2014 room and board costs increase minimally
Published: Friday, September 27, 2013
Updated: Saturday, September 28, 2013 17:09
Miami’s tuition and fees increase every year due to inflation. However, in the 2014 academic year, students will only see a 1.8 percent increase in room and board raters, the lowest the university has seen in 18 years.
Miami University is the most expensive public college in the nation, according to the U.S. Department of Education.
The average net price for in-state students is $22,210, and $29,158 for out-of-state students. This is more than double the national average of in-state student tuition’s net price of $10,863. The average out-of-state tuition across U.S. universities is $19,100.
These prices are an average combination of student housing, tuition, books and campus services.
Room and board costs alone make up almost half of the school’s fees. Room and board covers living quarters and daily meal plans for students.
Next year’s room and board fees will not go up as much as years past, according to Miami University President David Hodge.
Room and board will go up 1.8 percent next academic year.Hodge credited Miami’s recent success with a program called Leveraging Efficiencies and Aligning Needs (LEAN), which works to improve energy and logistical efficiency.
“We have a lot of people to thank working in LEAN management, looking for ways to reduce costs, working very hard on reducing things such as energy costs,” Hodge said.
While Miami is putting in an effort to minimize school expenses, Hodge said reducing student fees is impossible due to inflation increasing the cost of running the university every year.
Hodge explained that university prices go up with inflation and parallel the economy. He said this is also why room and board rates fluctuate every year.
By attempting to make the school more energy efficient and staff productive, Hodge said he hopes to combat inflation.
“We have to be mindful and can’t cut costs too much because we would lose quality. Based on increased expenses we have increased efficiency,” Hodge said.
Vice President for Finance and Business Services and Treasurer David Creamer said sharp increase in food costs with meal plans are hindering Miami’s campaign to reduce price hikes.
“When we look at our costs, we expect food costs to rise 4 percent and employee costs to rise around 3 percent,” Creamer said.
According to him, the price of room and board would have gone up around 3.5 percent if not for Miami’s efforts to increase productivity and efficiency.
Creamer also said Miami keeps a close eye on other schools’ pricing models, like University of Cincinnati, Ohio State University and out-of-state mid-west schools like Indiana University and Notre Dame.
“We try to be the benchmark in prices,” Creamer said. “One of the things we look at is trying to be the bottom end of percentage increases compared to other universities.”