EDITORIAL: Keep education affordable

The Trustees' effort to contain tuition prices is appreciated, but a $1,004 increase is still too steep. Next year's 4.5 percent tuition increase represents the smallest jump in 30 years. It's almost a full percentage point lower than last year's hike. And even with the increase, it still costs less for an education at Penn than at most other Ivy League schools. In spite of relatively limited resources -- at $2.89 billion, Penn has one of the smallest endowments in the Ivies -- the University seems to be doing well as far as keeping pace with its peer institutions. But it could do better. Penn's tuition increase -- from $22,250 to $23,254 -- was one of the largest of the seven Ivies that have announced next year's fees. And the hike remains far ahead of the current 2 percent rate of inflation. With the costs of higher education already out-of-control, an additional $1,004 per year is not a negligible amount. A solution for the long run lies in increasing Penn's endowment so that the University can become less tuition-dependent. Board of Trustees Chairperson Roy Vagelos has made this goal his main priority, and he should continue his efforts full force. In the short term -- even while the University does not have the financial capabilities to match Princeton University's generous financial aid packages for lower- and middle-class families -- Penn must do what it can to make higher education more accessible, not less.