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Wednesday, October 16, 2024

Montclair State University sets new tuition rates amid increased financial aid

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President Jonathan Koppell | Official website of Montclair State University

President Jonathan Koppell | Official website of Montclair State University

The Board of Trustees at Montclair State University has set tuition and fee rates for the 2024-2025 academic year, alongside an increase in financial aid to ensure continued access to affordable, high-quality education.

Tuition and mandatory fees will be $15,912 for in-state, full-time undergraduate students, reflecting an increase of $573.15 per semester. Montclair maintains the fourth-lowest tuition and fees among public universities in New Jersey.

Montclair will allocate more than $40 million in institutional aid, marking the highest total in its history. Eligible incoming first-year students can benefit from the Red Hawk Advantage program, which reduces the total cost of attendance.

In conjunction with the State’s Garden State Guarantee, many students have a pathway to graduate with minimal debt. The average student debt at Montclair is $22,000, significantly lower than the national average of $32,637.

Montclair serves a diverse student body reflective of New Jersey's demographics. Over 50% of undergraduate students identify as minority group members. The University is New Jersey’s largest Hispanic-Serving Institution (HSI), enrolling more Latinx students than any other campus in the state. Approximately 45% of incoming freshmen identify as Hispanic and over 28% as Black. Nearly half of Montclair’s students qualify for federal Pell Grants due to their lower-income backgrounds.

Nearly 85% of Montclair students receive some form of financial assistance; more than 30% will continue to have all their tuition and fees covered. An additional 14% will pay less than $1,000 per year for their tuition and fees, while 24% will pay less than $10,000.

One-third of students who are not eligible for income-based assistance will pay the full cost.

“I regret that we have to raise tuition, but rising costs leave us no other choice,” said Montclair President Jonathan Koppell. “We remain strongly committed to providing an excellent education at an affordable price. We cannot balance our budget by compromising on quality or cutting back on services that our students need. What we will do is run this institution efficiently and deliver high value.”

Koppell referenced statistics published by The Wall Street Journal indicating that a typical Montclair graduate's salary boost covers their out-of-pocket cost within two years.

“A Montclair degree is one of the best investments anyone can make,” Koppell stated. “In just 20 months on average, the investment gets repaid through higher salaries, benefiting graduates throughout their working lives.”

Montclair’s efficient operations contribute to its affordability. “We produce exceptional outcomes at the lowest cost per degree of any public campus in New Jersey,” Koppell added.

The Board also set tuition and fees for out-of-state undergraduates at $26,022 per year—an increase of $948.15 per semester—and most master’s degree students will pay $858 per credit—an increase of $24.50 per semester.

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