New Jersey Institute of Technology’s Board of Trustees approved a 2.5 percent tuition and fee increase for undergraduate, in-state students. Total annual tuition and fees for full-time, in-state students will be $15,648 for 2014-2015. Tuition and fees for out-of-state, undergraduate students will increase by 3.5 percent to $29,288.NJIT fills a critical role in developing a technological workforce for New Jersey. The demand for STEM--science, technology, engineering and math--employees is projected to reach 269,000 in New Jersey alone 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. Meeting the demand for employees in the STEM fields is essential for sustained and prosperous economic growth in our state and our region.
“NJIT’s mission is to prepare graduates for successful careers in the STEM fields and to serve a significant number of first-generation college students as well as students from underrepresented populations,” said NJIT President Joel S. Bloom. “That requires us to incur greater expenses than most institutions in relation to facilities, equipment, faculty, and student support. We are acutely aware of the financial challenges faced by our students, and we strive to both meet their educational needs and remain an affordable pathway to career success while providing robust financial aid to the vast majority of our students.”
More than 80 percent of incoming students demonstrating financial need receive generous aid packages from NJIT.
Expansion of student counseling and support services, hiring of faculty in growth disciplines that align with the State of New Jersey’s economic development plan, technological upgrades that enhance the learning experience, and research with practical applications that improve quality of life for New Jersey citizens are among the priorities that will be funded through revenue growth.
Bloom added, “Our priorities and investments must enhance student success. NJIT offers its graduates a tremendous value proposition; we are ranked 8th nationally among public colleges and universities by Payscale.com for return on educational investment, because our graduates land excellent jobs (nearly twice the national average for offers in hand by graduation, with average starting salaries of more than $56,000--24% higher than the national average). We need to do more, though, to support those students who struggle with our demanding curriculum, and we must assure that our graduates are familiar with cutting edge technology in order to be well prepared for a highly competitive marketplace.”