Tuition jumps to almost $9,000

During their midwinter meeting on Saturday, February 6,the Board of Trustees approved an increase of $1,005 to the cost of the college's tuition fee, pushing the total yearly cost to almost $9,000. According to then College President, Sam Banks, this increase in cost was essential in striving for the best quality in academic programs and professional faculty. President Banks also cited "tremendous cutback in federal assistance" and rising costs of maintaining the core of the institution as contributing factors.

Additionally, James M. Nicholson, the treasurer of the College, developed a multi-million dollar fund for parents whose students no longer qualified for Guaranteed Student Loans (GSL). Under this plan, there would be no limitations on parents' income for college loan consideration. In the words of Dean Leonard Goldberg, the purpose of this fund was "to cover the group who needs loans, but doesn't meet federal requirements."