The Cornell University Board of Trustees approved a 2001-02 budget that calls for a 4.9 percent tuition increase for the endowed colleges at its meeting in New York City Saturday (Jan. 27, 2001).

The 4.9 percent increase sets tuition at Cornell's endowed undergraduate and graduate colleges at $25,970 for the 2001-02 academic year. Currently, endowed tuition is $24,760.

"To provide the best possible education in a highly competitive environment, the trustees have approved both this tuition increase and an increase in the payout rate from the university's endowment," said President Hunter Rawlings. "Cornell's administration and trustees are committed to keeping tuition increases as low as possible, while maintaining the high quality and sound fiscal management of our programs."

Among the highest priorities for next year are increases in compensation for faculty and staff, expanded health benefits for graduate students and library acquisitions. Appropriate adjustments will be made in Cornell's institutional student financial aid allocations to adjust for the rate increases adopted by the trustees.

The Long Term Pool payout per share will increase by 17.4 percent, from $2.30 to $2.70.

Professional school tuitions and other fees for 2001-2002 approved by the trustees are:

• Johnson Graduate School of Management: Tuition was increased by 6.9 percent to $29,500. Summer tuition for the 12-month option was increased by 7.1 percent to $18,000. Two-year tuition for the Executive MBA program was increased by 4.5 percent to $92,000.
• Cornell Law School: Tuition for entering students was increased by 7 percent to $29,200. For second-year students, tuition increased 4.9 percent to $28,650. For third-year students, tuition increased 5 percent to $28,150.
• Undergraduate student activity fees remain unchanged at $92.
• Graduate and professional student activity fees are unchanged at $50.
• Undergraduate housing rates were increased by 4 percent to an average of $5,176.
• The full-plan dining contract was increased by 6 percent to $3,530.

Contract college tuition rates will not be considered by the board until further review of state budget proposals by the state Legislature in Albany.