The NJIT Board of Trustees has approved a 3.2 percent or $239 per semester tuition and mandatory fee increase for in-state undergraduate students for the 2013-2014 academic year. Total annual tuition and mandatory fees for full-time in-state students will be $15,218 for 2013-2014. Tuition and fees for out-of-state undergraduate students for the 2013-2014 academic year will increase by 4.2 percent to $28,274.Tuition and fees, in combination with state appropriations and other revenue sources, support strategic priorities, including recruiting and educating New Jersey students for high demand STEM (science, technology, engineering and mathematics) jobs; recruitment of a world-class faculty; production of applied research to solve real-world problems and improve the quality of life; and the development of campus-wide, state-of-the-art technological facilities that include smart classrooms, teaching and research laboratories and studios, as well as residence halls. This fall, an additional 600 residential beds will be added to the NJIT inventory, resulting in more than 2200 students living on the NJIT campus in Newark.
NJIT President Joel S. Bloom noted that maintaining affordability while producing graduates who fill a vital state need is the university’s primary goal. “In a world of intense competition for jobs with other states in our region as well as other countries, economic growth depends on innovation through the STEM disciplines,” Bloom said. “In New Jersey alone, the demand for employees with these science and technological skills is projected to reach 269,000 by 2018, and recent studies have discovered that each new high-tech job created in the U.S. yields an additional 5 jobs in the service sector. At NJIT, we are focused on providing students of all economic backgrounds with access to the highest caliber of a science and technological education.”
Preparing students in the STEM fields requires greater resources than most other academic disciplines because of certain necessary expenditures, Bloom explained. “As a technological institution, we incur greater expenses for high-technology facilities and equipment than do institutions serving a broader range of disciplines. Additionally, outstanding faculty in the sciences and technological fields command higher salaries than do their peers in some other fields. NJIT also serves as a launching pad for many first-generation college students, who require the proper support system in order to realize success.”
Despite those fiscal challenges, NJIT is routinely lauded as one of the best higher education values in the nation. In fact, NJIT was very recently ranked by Payscale.com as the 6th-best public college or university in the nation for educational return on investment. And, because NJIT graduates are so successful, Business Insider ranked NJIT number three on its list of the 25 “most underrated colleges in America.”
NJIT also maintains a strong commitment to providing significant undergraduate financial aid. More than 80 percent of incoming students who demonstrate financial need receive aid packages.
NJIT is ranked as 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. Founded in 1881 as Newark Technical School and taking its current name in 1975, NJIT is New Jersey’s public, technological research university. The university’s 45-acre campus with 26 buildings is located in Newark, one of the nation’s largest centers of higher education.