Yeshiva Freezes Tuition

Yeshiva University (N.Y.) lost an estimated 8 percent of its $1.2 billion endowment in the Bernard Madoff scandal (and, like fellow higher ed institutions, is feeling the economic crunch), but the Jewish institution has decided to not raise undergraduate tuition for the 2009-2010 academic year. Additionally, it will increase the amount of scholarship support it awards annually.

A media release from the university cites the decision is based on concern over the growing challenges that both Yeshiva and current and prospective students are facing.

“Like much of the educational world, we are experiencing some painful belt tightening,” states President Richard Joel. “Despite the fact that many universities are raising tuition, we’re mindful of the unique pressures on our undergraduate parents... as a result, we must do everything we can in these challenging times to make our unique undergraduate experience affordable and accessible.”

Yeshiva's base undergraduate tuition will remain at $31,594 for the upcoming academic year, while room and board fees will increase by $250 per semester. A new supplemental scholarship program, providing a 50 percent reduction in tuition for students in their fourth year on campus, has been instituted.   

Madoff had many connections at Yeshiva, as a board trustee and chairman of the board for the Sy Syms School of Business. He is no longer connected to the university.

The Behind the News section in February's University Business magazine features a brief on the scandal and lists other institutions who are financially feeling its brunt. Read more about it here.