DURHAM, N.C. -- The Duke University Board of Trustees held its regular quarterly meeting and annual planning retreat Friday and Saturday, where they reviewed critical issues in higher education and the development of a strategic framework with President Vincent E. Price and university leadership.
The trustees also discussed and approved tuition and fees for the next academic year. Undergraduate tuition in 2018-19 will be $53,760, a 3.9 percent increase, and the total cost for the next academic year, including tuition, room, board and fees, will be $70,873. This marks the lowest annual percentage increase in the total cost of attendance in at least 10 years
“We recognize that the cost of higher education, and in particular of a Duke education, is one of the defining issues for this university, and we are aware that it represents a significant and challenging hurdle for many families,” said Price. “This decision comes after a rigorous assessment of our program costs and financial aid, focusing on ways we can address affordability while maintaining our unique and excellent educational experience, including the people, facilities and programs that make Duke one of the top universities in the world. We will continue to be vigorous in containing expenses, generating new resources and ensuring that access, affordability and diversity remain key priorities.”
In the current academic year, Duke expects to invest more than $161 million of university funds to support undergraduate financial aid, which marks a 25.5 percent increase over the past five years. Around half of all Duke students from a wide range of family incomes receive some form of financial assistance from the university this year, making the average net cost for those students receiving need-based aid approximately $19,000.
The university’s investment in financial aid is expected to grow at a rate greater than the rise in tuition for the coming year, although estimates for financial aid costs in the next academic year will not be finalized until later in 2018, when financial aid packages for new and returning students are calculated.
Duke is among the few institutions nationally committed 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 fully meets their demonstrated financial need, which also includes support for study abroad, summer programs and other components of the undergraduate experience. In 2017, Duke enrolled the second entering class of the Rubenstein Scholars, 60 first-generation college students who receive a loan-free financial package that covers the full cost of attendance for all four years and support for summer experiences such as internships.
Tuition and fees pay for only part of the cost of a Duke education. Other significant sources of support for students include income generated by the university’s endowment and private philanthropy from individuals and foundations. The Duke Forward campaign, which ended in 2017, raised $473 million to support scholarships and student financial aid.
New tuition rates for Duke's graduate and professional schools in 2018-19 also have been set:
-- Divinity School: $24,180 (Master of Divinity), up 4 percent over the current year.
-- Fuqua School of Business: $68,200 (daytime MBA), up 3.9 percent.
-- Graduate School: $53,540 (Ph.D. programs), up 4 percent.
-- Law School: $63,400, up 3.9 percent.
-- Nicholas School of the Environment: $39,975, up 2.5 percent.
-- Pratt School of Engineering: $54,576 (Master of Engineering Management Program), up 4 percent.
-- Sanford School of Public Policy: $46,900 (Master of Public Policy), up 3 percent.
-- School of Medicine: $59,100, up 3.5 percent.
-- School of Nursing: $42,456, up 3.9 percent.