# @phoenixloyola on Instagram

- **Type:** Image
- **Original URL:** https://www.instagram.com/p/CnxruLGsZWX
- **Gondola URL:** https://gondola.cc/posts/8967378-phoenixloyola-instagram
- **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/thumbnails/c2f4a0aacd.jpg
- **Posted:** 2023-01-23T23:34:40.000+00:00
- **Account Owner:** The Loyola Phoenix (@phoenixloyola) — https://gondola.cc/phoenixloyola

## Caption

Loyola students will see an additional $2,170 added on to their annual tuition bills as the university’s Board of Trustees announced a 4.5% increase in the cost of undergraduate tuition for the 2023-24 academic year, bringing the annual total to $50,270.

This total doesn’t include room and board and meal plans fees, which are also set to increase along with tuition, according to the Jan. 23 letter sent to students. Tuition for graduate and professional programs will also increase up to 4.3%.

The increase is higher than the 3.65% increase the university implemented for the 2022-23 school year and is the largest increase in nearly a decade, The Phoenix previously reported. The 4.5% undergraduate increase is higher than the average increase over the past 10 years of 3.6%, but is within the university’s promise to not stray 1.5% above this average with annual increases, according to the letter. 

Wayne Magzdiarz, the university’s senior vice president, chief financial officer and chief business officer, said the additional funds raised by the tuition increase would be used primarily to fund salaries and benefits of instructors and increase the amount of financial aid offered by the university. 

“When you go over [$50,000] you know it's a benchmark, but we had the same conversation about seven years ago when we went over [$40,000],” Magdziarz said. “It’s a reality of not only the cost of higher education and delivery mechanisms but also being able to recruit and retain good faculty and staff.”

The university will add an additional $15 million in direct financial assistance for students in 2023-24 totaling $280 million, a 5.5% increase. Magdizarz acknowledged students and their families may be facing difficulties in the current economic climate and said the financial team removed “non-essential expenses” from the university’s budget to keep the increase as low as possible. 

Past tuition increases have been met with frustration from students and parents. Magdziarz has previously said annual tuition hikes are inevitable at the university as Loyola is a tuition-dependent university with a relatively small endowment to pull from. 

#LoyolaPhoenix
📸: Alanna Demetrius

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## Credits

| Name | Username | Profile | Role |
| --- | --- | --- | --- |
| The Loyola Phoenix | @phoenixloyola | https://gondola.cc/phoenixloyola | Newspaper |
| Nick Cruz | @nickcruzmedia | https://gondola.cc/nickcruzmedia | Social Media Manager |

## Tags

loyolaphoenix

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