Budget issues have been high on the Iona community’s list of concerns recently.

In a tough economy, money is tight for everyone, and expenses are mounting. Fortunately, it’s not all bad news on this front.

On Jan. 23, the College Council ratified a new budget plan that includes the lowest combined tuition and room and board increase in 10 years. This budget also includes an increase in the funding for scholarships and other financial aid.

The current cost to attend Iona, including room and board, is $41,978. The recently approved 3.7 percent increase would bring this total up to roughly $43,531.

The aid increase is said to be only the first step in Iona’s plan to address the affordability needs of current and potential students.

“As a student researching a possible higher education bubble burst, it is exciting to hear Iona’s administration is attempting to shrink continually increasing tuition prices,” said junior Jessalyn Marconi.

These two increases combined actually result in a net reduction in tuition for incoming freshmen next fall. “The tuition increase went up 3.7 percent but the increase in aid for freshman went up more than 3.7 percent,” said Senior Vice President for Finance and Administration Jonathon Ivec.

Aid was increased by $2.4 million, bringing the total funding available for student aid up to $41 million. The money for this additional financial aid funding had to come from somewhere.

“It comes from two places, a little bit from the increase, and we’re cutting expenses in other areas,” Ivec said.

The Iona College Budget Committee wanted to make sure these cuts did not affect student safety or their academic experience at Iona. Ivec said, “Students shouldn’t notice any impact.”

Ivec also mentioned that these budget changes are ultimately a benefit to students because of the smaller than usual tuition increase.

It was also mentioned that this budget is one of three options.

“We always prepared what we thought was our best expectation and one for exceeding them and one for not meeting them. If we have to cut expenses, let’s think about it in advance and we end up with the combined intellect of everyone who would be implementing cuts,” Ivec said.

This allows for more responsible changes in the event that enrollment expectations are not met. The budget with the lowest tuition hike is contingent on meeting certain enrollment expectations.