Hickory – Lenoir-Rhyne University announced today a tuition reduction of 30 percent. The $13,000 drop in published tuition — from $43,000 to $30,000 — will apply to all new and returning, full-time undergraduate students beginning in fall 2023.
“We know students and their families are concerned about rising costs of higher education and inflation,” said Dr. Fred Whitt, university president. “We think this significant reduction in our tuition will help more families understand that an LR education is affordable and offers incredible value.”
The tuition reset will bring the published tuition price closer to what students actually pay after scholarships. The net price may be lowered even further for students through federal, state and institutional financial aid. This year, 100 percent of undergraduate students will receive some level of need or merit-based aid, and the university will provide more than $38 million in scholarship and financial aid.
The new tuition will go into effect with the start of the 2023-24 academic year. While tuition will decrease 30 percent, the cost of room and board will stay the same, as it has for the last three years. Each student also will pay a $450 fee per semester, which will be used to pay for enhanced student services such as faster Wi-Fi in the residence halls and expanded mental health and medical health services on all three campus locations.
The LR Promise, which offers 50 percent off tuition for eligible students will remain in effect. Financial aid and scholarship packages for returning students will be adjusted so that they will pay close to the same net tuition they are paying now. Students also will save money over their time at LR as future tuition increases will be based on the reset rate.
“We know that our published tuition turns some prospective students and families away before they ever discover how affordable an LR education can be,” said Madeleine Dassow, chair of the board of trustees. “Lowering our tuition makes a strong statement that we want students from all backgrounds to consider LR.”
The board of trustees voted unanimously to approve the reset at its August meeting.
This is an exciting time for LR, which has unveiled a number of new initiatives and changes over the last year, all tied to its strategic plan. The university has added five new high-demand majors; reorganized its admission offices, student life and academic affairs to better serve students; unveiled new partnerships with local community colleges; refinanced university bonds; and improved or renovated facilities. In addition, LR had a record fundraising year in 2021-22, demonstrating the LR community’s confidence in the direction of the university.