Beginning in the fall 2007 semester, Grinnell will implement a phased tuition adjustment to more closely align Grinnell's tuition with the cost of delivering one of the finest undergraduate educational experiences in the country.

"Grinnell is one of the best liberal arts institutions in the country," said Russell Osgood, president. "Those who can pay for a Grinnell education should pay. For those with demonstrated need, the goal is to significantly reduce or eliminate loans for graduates."

The tuition adjustment of $4,200 takes effect in August 2007 for those who enter Grinnell as first-year students in 2007 and thereafter.

In addition to the tuition adjustment, a 4.1 percent across the board increase of the comprehensive fee (tuition, fees, room, and board) of will likely apply to all students next academic year. The comprehensive fee increase was approved as part of the FY 2008 budget at the February meeting of the College’s board of trustees.

"Grinnell students are admitted based on their ability to prosper intellectually at the College, not their ability to pay," said Jim Sumner, dean of admission and financial aid. "The tuition adjustment goes hand in hand with Grinnell's longstanding commitment to need-blind admission and to meeting the full demonstrated need of admitted domestic students."

The tuition adjustment is coupled with more generous needs assessment guidelines, an increase in Grinnell's loan forgiveness program, and indexing of merit awards. "We also have a plan to waive students' financial contributions for one summer if those students want to spend a summer engaged in socially-responsible or academically enriching work," said Osgood.

Currently, about 90 percent of Grinnell students receive financial aid. In the 2005-06 academic year, Grinnell awarded approximately $27 million in scholarships, grants, work, and loans. Nearly $23 million of this amount is in the form of scholarships and grants. Roughly fifty percent of what students pay in tuition is returned in the form of grants.

Students' net tuition and fees cover approximately 30 percent of the actual educational costs. Endowment income, alumni gifts, and private philanthropy make up the other 70 percent.

"The tuition adjustment will enable Grinnell to become less dependent on endowment income, which by its nature is subject to market trends," said Osgood. "By improving the financial balance, the College will enhance its long-term financial stability."

Inside Higher Ed, an on-line newspaper, has published several articles about the cost of higher education. A recent issue featured Grinnells plan for a tuition adjustment.