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Randolph announces a price reset for tuition, room, and board

The rising cost of college is a concern for all college-bound high school students and their families. In an effort to bring more clarity and transparency to our pricing, Randolph College has announced a reduction of approximately 35% in our tuition, room, and board. The new tuition will drop from $40,521 to $25,000, and room and board will decrease from $13,580 to $11,000.

Before Reset (2019-20) : Tuition: $40,521, Room and Board: $13,580, Total: $54,101. After Reset (2020-21):  Tuition: $25,000, Room and Board: $11,000, Total: $36,000.

The cost to attend Randolph College after grants and scholarships is already competitive with all of Virginia’s top colleges and universities, both public and private. This change will narrow the gap between our “sticker price” and what students and their families actually pay for a Randolph education. The price reset will begin with the fall 2020 incoming class; we’re working to ensure that there will be no negative impact on current students’ net tuition and fees.

What we’re changing, and why

The personalized approach to college education that Randolph students enjoy is a transformative experience. At a small college like ours, everyone is seen; everyone is important; everyone has a part to play. Randolph is a community that welcomes every student, and the opportunities that a Randolph education provides are limitless.

But as college costs continue to rise, private colleges are viewed by many as overpriced and available only to a select few. As a result, our message isn’t getting through to some families, who understandably won’t even consider a college whose advertised price seems well out of their reach.

The fact is that for most private colleges, this “sticker price” is just a starting point. Most private colleges practice a “high-tuition/high-discount” model, offsetting high tuition costs with large financial aid packages. In fact, most private colleges only charge half of their “sticker price” after the financial aid packages have been awarded.

But most families don’t know this— and as a result, the admissions process tends to favor families with the knowledge, time, and resources to navigate the system. We think this model is both unfair and unsustainable. By resetting our tuition, room, and board to be closer to what families actually pay for a Randolph education, we are doing our part to change it.

With this tuition, room, and board reset, and our generous financial aid policies, our message is simple: If you’re interested in a high-quality education at a place where every student gets personalized attention from outstanding professors, Randolph College can make that kind of education affordable for your family. We offer a lifetime of opportunity at a very affordable price.

Frequently Asked Questions About Randolph’s Price Reset

What does Randolph’s price reset mean?

Randolph is reducing its tuition, room, and board by approximately 35 percent starting fall 2020.

What is tuition, room, and board currently, and how will this change under the new reset?

For the 2019-2020 academic year, Randolph’s tuition is $40,521 and room and board is $13,580. Beginning fall 2020, tuition will be $25,000 and room and board will be $11,000. This means the total cost for tuition, room, and board will decrease from $54,101 to $36,000.

Why is Randolph making this change?

The cost to attend Randolph College after grants and scholarships is already competitive with all of Virginia’s top colleges and universities, both public and private. Randolph is making this change in an effort to bring more clarity and transparency to our pricing. This change will narrow the gap between our “sticker price” and what students and their families actually pay for a Randolph education.

Why is this important to students and families?

The rising cost of college is a concern for all college-bound high school students and their families. As college costs continue to rise, private colleges are viewed by many as overpriced and available only to a select few. As a result, our message isn’t getting through to some families, who understandably won’t even consider a college whose advertised price seems well out of their reach.

The fact is that for most private colleges, this “sticker price” is just a starting point. Most private colleges practice a “high-tuition/high-discount” model, offsetting high tuition costs with large financial aid packages. In fact, most private colleges only charge half of their “sticker price” after the financial aid packages have been awarded.

But most families don’t know this—and as a result, the admissions process tends to favor families with the knowledge, time, and resources to navigate the system. We think this model is both unfair and unsustainable. By resetting our tuition, room, and board to be closer to what families actually pay for a Randolph education, we are doing our part to change it.

With this tuition, room, and board reset, and our generous financial aid policies, our message is simple: If you’re interested in a high-quality education at a place where every student gets personalized attention from outstanding professors, Randolph College can make that kind of education affordable for your family. We offer a lifetime of opportunity at a very affordable price.

Will Randolph still provide financial aid?

Nearly all—99 percent—of Randolph students receive financial aid each year. We remain committed to providing financial aid packages to our students to ensure that the exceptional education offered here is affordable and accessible to our students.

Will this affect current students?

If you are receiving financial aid from Randolph, your aid package will be adjusted to reflect our new tuition. In the end, students will pay no more than they would have paid had we not reset our price. Randolph’s personalized aid packages can be complex, but we are working to ensure that the transition will be smooth and straightforward.

How will this affect students participating in the Local Educational Access Program (LEAP)

Students residing in the surrounding area (Lynchburg City and the counties of Amherst, Appomattox, Bedford, Campbell, and Nelson) will still qualify for a special financial aid program for local students. Beginning fall 2020, incoming LEAP students will pay no more than $12,000 for tuition their first year. Should they choose to reside on campus, LEAP students will pay no more than $20,000 in tuition, room, and board.

To learn more about LEAP, please see www.randolphcollege.edu/LEAP or contact our admissions office.

What if I am a current student or family member and have questions?

We don’t expect any significant change or disruption in the financial aid process, but we know our students and families are likely to have questions about our new price. We encourage you to visit www.randolphcollege.edu/price-reset or contact the Office of Financial Aid directly at financialaid@randolphcollege.edu or (434) 947-8128. Staff will be available Monday through Friday during the hours of 8:30 a.m. to 5 p.m. EST.

What if I am considering enrolling at Randolph in fall 2020 and have questions?

We would love to work with you and your family. Please contact our Office of Admissions at admissions@randolphcollege.edu, 434-947-8100, or 800-745-7692.

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