FROM PRESIDENT LAURA CASAMENTO
Earlier this fall, I spoke with The New York Times about the remarkable progress Utica College has made toward addressing the issue of college affordability. The fact is, we have a great story to tell. In addition to being among the nation’s first private colleges to do so, UC has been one of the most successful at bucking the trend of skyrocketing tuition. Since reducing our tuition price three years ago, we have cut our average student debt burden by a third while steadily raising our student persistence and graduation rates. At the same time, we have exceeded our targets for net tuition revenue each of the last three years, which has contributed to the past two fiscal years being the strongest in the College’s history. As the Times’ article noted, these favorable results contrast with those of other colleges and universities that have implemented tuition resets and subsequently seen their efforts fall short of expectations, either in terms of student affordability or institutional strength and performance. Why is Utica College an unusual success story in this regard? There are many answers to this question, but to my mind the primary reasons are these. First, we were able to reduce our tuition from a position of strength rather than one of economic necessity. Demand for our programs was already high before the reset, and we had taken significant steps to strengthen our financial profile in the years leading up to its implementation. Second, our tuition reset was an integral component in a broader strategy, not a gimmick. We were determined to lead on the affordability issue by putting the families we serve first, making a significant investment in guaranteeing that all students – new and returning, from all income levels – would realize savings. Third, while other institutions focused on price, we kept the focus on value and outcomes, because this is what our current and prospective students expect from us. This is, after all, the essential promise of a Utica College education, and our continuing fulfillment of that promise is the only true measure of our success. It is a particular point of pride for me to lead an institution that is so deeply committed to taking the right steps for the right reasons. Moreover, I am proud to say that Utica College is now at the center of a national conversation on college affordability, access, and opportunity. And we’re not done. Our next Strategic Plan, which I expect the College will implement by January 1, will advance both UC’s tradition of innovation and our entrepreneurial spirit, while deepening our commitment to delivering a high-quality private education at an affordable cost. You might say that, like the students we serve, we never stand still.
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“I am proud to say that Utica College is now at the center of a national conversation on college affordability, access, and opportunity.”
