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Graceland University to reduce tuition, simplify financial aid starting in 2024 [1]
['Brooklyn Draisey', 'More From Author', '- September']
Date: 2023-09-19
Graceland University is cutting its base tuition nearly in half and changing up its financial-aid strategy beginning next fall in order to simplify costs for prospective students.
University president Patricia Draves announced Tuesday at a press conference that the private university’s base tuition will drop from $32,500 to $19,950. According to the university’s website, the new tuition is closer to what students “actually pay.”
“This new tuition will ensure greater access to Graceland by all students, even students who think college is out of their means, and will provide them and their families the transparency and the simplified financial aid process that they are longing for,” Draves said.
Direct costs of attending the Graceland campus in Lamoni include tuition, $4,300 for housing, $6,700 for food and $1,000 for technology and activity fees, bringing the university’s price tag to $31,950.
Chief Marketing Officer Shane Adams said with existing financial aid and scholarships, students admitted to Graceland in 2024 and after will still pay approximately what the average current student pays. This tuition change is demonstrating to prospective students that they can afford this right off the bat, rather than relying on them to do their own research into how the university will help them lower costs.
Vice President of Enrollment & Strategic Growth Deb Skinner said at the press conference that the COVID-19 pandemic has caused students to conduct their college search almost entirely online, and the most important criteria in finding an education is cost. If a college’s “sticker price” isn’t in range of what they’re expecting or searching for, it won’t show up in research.
Draves said a recent report found that almost 75% of students will look no further than base cost when searching for colleges, which stopped Graceland from discussing with many prospective students more details of the university’s financial aid and the value of its education.
“Graceland’s new price, with our simplified scholarship and financial aid process, puts Graceland back into the conversation with prospective students and their families about the outstanding opportunities that happen here in Lamoni, Iowa at Graceland University,” Draves said.
With the simplified financial aid model, Adams said the university is moving away from individual aid based on merit, need and specialities like arts and athletics and combining them all into a single award for each student. Areas like academics, financial need and more will be factored into how much money each student receives.
This way, students won’t have to worry about ensuring they’re meeting the criteria for various scholarships but still receive aid, Adams said.
“We want to try and try and make it as easy as possible for them to understand,” Adams said.
Current Graceland students will also see tuition drop, but their financial aid will be adjusted accordingly so their out-of-pocket expenses remain the same as this year. Adams said every Graceland student receives some form of financial aid.
The university welcomed the largest incoming class since 2015 this fall, 341 students in total. Graceland leaders credited this enrollment spike in part to its expansion of offered majors.
Joel Schrock, vice president of academic affairs, said during the press conference that the university created a transformational leadership major, focused on soft skills needed to thrive in any career, in 2022 that every student receives in addition to their degree. This year the school added majors in finance, marketing and digital content creation.
“Prospective students and their families are seeing the incredible value of Graceland, and today’s announcement will continue that message,” Schrock said.
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https://iowacapitaldispatch.com/2023/09/19/graceland-university-to-reduce-tuition-simplify-financial-aid-starting-in-2024/
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