Belmont Abbey College announced today the goal of operating on tuition alone within the next three years to combat the “college affordability crisis,” according to a press release.
The new “Affordable Private College Model” will “serve students better, shrink general administrative costs by $1 million annually and eliminate the need for ‘gap’ funding,” according to the College’s website.
This is the second in a series of steps to make higher education more affordable and more accessible. In 2013, the College reduced tuition by 33% for incoming students, as was reported.
The College reports:
“For most small private colleges there is a gap between what it costs to operate a college and the revenue received from tuition,” said Belmont Abbey College President, Dr.Bill Thierfelder. “In the past, the only way to close that gap was to raise tuition prices and rely on endowment earnings and annual donations. We’re closing that gap by creating more efficient and effective ways of serving our students. These improvements will reduce the size of our administration, which will move us closer to operating exclusively on tuition. This will allow us to focus fundraising on student learning, not closing a gap."
“One of the most exciting benefits of the new Affordable Private College Model will be focusing all future fundraising efforts on student learning and success," said Dr.Thierfelder. “At the most basic level, a college exists to bring together individuals with wisdom, knowledge and experience with those who are seeking them. It is about the student-teacher relationship. Therefore, the majority of financial resources should go to teaching and learning, not to administration.”
Starting this fall, current students will see a significant improvement in levels of service. A new Student Services Hub will open on campus and serve as a single source for all administrative functions, including class registration, financial aid, bill payment and more. Also, a new website called The Hub will serve as an online student services portal and answer more than 200 frequently asked questions by directing students to step-by-step instructions, tutorials and videos.
Belmont Abbey College is recommended in The Newman Guide for its strong Catholic identity.
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