Here is another article about things going on around Rochester. Enjoy!
The University of Rochester recently announced that it would be lowering tuition rates for students entering the Simon Business School MBA program next year — an unprecedented and unexpected move for the school, resulting in more than a few national headlines.
According to 13 WHAM News, tuition is decreasing from $106,500 this year to $92,000 for next year’s incoming students, and will only apply to students entering the two-year MBA program at Simon. This represents a 13.6% cut in tuition for one year of enrollment as a full-time student.
The university realized that it had been increasing tuition rates by 3 to 5% each year without really considering how this would cause tuition to skyrocket in comparison to other MBA programs.
According to Inside Higher Ed, Simon Business School’s tuition in 2006 was $72,700, while students entering the program this fall are paying $106,500. Although it’s expected that a graduate program will be more expensive than the average $31,000 tuition rate for a bachelor’s degree program, this year’s $106,000 price tag seems exorbitantly high.
The Simon Business School MBA program, according to Inside Higher Ed, has been ranked at No. 37 among MBA programs by U.S. News and World Report, and at No. 38 by Bloomberg Businessweek.
Andrew Ainslie, Dean of the Simon Business School, said the $106,500 tuition rate this fall doesn’t adequately reflect the school’s position among other MBA programs.
“The higher ranked the school is, the higher the price,” Ainslie said. “And the lower ranked the school is, the lower the price. So we were a bit of an outlier.”
The school still intends to provide students with scholarships, although its scholarship funds will be smaller in order to cover the tuition cuts.
Administrators from the Simon Business School have stated that they hope this decision will improve transparency for prospective students and will allow the school to bring in the most talented applicants possible.