BOSTON (CBS) -- Boston University's president says inflation is his "greatest immediate concern" ahead of the school's largest tuition increase in over a decade.
In a letter to staff on Friday, President Robert A. Brown said the university is "caught in an inflationary vise between the institutional pressures and the impact on our students and their families." Tuition is set to rise 4.25%, the largest increase in 14 years, to $61,050 for the 2022-23 academic year.
"This increase does not keep pace with the current national rate of inflation and cannot fully offset the increased costs of University operations or fund salary increases that would fully mitigate the effects of inflation on the families of faculty and staff," Brown wrote. "I also am mindful that our students and their families are affected by our increases and by inflation."
Tuition rose 3% the previous year. Brown did say the university had its best fundraising year ever in 2021, bringing in $225 million, and is on course to exceed that amount this year.
UMass also announced last month it is hiking tuition across all campuses for the first time in three years following a pandemic pause.
"We don't get a break at UMass because we're facing another endemic problem of hyper-inflation, and that's going to hit us in many regards," Board of Trustees Chair Robert Manning said about the 2.5% increase. "It's going to increase the cost of our debt financing. It's going to increase food costs at all of our campuses. It's going to increase labor costs and energy costs, and it's really going to be another difficult period where we're going to have to be very fiscally responsible to get through this."
Record-high inflation is putting a strain on Americans' wallets. CBS News reports prices have been rising at their fastest pace in 40 years – hitting 8.5% year over year in March.
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