Baylor University Board of Regents approves 6% tuition hike for 2023-24 academic year

WACO, Texas (KWTX) - The Baylor University Board of Regents during its most recent meeting approved a 6% tuition increase for the 2023-24 academic year, bringing the cost of attending the private college to $54,844, the university announced.

Despite the increase, the university said, “Baylor’s tuition rates continue to lag significantly behind private peer institutions, are the second lowest among the Power 5 private institutions (behind BYU) and are well below private competitors, including those in the state of Texas.”

The university said that “even with the increase for those who pay full tuition, Baylor will continue to have the lowest tuition among its national peer private institutions, ensuring it remains an affordable, high-quality academic option.”

The Baylor Benefit program will reportedly “meet the needs of the most financially disadvantaged, students,” the university said, covering tuition for those with an adjusted gross income below $50,000, “and with a demonstrated need.”

The University hopes to expand the Baylor Benefit to additional income groups in the years ahead, a news release states.

In addition to the Baylor Benefit program, more than 90% of students receive financial aid, and 86% receive merit scholarships, which significantly reduces the actual amount of tuition students pay, the university said.