The NJIT Board of Trustees has approved a 5.5 percent or $766 annual tuition and fee increase for in-state undergraduate students for the 2012-2013 academic year. The Board also approved room and board increases averaging 2.4 percent. Tuition and fees for out-of-state undergraduate students for the 2012-2013 academic year will increase 7.3 percent.Revenues generated from tuition and fees along with level State funding from 2012-13 will support strategic priorities, including the recruitment of world-class faculty and research scientists, student awards, student-focused counselors and support staff, and numerous campus-wide facility and equipment upgrades, including classrooms, research laboratories, residence halls, campus center, technology infrastructure and other facility needs.
“NJIT is clearly providing an extraordinarily rigorous education at an affordable cost for the students seeking a career in fields demanding a solid STEM (science, technology, engineering and math) background,” said NJIT President Joel S. Bloom. “NJIT has long held a strong commitment to provide significant undergraduate financial aid packages that we will continue to sustain. More than 80 percent of incoming students who have need receive aid. In that group, we meet 75 percent of those students’ needs. Full-time, in-state, annual undergraduate tuition and fees will total $14,740 beginning in fall 2012.” Bloom said that the increase in aid reflects the economic needs of students in response to the economy.
In the 2012 PayScale college rankings (http://www.payscale.com/college-education-value/) NJIT moved into the top 4 percent (from 8th) among US colleges and universities for return on investment (ROI) for its alumni from among more than 1250 undergraduate public and private universities and colleges.
As stated during NJIT’s recent site visit by the Middle States Accreditation Team, “The New Jersey Institute of Technology is making a disproportionate impact in higher education given its means. In particular, NJIT is providing an admirable service to the first in-family students attending college. The students are excellent, well-trained and graduates are highly successful after leaving the university. NJIT’s success in providing a first-class education and college experience to a diverse student body is enviable.” The accreditation team found that NJIT met or exceeded all 14 standards outlined in the “Characteristics of Excellence in Higher Education.”
NJIT is ranked a top tier national research university by US News & World Report, and a top 200 American research university by the Center for Measuring University Performance at Arizona State. NJIT is among the top 50 colleges without a medical school when it comes to research expenditures, according to the National Science Foundation. NJIT research expenditures totaled more than $100 million in FY 2011. As of June 30, 2011, NJIT had 134 issued patents, of which 60 are licensed to third parties.
NJIT is home to the Enterprise Development Centers (EDC) New Jersey’s largest high-technology business incubator and one of the largest in the nation. Ninety companies presently housed there employ 800 people. EDC has attracted more than $67 million in third-party funding and has revenues of $82 million.
Founded in 1881 as Newark Technical School and renamed NJIT in 1975, NJIT is New Jersey’s public, technological research university. The 45-acre campus with 26 buildings is located in Newark, one of the nation’s largest center of higher education.
For more information, please visit www.njit.edu.