Pennsylvania College of Technology’s Board of Directors has approved a 2023-24 operating budget of $122.1 million that holds the line on tuition costs for students.
The budget, which totals $178.1 million overall, calls for a modest increase in some fees – which have not been raised in nearly 10 years – to offset rising commodity costs spurred by inflation.
Per-credit technology and health and wellness fees will increase by $10 or, on average, $150 per semester, holding the total impact for students to an increase of 1.67% in 2023-24.
Tuition and fees combined equate to $18,240 annually for a typical Pennsylvania resident student enrolled for two 15-credit semesters. Tuition and fees combined for non-Pennsylvania residents will total $25,980 annually for students taking the same number of credits.
Penn College’s state appropriation is budgeted at $28.6 million, based on Gov. Josh Shapiro’s proposed 2023-24 state budget. The projected appropriation accounts for 23.45% of the college’s operating budget. The deadline for passing the state budget is June 30.
“Our goal is to place students in the most competitive position for long-term success, and we are working hard to mitigate the financial impact on our Penn College students and families in the budget planning,” President Michael J. Reed said. “Thanks to generous industry and community leaders, we have been able to significantly increase access to scholarships and sponsorships, and we are working closely with our legislative leaders to advocate for more equitable funding for our hard-working students. We are a unique institution creating industry leaders and a skilled workforce in which there are pervasive shortages, and it simply costs more to deliver rigorous programs with items like passenger airplanes, robots, automobiles and the wide range of technologies needed within our 150 labs.”
“It is no secret that, while it costs more to deliver applied technology programs, our institution also receives significantly less state funding per student than nearly all other public institutions,” Reed continued. “We remain hopeful for equitable support from the commonwealth in this upcoming budget and within future cycles.”
Our goal is to place students in the most competitive position for long-term success, and we are working hard to mitigate the financial impact on our Penn College students and families in the budget planning.
Michael J. Reed
Penn College president
The president said the college succeeded in minimizing the costs to parents and students while adapting to inflationary challenges in the 2023-24 budget. He also noted how Penn College graduates get an excellent return on their investment by securing sustainable employment in high-demand, highly compensated career fields.
“Parents and students are seeing the importance of return on investment, as new-student applications and deposits are up 10% in comparison to last year’s incoming class,” he said.
Even with a large class graduating last month and two smaller COVID cohort classes in their third and fourth years on campus, total student enrollment for Fall 2023 is projected to increase by approximately 100 students over last fall’s enrollment of 4,200.
While costs associated with a few specific room types are projected to increase next year for students choosing to live on campus, the majority of the rates students pay for on-campus, college-owned-and-operated housing will not increase in 2023-24. Dining Services’ meal plan rates will increase by 2%, due to inflation.
In response to rising commodity costs, the college’s per-hour lab fee – associated with laboratory and/or clinical instruction – rises $15 in the 2023-24 budget. It was last increased in 2017-18.
Also included in the 2023-24 budget are voluntary gifts of $100,000 to the City of Williamsport and $35,000 to the Williamsport Area School District. These gifts are reevaluated annually.
In addition to its credit programming, Penn College offers workforce training and education in apprenticeship, clean energy, health care, advanced manufacturing (including plastics and polymers), computer skills, transportation, and business/leadership to more than 5,000 participants annually from over 500 companies.
For more about the college, a national leader in applied technology education and a special mission affiliate of Penn State, email the Admissions Office or call toll-free 800-367-9222.