The Duke University Board of Trustees on Saturday approved a 3.9 percent increase in the total cost of attending the university during the 2014-15 academic year.
Undergraduate tuition will be $45,800, a 4 percent increase, and the total cost for the next academic year, including tuition, room, board and fees, will be $60,533.
In the current academic year, which ends June 30, Duke expects to spend about $130.5 million of institutional funds to support undergraduate financial aid. The amount Duke spends on financial aid has increased 31 percent, or more than $30 million, since 2009-10. Estimates for financial aid costs in the next academic year will not be finalized until later in 2014, when financial aid packages for new and returning students are completed.
More than half of all Duke students receive some form of financial assistance from the university. Forty percent receive need-based financial aid, which includes grants, loans and work-study opportunities, and the remainder are beneficiaries of honors, athletics and other scholarship programs. Duke has a longstanding commitment to a need-blind admissions policy, under which the university accepts U.S. students without regard to their ability to pay for college and then meets 100 percent of their demonstrated financial need.
New tuition rates for Duke's graduate and professional schools in 2014-15 also have been set:
-- Divinity School: $20,680 (Master's of Divinity), up 4 percent over the current year.
-- Fuqua School of Business: $58,000 (daytime MBA), up 4.9 percent.
-- Graduate School: $45,760 (Ph.D. programs), up 4 percent.
-- Law School: $54,460, up 3.5 percent.
-- Nicholas School of the Environment: $32,900, up 3.5 percent.
-- Pratt School of Engineering: $45,780 (Master of Engineering Management Program), up 4 percent.
-- Sanford School of Public Policy: $40,011 (Master's of Public Policy), up 3.5 percent.
-- School of Medicine: $51,888, up 3.9 percent.
-- School of Nursing: $40,365, up 4.9 percent.
The business meeting was held after a two-day retreat at Stanford University in Palo Alto, Calif., during which time the board met with Stanford trustees, senior administrators and faculty to discuss issues such as undergraduate education, financing of higher education, technology and athletics. In addition, the board met with prominent leaders and Duke alumni in Silicon Valley for conversations about innovation and entrepreneurship.