Montclair State University Board of Trustees Fiscal Year 2014 Tuition and Fees Hearing. April 4, 2013

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1 Montclair State University Board of Trustees Fiscal Year 2014 Tuition and Fees Hearing April 4, 2013

2 Montclair State University Tuition and Fees Hearing Table of Contents Information Summary 1 Chart 1: Trend of Percent of Total Revenue Fiscal Years Budgeted Table 1: New Jersey Institutions - Undergraduate In-State Tuition & Fees 7 Chart 2: New Jersey Institutions - Undergraduate In-State Tuition & Fees 8 Table 2: New Jersey Institutions - Graduate In-State Tuition & Fees 9 Chart 3: New Jersey Institutions - Graduate In-State Tuition & Fees 10 Table 3: New Jersey Institutions - Undergraduate Out-of-State Tuition & Fees 11 Table 4: New Jersey Institutions - Graduate Out-of-State Tuition & Fees 12 Table 5: Top Out-of-State Institutions Attended by New Jersey Students 13 Table 6: New Jersey, Benchmark, and Out-of-State Institutions Undergraduate Tuition 14 Table 7: Benchmark Institutions - Undergraduate In-State Tuition & Fees 15 Table 8: Benchmark Institutions - Undergraduate Out-of-State Tuition & Fees 16 Table 9: Benchmark Institutions - Graduate In-State Tuition & Fees 17 Table 10: Benchmark Institutions - Graduate Out-of-State Tuition & Fees 18 Table 11: New Jersey Institutions - MFA Program Tuition & Fees 19 Table 12: Comparable Institutions - MBA Program Tuition & Fees 20 Table 13: Comparable Institutions - Doctoral Program Tuition & Fees 21 Table 14: New Jersey and Benchmark Institutions - Student Indebtedness 22 Table 15: New Jersey and Benchmark Institutions - Graduation Rates 23 The Office of Budget and Planning uses its best efforts to derive the data in this report about New Jersey and Benchmark institutions from reliable sources and to present it as accurately as possible, however, the methodologies used by various institutions to compile and present these data may be based on variables or elements of which we are unaware resulting in unintentional inaccuracies.

3 Information Summary Board of Trustees Tuition and Fees Hearing Fiscal Year 2014 April 4, 2013 General Background Montclair State University has a century-long tradition of providing high-quality education to the citizens of New Jersey at affordable tuition and fee rates. As we prepare to set tuition rates for next Fiscal Year, the University will again be faced with limited state operating support for higher education. Historically, tuition and fee rates have been significantly affected by changes in state appropriation, and, as is usually the case, final tuition and fee proposals will be presented to the Board of Trustees after the New Jersey State Legislature approves a spending plan and it is signed into law by the Governor, which in prior years has occurred at the end of June. The April tuition and fees hearing is intended to provide the Board of Trustees with the opportunity to hear the views of the University community on this very important subject in order to inform their decision. The Board of Trustees will consider a number of factors in deciding whether to recommend changes to tuition rates, including: the availability of state funding for general and fringe benefit appropriations; the current level of student charges, including tuition and fees; comparative tuition and fee rates for undergraduate and graduate programs at State and benchmark institutions; the availability of financial aid programs; efforts to improve graduation rates and thereby reduce student debt; the University s immediate and long-term strategic priorities; and changes resulting from state-negotiated collective bargaining agreements and other mandated programs. Several sources of revenue enable the University to deliver its educational services and requisite support functions. The most important of these are revenues generated through student tuition and fees and appropriations from the State of New Jersey. For Fiscal Year 2013, 53 percent of the University s total operating budget comes from tuition and fees, while total appropriations from the State of New Jersey yield only 24 percent of total revenues. Auxiliary enterprise revenues represent another 19 percent; however, this income is dedicated to expenditures related to auxiliary enterprise activities, including their debt service. All remaining revenue sources amount to only 4 percent. The proportion of revenues provided by State appropriations has been declining over the past decade, while the proportion generated through tuition and fees has been increasing (see Chart #1). This trend is expected to continue next Fiscal Year, as the Governor has proposed holding operating appropriations to the state colleges and universities flat for Fiscal Year Page 1

4 Summary of Current Tuition and Fees Montclair State University ranks below the State sector average for undergraduate and graduate tuition (see Table #1 and Table #2). With an annual undergraduate student tuition rate of $7,982 for Fiscal Year 2013, Montclair State University is charging 36% less than the most expensive New Jersey senior public institution and 10% less than the average of New Jersey s senior public colleges and universities (see Table #1). At $12,765 for Fiscal Year 2013, Montclair State University s graduate tuition is 24% less than the most expensive institution and 9% less than the average (see Table #2). Tuition for out-of-state undergraduate students is 31% less than the most expensive institution and 4% less than the average (see Table #3). Tuition for out-of-state graduate students at Montclair State University is 5% below the sector average, and ranks in the bottom half for graduate tuition rates (see Table #4). The average undergraduate tuition for New Jersey residents attending public institutions in New Jersey is significantly less than the out-of-state tuition rates for the most popular universities that import students from New Jersey (see Table #5). In addition, the difference between in-state and out-of-state tuition rates at New Jersey public institutions is, on average, significantly less than the difference at our benchmark institutions (see Table #6). The combined in-state and out-of-state tuition and fee rates at Montclair State University rank near the top compared to benchmark institutions in other states (see Tables #7 and #8 ). Both the graduate in-state and out-of-state tuition rates at Montclair State University are higher than most of the rates for benchmark institutions in other states (see Tables #9 and #10). Montclair State University s annual undergraduate student fees of $3,076 are 34% less than those charged by the institution with the highest fees in the sector, and 16% less than the average (see Table #1). Montclair State University s graduate fees for Fiscal Year 2013 are 50% less than the most expensive institution and 29% less than the average for the sector (see Table #2). For the MFA program, combined tuition and fee rates at Montclair State University are highest among the four MFA programs offered by New Jersey public institutions (see Table #11). Tuition and fees for the MBA program rank at the bottom compared to other similar programs offered by New Jersey public and private institutions (see Tables #12). Tuition and fees for the doctoral program also rank at the bottom compared to other similar programs offered by public institutions in New Jersey and Pennsylvania, and are higher than similar programs offered in public institutions in New York (see Tables #13). Page 2

5 Student Financial Aid The University's financial commitment to undergraduate students continues to grow. Anticipated expenditures for the coming academic year for need and merit-based grants and scholarships will represent a 37% increase over funding levels from the academic year. Need-based funds will represent 39% of University financial assistance in next the academic year compared with 20% in This fall, the University will provide need and merit-based aid to 580 incoming freshman, compared to 265 students three years ago, a 119% increase. Forty-two percent of freshmen entering the university in the fall of 2012 who applied for financial aid came from families earning less than $50,000 a year. In total, for Fiscal Year 2013, $49.2 million was distributed in grant aid to Montclair State University undergraduates along with $65.5 million in student loans and $3 million in campus employment. Grant funds come from four sources Federal, State, University and Foundation and awards were based on merit and/or need. In addition, undergraduate students received funding from Federal student loans programs and from campus employment funded by the Federal government and the University. The breakdown of resources is as follows: Federal Grants $ 24,134, % need-based 6,261 recipients State Grants $ 19,215, % need-based; 2.5% merit-based 4,566 recipients University Grants $ 4,235,000 75% merit-based; 25% need-based 1,007 recipients Foundation Grants $ 1,633,000 72% merit and need-based, 24% merit-based; 4% need-based 590 recipients Federal Loans $ 32,999, % Need-Based (Subsidized Stafford and Perkins Loans) 8,163 recipients Federal Loans $ 31,514, % Non-Need-Based (Unsubsidized Stafford Loans) 8,190 recipients Campus Employment $ 3,042, % Non-Need Based; 11.1% Need-Based 1,852 recipients It is important to note that individual students often receive funding from multiple programs. In total, 11,013 discrete undergraduate students received funding from one or more programs in Fiscal Year 2013, 76.3% of all undergraduates. The increase in student borrowing is a concern, although the default rate of our students remains less than half that of the national rate. The University's average student indebtedness reported by the Federal government in its recent release of "College Scorecard" data showed average debt for MSU students who have taken loans of $19,500 (see Table #14). It is important to note that debt averages reflect both commuter and residential students, who obviously have greater costs. Resident students who borrow and who graduate in four years have an average indebtedness of $17,706; however, resident students who take six years to graduate borrow on average $26,334. As a result, the Financial Aid Office continues, through financial literacy education activities, to educate students on the importance of graduating in four years. A student who takes more than four years to complete a degree not only acquires more educational debt, but also runs the risk of exhausting eligibility in the major Federal and State aid programs, all of which now have lifetime limits. Page 3

6 Graduation Rates Montclair State's six-year graduation rate has increased each year over the last four years, with preliminary results that 62.5% of our 2006 cohort graduated within six years (see Table #15 for prior cohort data). In addition, the total number of students on probation at the end of the fall 2012 semester dropped by 26% compared to last fall, with an 8.8% decrease of first-year students on probation. Furthermore, the number of suspended students decreased dramatically by 113% percent. Special attention continues to be placed on support dedicated to student cohorts and their outcomes. A mandatory first-year advising initiative was introduced this fall and continues this spring semester. The Undergraduate Academic Advising Committee (UAAC), a subcommittee of the Retention Committee, has worked to enhance the quality of advising and to introduce new resources for faculty, professional advisors, and students. The UAAC, comprised of representatives from the academic and administrative advising units across campus, has collaborated to produce an online advising manual and updated four-year plans for all of the Schools and Colleges. The group continues to address key issues relating to academic advising on campus and to recommend innovations for improvement. The Office of Academic Success and Retention Programs has continued its efforts of encouraging students to persist to graduation by proactively analyzing the academic progress for the 2007, 2008 and 2009 cohorts with an emphasis placed on early and active outreach and advisement support. The Retention sub-committee for Academic Support and Special Populations has initiated mandatory academic support for Special Admit Athletes resulting in improved persistence. Additionally mandatory academic support for our Educational Opportunity Fund (EOF) fall 2011 cohort has led to an 88% first to second year retention rate, the highest for EOF since The Center for Academic Development and Assessment is in the process of implementing a campus-wide partnership for all academic support areas including a unified website and data collection to learn more about student use, awareness and satisfaction with our academic support services. Priorities for Fiscal Year 2014 In developing the operating budget for Fiscal Year 2014, Montclair State University must consider not only immediate resource needs, but also its long-term budget needs. The following priorities have been identified for Fiscal Year 2014: Implementation of the goals and objectives of its new strategic plan, Connecting to Tomorrow, which was approved by the Board of Trustees in October Continued growth and development of high quality academic programs. Page 4

7 Continued investment in the University s most important resource a highly qualified faculty. More than thirty five new faculty were hired in Fiscal Year new tenure track faculty have been hired over the past five years, including 92 new faculty lines. Continued efforts to recruit, retain and graduate a diverse and competitive undergraduate and graduate student population. The University will maintain the academic profile of incoming freshman and improve first year retention and six-year graduation rates. Increased funding for institutional undergraduate financial aid Continued investment in capital facilities. New Jersey voters approved the issuance of $750 million in bonds to provide matching grants to colleges and universities for investment in capital facilities. The University is seeking funding from the bond proceeds for the construction of new facilities, including buildings for the Center for Environmental and Life Sciences, the School of Business, and the School Communication and Media. In addition, the University has made an application for funding of the renovation of existing facilities and technology infrastructure. Funding to operate the new cogeneration, boiler and chiller plant, which will replace the University s aging and failing infrastructure and alleviate increased demand for steam, electricity and cooling resulting from the expanded University. Funding will be provided to support the $2.8 million cost of state negotiated, unfunded cost of living and salary increments, and to offset inflationary cost increases. The continued development of a University-wide information technology academic and administrative infrastructure will be supported. State Support New Jersey senior public institutions, including Montclair State University, remain significantly underfunded. The proposed Fiscal Year 2014 appropriation budget for the ten traditional senior public institutions (excluding UMDNJ and Thomas Edison) is 1.4% higher than the comparable budget in Fiscal Year Over the same period, enrollment in these institutions has grown by over 20,000 students, or approximately 15%. It is anticipated that enrollment will grow again in Fiscal Year 2014, and the consequence is a continuing and steady decline in state operating support per student in the senior public colleges and universities. In the proposed budget for the academic year, operating support per FTE student at Montclair State drops to about $2,400. Declining state support continues to create economic pressures for New Jersey s institutions and their students. Page 5

8 Chart # 1 Montclair State University Trend of Percent of Total Revenues FY 1999 Budgeted FY % 33% 80% Tuition and Fees 53% 60% 48% 40% State Appropriations 25% 19% 20% Other 22% 0% Budgeted Page 6

9 Table #1 New Jersey's Senior Public Colleges and Universities Annual Undergraduate Tuition and Fees (N.J. Residents ) Fall 2012 and Spring 2013 Semesters (Sorted on Total Undergraduate Tuition & Fees) Total In-State In-State In-State Undergraduate Undergraduate Undergraduate Tuition Fees Tuition & Fees New Jersey Institute of Technology $ 12,400 $ 2,340 $ 14,740 The College of New Jersey $ 10,102 $ 4,276 $ 14,378 Ramapo College $ 8,480 $ 4,664 $ 13,144 Rutgers University $ 10,356 $ 2,717 $ 13,073 The Richard Stockton College of New Jersey $ 7,948 $ 4,444 $ 12,392 Rowan University $ 8,906 $ 3,474 $ 12,380 William Paterson University $ 7,197 $ 4,497 $ 11,694 Kean University $ 6,925 $ 3,676 $ 10,601 New Jersey City University $ 7,359 $ 3,063 $ 10,422 Sector Average (excluding MSU) $ 8,853 $ 3,683 $ 12,536 Montclair State University $ 7,982 $ 3,076 $ 11,058 MSU Dollar Variance From Sector Average $ (871) $ (608) $ (1,478) MSU Percent Variance from Sector Average (9.8%) (16.5%) (11.8%) Excluding UMDNJ & Thomas Edison Source: Institutional web sites Page 7

10 Chart #2 New Jersey Senior Public Colleges and Universities Annual Undergraduate In-State Tuition and Fees Fiscal Year 2013 $16,000 $14,000 $2,340 Sector Average $12,536 Undergraduate Tuition and Fees $12,000 $10,000 $8,000 $6,000 $4,000 $12,400 $4,276 $10,102 $4,664 $8,480 $2,717 $10,356 $4,444 $7,948 $3,474 $8,906 $4,497 $3,076 $7,197 $7,982 $3,676 $3,063 $6,925 $7,359 $2,000 $0 New Jersey Institute of Technology The College of New Jersey Ramapo College Rutgers University The Richard Stockton College of New Jersey Rowan University William Paterson University Montclair State University Kean University New Jersey City University Tuition Fees Sector Average (excl. MSU) Page 8

11 New Jersey's Senior Public Colleges and Universities Annual Graduate Tuition and Fees (N.J. Residents) Fall 2012 and Spring 2013 Semesters (Sorted on Total Graduate Tuition & Fees) Table #2 Total In-State In-State In-State Graduate Graduate Graduate Tuition Fees Tuition & Fees The College of New Jersey $ 15,488 $ 3,835 $ 19,323 New Jersey Institute of Technology $ 16,836 $ 2,318 $ 19,154 Rowan University $ 15,120 $ 3,406 $ 18,526 The Richard Stockton College of New Jersey $ 13,426 $ 4,108 $ 17,533 Rutgers University $ 15,024 $ 1,915 $ 16,939 Ramapo College $ 13,704 $ 3,010 $ 16,714 New Jersey City University $ 12,330 $ 2,394 $ 14,724 Kean University $ 11,748 $ 2,961 $ 14,709 William Paterson University $ 11,996 $ 2,019 $ 14,016 Senior Public College and University Average (excluding MSU) $ 13,964 $ 2,885 $ 16,849 Montclair State University $ 12,765 $ 2,045 $ 14,810 MSU Dollar Variance From Sector Average $ (1,199) $ (840) $ (2,039) MSU Percent Variance From Sector Average (8.6%) (29.1%) (12.1%) Excluding UMDNJ & Thomas Edison Source: Institutional web sites Page 9

12 Chart #3 New Jersey Senior Public Colleges and Universities Annual Graduate In-State Tuition and Fees Fiscal Year 2013 $20,000 Undergraduate Tuition and Fees $18,000 $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 $3,835 $15,488 $2,318 $16,836 $3,406 $15,120 $4,108 $13,426 $1,915 $15,024 $3,010 $13,704 Sector Average $16,849 $2,045 $2,394 $12,765 $12,330 $2,961 $2,019 $11,748 $11,996 $4,000 $2,000 $- The College of New Jersey New Jersey Institute of Technology Rowan University The Richard Stockton College of New Jersey Rutgers University Ramapo College Montclair State University New Jersey City University Kean University William Paterson University Tuition Fees Sector Average (excl. MSU) Page 10

13 New Jersey's Senior Public Colleges and Universities Annual Undergraduate Tuition and Fees (Out-of-State Residents) Fall 2012 and Spring 2013 Semesters (Sorted on Total Undergraduate Tuition & Fees) Table #3 Total Out-of-State Out-of-State Out-of-State Undergraduate Undergraduate Undergraduate Tuition Fees Tuition & Fees New Jersey Institute of Technology $ 24,800 $ 2,340 $ 27,140 Rutgers University $ 23,676 $ 2,717 $ 26,393 The College of New Jersey $ 20,254 $ 4,276 $ 24,530 Ramapo College $ 16,960 $ 4,664 $ 21,624 Rowan University $ 16,712 $ 3,474 $ 20,186 William Paterson University $ 14,597 $ 4,497 $ 19,094 The Richard Stockton College of New Jersey $ 14,341 $ 4,444 $ 18,785 New Jersey City University $ 15,546 $ 3,063 $ 18,609 Kean University $ 12,967 $ 3,676 $ 16,643 Senior Public College & University Average (excluding MSU) $ 17,761 $ 3,683 $ 21,445 Montclair State University $ 17,060 $ 3,076 $ 20,136 MSU Dollar Variance From Sector Average $ (702) $ (608) $ (1,309) MSU Percent Variance from Sector Average (4.0%) (16.5%) (6.1%) Excluding UMDNJ & Thomas Edison Source: Institutional web sites Page 11

14 New Jersey's Senior Public Colleges and Universities Annual Graduate Tuition and Fees (Out-of-State Residents) Fall 2012 and Spring 2013 Semesters (Sorted on Total Graduate Tuition & Fees) Table #4 Total Out-of-State Out-of-State Out-of-State Graduate Graduate Graduate Tuition Fees Tuition & Fees The College of New Jersey $ 24,428 $ 3,835 $ 28,263 New Jersey Institute of Technology $ 24,370 $ 2,318 $ 26,688 Rutgers University $ 24,600 $ 1,915 $ 26,515 New Jersey City University $ 22,746 $ 2,394 $ 25,140 The Richard Stockton College of New Jersey $ 20,667 $ 4,108 $ 24,774 William Paterson University $ 20,492 $ 3,292 $ 23,784 Ramapo College $ 17,616 $ 3,010 $ 20,626 Kean University $ 15,923 $ 2,961 $ 18,884 Rowan University $ 15,120 $ 3,406 $ 18,526 Senior Public College and University Average (excluding MSU) $ 20,662 $ 3,026 $ 23,689 Montclair State University $ 19,704 $ 2,045 $ 21,749 MSU Dollar Variance From Sector Average $ (958) $ (981) $ (1,940) MSU Percent Variance from Sector Average (5%) (32%) (8%) Excluding UMDNJ & Thomas Edison Source: Institutional web sites Page 12

15 Top Out-of-State Institutions Attended by New Jersey Students Comparison of Tuition Rates Fall 2012 and Spring 2013 Semesters (Sorted on # of New Jersey First Time Freshmen Students) Table #5 Annual # of New Jersey Undergraduate Public or Students Out-of-State Private State Fall Tuition Top Ten Out-of-State Institutions Attended by New Jersey First Time Freshmen 1 Pennsylvania State University Public PA 792 $ 27,864 Drexel University Private PA 611 $ 41,500 New York University Private NY 607 $ 40,878 University of Delaware Public DE 576 $ 27,240 Boston University Private MA 419 $ 42,400 Temple University Public PA 404 $ 22,832 Syracuse University Private NY 394 $ 37,610 University of Maryland - College Park Public MD 393 $ 25,554 Saint Joseph's University Private PA 389 $ 37,670 West Virginia University Public WV 386 $ 37,736 Total 4,971 Average Undergraduate Out-of-State Tuition Rate $ 34,128 Average Annual # of New Jersey Undergraduate Public or Students In-State Private State Fall Tuition NJ Senior Public Colleges & Universities Attended by New Jersey First Time Freshmen 1 Public NJ 18,189 $ 8,765 Sources: Institutional web sites 1 IPEDS - Fall 2010 Page 13

16 Comparison of Undergraduate In-State and Out-of-State Tuition Rates Fall 2012 and Spring 2013 Semesters (Sorted on Tuition Differential Percent) Table #6 Annual Annual Difference In-State Out-of-State Between In-State Undergraduate Undergraduate and Out-of-State Difference State Tuition Tuition Rates % NJ Senior Public Colleges & Universities Rutgers University NJ $ 10,356 $ 23,676 $ 13, % Montclair State University NJ $ 7,982 $ 17,060 $ 9, % New Jersey City University NJ $ 7,359 $ 15,546 $ 8, % William Paterson University NJ $ 7,197 $ 14,597 $ 7, % The College of New Jersey NJ $ 10,102 $ 20,254 $ 10, % Ramapo College NJ $ 8,480 $ 16,960 $ 8, % New Jersey Institute of Technology NJ $ 12,400 $ 24,800 $ 12, % Rowan University NJ $ 8,906 $ 16,712 $ 7,806 88% Kean University NJ $ 6,925 $ 12,967 $ 6,042 87% The Richard Stockton College of New Jersey NJ $ 7,948 $ 14,341 $ 6,393 80% Benchmark Institutions University of Massachusetts - Boston MA $ 1,714 $ 9,758 $ 8, % University of North Carolina - Greensboro NC $ 3,779 $ 17,577 $ 13, % University of North Carolina - Charlotte NC $ 3,452 $ 15,982 $ 12, % Ball State University IN $ 7,024 $ 21,694 $ 14, % Towson University MD $ 5,660 $ 17,282 $ 11, % Bowling Green University OH $ 8,914 $ 16,222 $ 7,308 82% San Diego State University CA $ 5,970 $ 10,434 $ 4,464 75% Illinois State University IL $ 10,050 $ 16,590 $ 6,540 65% Top Out-of-State Public Institutions Attended by NJ First Time Freshmen 1 University of Maryland - College Park MD $ 7,175 $ 25,554 $ 18, % West Virginia University WV $ 12,120 $ 37,736 $ 25, % University of Delaware DE $ 10,150 $ 27,240 $ 17, % Pennsylvania State University PA $ 15,562 $ 27,864 $ 12,302 79% Temple University PA $ 13,006 $ 22,832 $ 9,826 76% Sources: Institutional web sites 1 IPEDS - Fall 2010 Page 14

17 Benchmark Institutions Annual Undergraduate Tuition and Fees (In-State Residents) Fall 2012 and Spring 2013 Semesters (Sorted on Total Undergraduate Tuition & Fees) Table #7 Total In-State In-State In-State Undergraduate Undergraduate Undergraduate State Tuition Fees Tuition & Fees Illinois State University IL $ 10,050 $ 2,202 $ 12,252 University of Massachusetts - Boston MA $ 1,714 $ 10,252 $ 11,966 Bowling Green University OH $ 8,914 $ 1,464 $ 10,378 Ball State University IN $ 7,024 $ 1,956 $ 8,980 Towson University MD $ 5,660 $ 2,472 $ 8,132 San Diego State University CA $ 5,970 $ 1,106 $ 7,076 University of North Carolina - Greensboro NC $ 3,779 $ 2,357 $ 6,136 University of North Carolina - Charlotte NC $ 3,452 $ 2,420 $ 5,872 Montclair State University NJ $ 7,982 $ 3,076 $ 11,058 Source: Institutional web sites Page 15

18 Benchmark Institutions Annual Undergraduate Tuition and Fees (Out-of-State Residents) Fall 2012 and Spring 2013 Semesters (Sorted on Total Undergraduate Tuition & Fees) Table #8 Total Out-of-State Out-of-State Out-of-State Undergraduate Undergraduate Undergraduate State Tuition Fees Tuition & Fees University of Massachusetts - Boston MA $ 9,758 $ 16,392 $ 26,150 Ball State University IN $ 21,694 $ 1,956 $ 23,650 University of North Carolina - Greensboro NC $ 17,577 $ 2,357 $ 19,934 Towson University MD $ 17,282 $ 2,472 $ 19,754 Illinois State University IL $ 16,590 $ 2,202 $ 18,792 University of North Carolina - Charlotte NC $ 15,982 $ 2,420 $ 18,402 Bowling Green University OH $ 16,222 $ 1,464 $ 17,686 San Diego State University CA $ 10,434 $ 1,106 $ 11,540 Montclair State University NJ $ 17,060 $ 3,076 $ 20,136 Source: Institutional web sites Page 16

19 Benchmark Institutions Annual Graduate Tuition and Fees (In-State Residents) Fall 2012 and Spring 2013 Semesters (Sorted on Total Graduate Tuition & Fees) Table #9 Total In-State In-State In-State Graduate Graduate Graduate State Tuition Fees Tuition & Fees University of Massachusetts - Boston MA $ 2,590 $ 10,916 $ 13,506 Bowling Green University OH $ 10,168 $ 1,464 $ 11,632 Towson University MD $ 8,424 $ 2,448 $ 10,872 Ball State University IN $ 8,496 $ 1,956 $ 10,452 Illinois State University IL $ 7,392 $ 1,814 $ 9,206 San Diego State University CA $ 7,356 $ 1,106 $ 8,462 University of North Carolina - Greensboro NC $ 4,366 $ 2,357 $ 6,723 University of North Carolina - Charlotte NC $ 3,929 $ 2,420 $ 6,349 Montclair State University NJ $ 12,765 $ 2,045 $ 14,810 Source: Institutional web sites Page 17

20 Benchmark Institutions Annual Graduate Tuition and Fees (Out-of-State Residents) Fall 2012 and Spring 2013 Semesters (Sorted on Total Graduate Tuition & Fees) Table #10 Total Out-of-State Out-of-State Out-of-State Graduate Graduate Graduate State Tuition Fees Tuition & Fees University of Massachusetts - Boston MA $ 9,758 $ 16,406 $ 26,164 University of North Carolina - Greensboro NC $ 17,815 $ 2,357 $ 20,172 Towson University MD $ 17,688 $ 2,448 $ 20,136 Bowling Green University OH $ 17,476 $ 1,464 $ 18,940 University of North Carolina - Charlotte NC $ 16,216 $ 2,420 $ 18,636 Ball State University IN $ 15,264 $ 1,956 $ 17,220 Illinois State University IL $ 15,336 $ 1,814 $ 17,150 San Diego State University CA $ 11,820 $ 1,106 $ 12,926 Montclair State University NJ $ 19,704 $ 2,045 $ 21,749 Source: Institutional web sites Page 18

21 New Jersey Institutions Annual MFA Program Tuition and Fees (In-State Residents) Fall 2012 and Spring 2013 Semesters (Sorted on Total MFA Tuition & Fees) Table #11 Total In-State In-State In-State MFA MFA MFA Tuition Fees Tuition & Fees Montclair State University $ 16,648 $ 2,556 $ 19,204 William Paterson University $ 14,996 $ 4,115 $ 19,110 New Jersey City University $ 15,413 $ 2,993 $ 18,405 Rutgers University * $ 15,768 $ 2,489 $ 18,257 Notes: Assumes 15 CH / semester. * Rutgers - flat rate tuition for 12 or more CH. Page 19

22 Peer and Comparable New Jersey Institutions MBA Program Tuition and Fees Fiscal Year 2013 (Sorted on Total MBA Tuition & Fees) Table #12 Public or Private Rate Structure MBA In-State Tuition & Fees Executive MBA Programs: Rutgers University Public Flat Rate $ 85,839 New Jersey Institute of Technology Public Flat Rate $ 57,500 Rider University Private Flat Rate $ 55,000 Montclair State University Public Flat Rate $ 36,900 Fairleigh Dickinson University Private Flat Rate $ 35,680 Traditional MBA Programs: Rutgers University Public Per Credit Hour $ 50,684 Seton Hall University Private Flat Rate $ 42,714 Rowan University Public Per Credit Hour $ 38,971 New Jersey Institute of Technology Public Per Credit Hour $ 38,308 Montclair State University Public Flat Rate $ 33,900 Rutgers University (Flex Program) Public Per Credit Hour $ 31,020 William Paterson University Public Per Credit Hour $ 30,576 Note: Cost based on FY13 per credit tuition and fee rates; all other rates are flat rate costs. Source: Institutional web sites Page 20

23 Table #13 Peer and Comparable Institutions Annual Doctoral Program Tuition and Fees (In-State Residents) Fall 2012 and Spring 2013 Semesters (Sorted on Total Doctoral Tuition & Fees) Total In-State In-State In-State Doctoral Doctoral Doctoral State Tuition 1 Fees Tuition & Fees 1 Private: New York University 2 Private NY $ 24,606 $ 1,912 $ 26,518 Columbia University - Teachers College 2 Private NY $ 23,148 $ 796 $ 23,944 Drexel University 2 Private PA $ 18,810 $ 540 $ 19,350 Public: New Jersey Institute of Technology Public NJ $ 16,836 $ 2,318 $ 19,154 Rutgers University 2 Public NJ $ 15,024 $ 1,915 $ 16,939 Rowan University Public NJ $ 12,564 $ 2,554 $ 15,118 Pennsylvania State University 2 Public PA $ 13,248 $ 882 $ 14,130 William Paterson University Public NJ $ 9,699 $ 2,469 $ 12,168 Kean University Public NJ $ 10,728 $ 1,134 $ 11,862 Montclair State University Public NJ $ 9,000 $ 1,534 $ 10,534 SUNY at Stony Brook Public NY $ 7,020 $ 1,189 $ 8,209 CUNY - Graduate Center 2,3 Public NY $ 7,770 $ 244 $ 8,014 Notes: 1 Assumes 9 CH per semester 2 Tuition rates for doctoral programs in education 3 CUNY Graduate Center - flat rate tuition for 7 or more credit hours Page 21

24 Table #14 New Jersey's Senior Public Colleges and Universities and Benchmark Universities Average Indebtedness Cohort Year 2009 (Excluding UMDNJ and Thomas Edison) (Sorted on Indebtedness) Average Indebtedness New Jersey Public 4-year Colleges and Universities Rowan University $ 19,837 Kean University $ 19,591 Montclair State University $ 19,500 Ramapo College of New Jersey $ 19,500 Rutgers University $ 19,000 The College of New Jersey $ 19,000 The Richard Stockton College of New Jersey $ 18,000 William Paterson University of new Jersey $ 17,500 New Jersey Institute of Technology $ 16,500 New Jersey City University $ 14,562 Average of NJ Publics (including MSU) $ 18,299 Benchmark Institutions Ball State University $ 19,148 Bowling Green State University-Mail Campus $ 18,125 Towson University $ 17,500 Illinois State University $ 17,000 University of north Carolina - Greensboro $ 16,992 San Diego State University $ 15,598 University of North Carolina - Charlotte $ 15,250 University of Massachusetts - Boston $ 15,000 Average of Benchmark Institutions $ 16,827 Source: U.S. Department of Education College Scorecard 2013 Page 22

25 Table #15 New Jersey's Senior Public Colleges and Universities Graduation Rates (Cohorts ) (Excluding UMDNJ and Thomas Edison) (Sorted on Carnegie Classification) 1997 Cohort 1998 Cohort 1999 Cohort 2000 Cohort 2001 Cohort 2002 Cohort Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year 4 Year 6 Year 2003 Cohort 2004 Cohort 2005 Cohort Year Year Year Year Year Year Year Public Research Universities (Very High Research Activity) Rutgers University-New Brunswick 43% 65% 72% 46% 66% 71% 43% 63% 71% 47% 67% 73% 48% 67% 73% 49% 69% 75% 52% 71% 77% 53% 70% 77% 53% 71% 77% National Average - (72 Institutions in IPEDS 2011) 38% 62% 67% 38% 63% 68% 40% 64% 69% 42% 65% 70% 43% 66% 70% 44% 65% 70% 45% 67% 71% 42% 63% 68% 43% 63% 68% Public Research Universities (High Research Activity) New Jersey Institute of Technology 15% 39% 49% 17% 44% 53% 18% 45% 54% 19% 47% 54% 14% 41% 51% 16% 45% 55% 17% 45% 55% 16% 44% 55% 17% 42% 54% Rutgers University-Newark 20% 41% 51% 25% 48% 54% 22% 47% 58% 26% 48% 57% 25% 46% 57% 26% 48% 59% 34% 56% 65% 30% 53% 63% 36% 61% 68% National Average - (74 Institutions in IPEDS 2011) 25% 45% 52% 24% 45% 51% 25% 45% 52% 26% 46% 52% 26% 46% 53% 27% 47% 54% 28% 48% 54% 27% 45% 52% 27% 46% 52% Public Master's College & Universities (Larger Programs) Kean University 15% 39% 47% 14% 38% 45% 16% 38% 45% 16% 36% 44% 17% 36% 42% 16% 37% 44% 19% 38% 45% 17% 39% 47% 21% 42% 49% Montclair State University 20% 48% 56% 23% 50% 57% 23% 50% 58% 27% 53% 59% 27% 54% 61% 28% 54% 62% 30% 55% 62% 31% 56% 62% 34% 57% 62% New Jersey City University 7% 24% 36% 7% 30% 37% 9% 28% 38% 7% 23% 32% 8% 23% 31% 6% 26% 34% 8% 26% 38% 8% 25% 37% 6% 24% 39% Rowan University 31% 54% 60% 37% 59% 63% 39% 59% 62% 42% 63% 67% 39% 59% 64% 43% 61% 65% 47% 65% 67% 44% 65% 70% 62% 67% 68% The College of New Jersey 62% 80% 82% 63% 79% 81% 64% 81% 83% 66% 83% 86% 68% 81% 83% 68% 83% 85% 73% 84% 86% 71% 84% 86% 74% 85% 87% William Paterson University of New Jersey 15% 41% 48% 13% 41% 48% 16% 42% 48% 16% 44% 51% 15% 41% 47% 16% 41% 45% 21% 46% 52% 17% 42% 49% 18% 38% 46% National Average - (164 institutions in IPEDS 2011) 18% 37% 44% 19% 38% 45% 19% 39% 45% 20% 40% 46% 21% 40% 47% 21% 40% 47% 21% 40% 46% 22% 40% 46% 22% 39% 46% Public Master's College & Universities (Medium Programs) Rutgers University-Camden 25% 49% 58% 22% 44% 54% 26% 52% 63% 25% 43% 52% 26% 56% 62% 29% 52% 58% 30% 52% 62% 32% 54% 64% 30% 50% 61% National Average - (57 institutions in IPEDS 2011) 20% 37% 43% 20% 38% 43% 20% 37% 43% 21% 38% 44% 21% 38% 44% 21% 38% 43% 19% 35% 40% 20% 36% 41% 20% 35% 41% Public Master's College & Universities (Smaller Programs) Ramapo College of New Jersey 28% 47% 52% 36% 56% 62% 38% 54% 57% 44% 63% 66% 48% 63% 65% 53% 67% 70% NA NA NA 65% 75% 76% 60% 69% 71% The Richard Stockton College of New Jersey 40% 60% 65% 43% 61% 64% 36% 57% 62% 41% 61% 63% 45% 64% 68% 43% 60% 65% 39% 58% 66% 40% 60% 64% 43% 61% 66% National Average - (37 institutions in IPEDS 2011) 21% 36% 40% 22% 37% 42% 23% 38% 43% 23% 38% 43% 23% 37% 42% 23% 38% 43% 22% 35% 40% 20% 34% 38% 20% 34% 38% Benchmark Institutions Ball State University 22% 44% 49% 26% 47% 52% 27% 49% 54% 29% 52% 57% 30% 53% 58% 34% 55% 59% 35% 55% 58% 34% 53% 57% 33% 51% 55% Bowling Green State University-Main Campus 34% 60% 65% 33% 57% 60% 33% 56% 60% 34% 56% 60% 33% 53% 57% 34% 54% 58% 33% 55% 59% 36% 57% 60% 35% 55% 58% Illinois State University 31% 56% 59% 33% 57% 62% 35% 58% 63% 37% 60% 64% 40% 61% 65% 41% 66% 70% 42% 65% 69% 45% 67% 71% 44% 68% 71% San Diego State University 9% 33% 44% 10% 36% 46% 14% 42% 53% 17% 48% 58% 20% 48% 56% 24% 53% 61% 28% 58% 66% 30% 59% 66% 29% 57% 66% Towson University 31% 52% 57% 30% 55% 60% 29% 51% 56% 32% 57% 64% 36% 61% 66% 37% 61% 66% 43% 68% 73% 40% 63% 68% 39% 60% 64% University of Massachusetts-Boston 12% 27% 34% 12% 24% 28% 15% 31% 35% 15% 32% 36% 11% 28% 33% 13% 28% 33% 11% 31% 39% 12% 33% 41% 14% 32% 40% University of North Carolina at Charlotte 22% 43% 49% 21% 41% 47% 24% 43% 49% 26% 44% 50% 26% 45% 51% 24% 45% 51% 25% 48% 54% 27% 49% 55% 26% 47% 53% University of North Carolina at Greensboro 27% 47% 50% 26% 46% 50% 28% 47% 51% 30% 48% 52% 27% 45% 50% 28% 48% 53% 28% 47% 52% 29% 48% 53% 28% 48% 53% Benchmark Sector Average Including MSU - (9 institutions IPEDS 2011) 24% 47% 53% 25% 48% 53% 27% 49% 55% 29% 52% 58% 30% 52% 57% 31% 54% 59% 33% 56% 61% 34% 56% 61% 33% 55% 60% 4 Year 6 Year Source: IPEDs 2011 Page 23