PCT budget includes no tuition increase
The Pennsylvania College of Technology Board of Directors approved a budget for the 2021-22 school year which features no increase in tuition and fees for students.
The $157.3 million budget shows an increase of less than 1 percent in spending over 2020-21.
“While COVID-19 had a substantial impact on our budget this year, we are particularly mindful of the corresponding financial impact the pandemic had on Penn College students and their families,” said President Davie Jane Gilmour.
“Accordingly, we committed early in the 2021-22 budgeting process to no increase in tuition and fees and no rise in the rates charged for on-campus housing and meal plans. It is simply the right thing to do in these extraordinary times,” she added.
In 2021-22 school year, the in-state rate for tuition and fees will remain at $587 per credit hour, the same rate for the previous year. For a full-time in-state resident student enrolled for the typical two 15-credit semesters in the upcoming year tuition and fees will run $17,610.
For out-of-state students, tuition and fees remain at $839 per credit hour for 2021-22. A full-time non-resident student enrolled for the two 15-credit semesters will again pay $25,170 in tuition and fees.
In presenting the budget, Suzanne Stopper, Senior Vice President for Finance/CFO, said that the college will use net assets to offset the loss of revenue by holding these rates flat.
A student’s annual costs are based on per-credit hour fees with the number of credits a student has determining the final cost. the budget project credit-hour production will decrease 5 percent in 2020-21.
Just over 91 percent of Penn College students received financial aid to assist with their college costs bases on data from 2019-20, according to information from the college.
The new budget also offers no in increase in the 2021-22 Residence Life rates for any of the apartment/room configurations offered by the college for on-campus students, according to information released by the college. The cost for all dining services’ meal plan options will also remain the same for students in the upcoming school year.
Just over 50 percent of the revenues for the college come from student tuition and fees. Another 17 percent comes from comes from state appropriation.
The budget includes a flat, or no-increase state appropriation of $26.7 million.
There is also a minimal 1.85 percent, increase for salaries in the budget which is called for by the collective bargaining agreement with the Penn College Education Association.
A similar increase is also budget for staff. The budget also includes a reduction of 19 full-time employee positions.
According to Gilmour, the loss of 11 of those positions was due to retirements that were not replaced, four were from resignations, two budgetary position eliminations and two positions that were eliminated due to closed programs.
Also featured in the budget are voluntary gifts of $100,000 to the City of Williamsport and $35,000 to the Williamsport Area School District. These gifts are re-evaluated annually.