full-time undergraduate students from $34,966 to $27,000 - a 23 percent reduction - in a move aimed at improving the accessibility and affordability of a Canisius education.
Titled "Excellence Within Reach," this initiative will return the college's tuition to what it was in 2008. In addition, residence hall rates will decrease by $2,000 for students choosing to live on campus. Canisius will continue to provide financial aid and scholarships to its students.
The change will be implemented for the 2018-19 academic year.
"Today, Canisius is taking this bold step to increase accessibility and affordability for students and families for a premier Catholic, Jesuit education," President John J. Hurley said. "Through 'Excellence Within Reach,' Canisius is tackling the issue of college affordability head on.
"The cost of college has continued to increase over the last 10 years, creating real anxiety for students and families. Canisius wants to be a leader in removing this roadblock for the many families who assume that a private education is out of reach based solely on its sticker price."
Canisius will continue to offer scholarships and grants, further reducing a student's cost to attend. Currently, 98 percent of students receive some type of financial aid, and financial aid will continue to be available under this new model.
Lower tuition means students who qualify for state and federal awards (i.e. Pell and TAP) will see those dollars go further, reducing a larger percentage of their out-of-pocket costs.
Lower tuition also means returning students will save in future years, because annual increases, which typically are about 3 percent, will be set from a lower base price.
Kathleen Davis, vice president of enrollment management, said "Excellence Within Reach" takes on one of the biggest hurdles for families and students who think they are "priced out" of a Canisius education because of the $34,966 published price. Most private institutions follow complex pricing policies that have high tuition prices with substantial discounts in the form of grants and scholarships, she noted, citing national research that 55 percent of families regard the high tuition/high discount model as confusing and don't even consider private colleges and universities because they perceive them to be financially out of reach.
"The cost of a transformational Canisius education is very reasonable and competitive with SUNY when you factor in our financial assistance and scholarships, and now it will be even more affordable," Davis said.
In its 2018 ranking of Best Value Schools, US News & World Report placed Canisius ninth out of 42 regional universities in the North, recognizing the college's academic quality and net cost of attendance. Canisius is ranked 22nd out of 137 regional universities in the North in US News & World Report's 2018 ranking of America's Best Colleges. The college was recognized for its first-year student retention rate, average graduation rate, small class sizes and student-faculty ratio (11:1).
Canisius is one of 28 Jesuit colleges and universities in the nation.
