Temple University announced its lowest tuition increase in 13 years today, coupled with a plan to significantly increase the university’s financial aid budget over the next three years. 

The university’s Board of Trustees took these steps in passing the FY2010 budget two months earlier than originally scheduled to assist students and their families in this unprecedented economic downturn. Temple’s fiscal year begins July 1.

Tuition will rise 2.9 percent for the coming school year. The last time that Temple had a lower tuition increase was in FY1997, when tuition went up 2.3 percent for Pennsylvania residents.

“We have passed a budget that serves our most important and most deserving stakeholders – our students – by keeping a Temple education more affordable,” said President Ann Weaver Hart.

For most Temple undergraduate students, tuition will go from the current $10,858 for in-state students to $11,174 in the fall. For out of state students, tuition will go from $19,878 to $20,454.

At the same time, the university made a commitment to increase the amount of financial aid that will be made available to students. University leaders estimate that over the next three years, about $21 million in additional funding will be allocated for institutional financial aid. 

This represents the largest infusion of new funds for financial aid in Temple’s history.

“The recession has taken a great toll on families, many of whom are very concerned about their ability to send their children to college,” said Dan Polett, chair of Temple’s Board of Trustees. “We hope that the financial aid we have made available will make it easier for these hard-working students to realize their educational goals at Temple.”

The university was able to keep tuition increases low and build its financial aid budget by careful financial management and cutting costs. Temple’s FY2010 budget reduces the university’s general and education operating budget by about 5 percent or $40 million from the previous fiscal year. 

While the reductions in the budget will have an impact across the university, President Hart and Chairman Polett said the university has been cautious in preserving the quality of Temple’s academic program.