Tuition Now Fully Stated in Egyptian Pounds
AUC’s Board of Trustees approved on March 17 tuition for the next academic year (2017-2018) to be stated exclusively in Egyptian pounds for Egyptian students. The new tuition rate will also equalize rates among currently enrolled and incoming classes. This will set a simpler formula of a standard per credit rate and remove discrepancies among different cohorts of students. Tuition for international students will remain denominated and payable in U.S. dollars.
At the same time, the Board of Trustees reaffirmed AUC’s standing goal since the flotation of the Egyptian pound last November to not lose any currently enrolled student in good academic standing due to his or her family's inability to meet tuition increases as expressed in Egyptian pounds.
“Just as for the current 2016-2017 academic and budget year, AUC aims to meet this commitment by increasing financial aid for those students in good academic standing who demonstrate their need through timely, complete and accurate applications,” said Brian MacDougall, executive vice president for administration and finance. “In anticipation of continuing and possibly increased need, the University has substantially increased its financial aid and scholarships budget for the 2017-2018 academic year.”
Since 2014, tuition had been expressed in both pounds and in U.S. dollars, and payable fully in pounds for Egyptian students. The shift will remove reference to the U.S. dollar in tuition rates for Egyptian students. The AUC Parents Association had been advocating such a policy for several years. “I promised the Parents Association leadership in our first meeting in September 2016 that I would take this matter to the Board of Trustees for detailed examination. I am delighted that the University has taken this policy decision," said President Francis J. Ricciardone.